Multi family Prop Manager Comp?
Does anybody know how much a property manager makes in Chi/nyc/La working at a 100ish unit building in downtown?
would be curious to hear a range
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100 units? That's pretty small. We comp our property managers at ~$80k base plus a free unit plus leasing/occupancy incentives. All in comp is probably around $120k-$130k once you factor in the free housing/bonuses. Can be higher on bigger properties.
Edit: these are class A institutional buildings in LA/West Coast
Damn that seems high, but I guess you gotta pay on the West Coast
Not many of our buildings are that small. On class B/smaller buildings my guess would be that all in comp is closer to $100k all-in. But yeah, some property managers make a lot more than that, especially if they're a lease-up manager vs. a stabilized building.
Can confirm with above poster. 80base plus some bonus (10-25%) is pretty normal for property managers for class A assets. Might track little lower for 100 units (quite small for Institutional multifamily standard). Class B/C don’t pay as much. Lease up managers get more (sometimes significantly more) as they move around cities to cities for newly developed deals and get more for new lease bonus.
Damn, I always thought property managers earned somewhere around $50-$70k (Canada).
You're dealing with the operations of a $50M+ asset, you want somebody competent.
Yeah that makes sense now that you put it that way. If it was like a small portfolio of 20 unit walk up apartment built in the 60s, 50-70k might make sense in that scenario.
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