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Cost split of contractor management
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Daniel D Smith
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Posts: 16
Joined on May 15th, 2018
Cost split of contractor management
by Daniel D Smith on March 4th, 2021

Hello all,

I currently work in the property management division at a very small real estate office under a broker. I wanted to see if anyone else is in a similar position and could share their management fee splits.

Currently, I net about $1,400- $1,700 per month in pre-tax income on the 8% management fees for about 55 doors. I am not an employee, but an independent contractor.

-Management fees are 8% of the rents for my properties

-40 of the doors have a $250 leasing fee and a $100 renewal fee

All of this revenue is then split down through the real estate office.

-Broker takes 25% off the top

-The rest is then split between myself and the PM director, so I am left with 37.5% of the total management fees, leasing, and renewals.

For background, I handle just about everything out at these properties from maintenance coordination, rent collection, leasing, you name it. And I am thinking of implementing a contractor management software https://www.mydock365.com/contract-management-system, for managing these efficiently. The director of PM initially brought the client in, but has only been out to the properties 1 time in past year while I am out several times a week. Additionally, I have become suspicious that this fee split does not give me enough of the income.

Does this split sound fair to you?? I am a recent business school Bachelor's recipient and am beginning to look for other jobs. Some insight from PM's working under brokers would be fantastic.

Thanks in advance!
 
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