We r expanding the Property Management component of our business and was recently approached by a Condo Association to manage their HOA for the 9 owners. 8 of 9 owners live in the units. What should I charge to basically take care of communications with owners and manage a repair (major and minor) list for the exterior? Pls keep in mind only one of nine units is rented.
@Mike Buchheit It all depends on what duties you are going to perform. Are you doing the financials, hold annual meetings, attend board meetings, deal with the vendors, be the main contact for the entire association, collect dues, plan out a capital reserve fund, etc.
Once you spell out everything you do, you will have a much better sense of what you need to charge. As a guide, when I was looking for a new PM, back in the end of 2015, they were charging 15 to 28 dollars per door/month. But again it depends what exactly they want you to do, and you will perform.
FYI, before you agree to be the PM, make sure they don't have any outstanding lawsuits, financials are in good shape, etc. Or you will be walking into a hornets nest.
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