Home › Forums › General Discussion › Recommendations and approximate cost for a management Company for 8-unit condo building? › Reply To: Recommendations and approximate cost for a management Company for 8-unit condo building?
This is a great question and one that we get often as a property management company. There really isn’t a per unit formula that works well and if there is a company that offers one – they likely aren’t thinking through what’s unique about your building. For an 8 unit condo = things to consider are age of building, owner vs. tenant ratios, reserves, capital improvement projects needed, number of contracts, reserves, special assesments in place and the amount of common space that needs to be managed. How many inspections do you want done? How is the roof? Brick, plumbing etc. Is there a pro-active working board? All of this should be considered by a property management company pricing building management. $100 per unit is excessive, but $40 per unit may be too low depending on the needs of the building. Good luck!