My property managing salary (NEED ADVICE)

2 Replies

Hello BP!

I do all the property managing (besides accounting) for two low income apartment complexes.

One is a 24 unit and the other is a 45 unit. Average rent between the two apartments is $540 per month. I get paid $20 per unit to manage and $100 per lease signed during the month. I usually sign 3-6 leases per month. Therefore, my income per month is about $1,680-$1,980. Being a full time student, this is a lot of money to me. 

Does this sound like to little to be managing 69 low income apartment? What would you charge to manage these apartment complexes?

Thanks for any responses!

P.S. Do you think it'd be worth it to start my own property management company? I love interacting with tenants and making them happy to be a part of a community that I manage.


@Andrew Becker

Hey Andrew,

Property management companies usually charge between 8-10% of gross rents per month. More on the higher end for low income properties.

Have you tried talking to property management companies in your area? I would start there to get a feel for pricing.

Not sure of the laws in your state, but in GA you must have a real estate license to run a property management company. Check your local laws to see what all you need to officially be a property management company?

Hope this helps!

Canesha

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