Am I paying my project manager too much?
Am I paying my project manager too much?
I feel like I am paying him fairly but my family and friends cant believe I am paying a handyman about 75K a year or $1500/week - (PS we are in Cleveland market so 75K is a good living for this type of work)
In 6 years I have gone through more then 50 bum handymen/contractors to find the 5-7 I use now. Of all those contractors I only met one that I trusted enough to become my project manager and I knew he wanted more responsibility.
Now Instead of running around getting supplies/managing and paying guys like a crazy person - I am now at home working on my other business or spending more time with my family. With 2-4 rehabs going on at any given time this was a long time coming.
Here is what he brings to the table that is beyond project management...
- He doesn't just manage - he tells his 2 helpers what needs done then he goes to work doing tile or whatever else needs done.
- He works about 50 hours a week and most Saturdays - so do his 2 helpers - he is not the type to slow down or cut out early because he is salary.
- He has 2 guys working with him and he has extended their cheap $15/hour rate to me instead of bidding jobs and making a lot more. One guy does all the painting and misc stuff - he is a young kid so he can move fast. The other guy does all the electrical/plumbing - he is an old timer and moves slow but where can you find plumbing/electrical at 15/hour.
The numbers tell it all - my rehab numbers are down since I made this move. I used to pay a "cheap" painting crew about $2200 to paint the exterior of a home. Now it takes my $15/hour guy about 5 days to do so I am closer the $800. I used to have what i thought was a cheap plumber - but the amount I am spending on plumbing now is laughably low.
So I know all the evidence says its well worth it but I would love to hear what others are paying some of their full time guys.