How much should I budget for Superintendent?

A

augustynr1

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Registered
Hi,

What is the standard pay for on site super?

Do you calculate it per unit?

What are the responsibility of one for that fee?



What should I budget for the bookkeeping?

I need someone to have my books up to date monthly including all transactions in QB.

Everything up to the trial balance for the accountant at the end of the year.



Thank you for your input.
 
Thomas Beyer

Thomas Beyer

0
REIN Member
how many units ?



roughly $30 to $50/unit/month (more on smaller building) .



Onsite manager is like a mother, i.e. exhibits "tough love" all around i.e.: screens tenants, shows suites, send application to PM, has the lease signed by tenant, collects rents, cleans hallways, ensures no one does weird stuff (noise, smoking, dog poo, rides the bikes in hallways, pissing in the elevator ... that sort of stuff), phones the police if necessary, chats with Suzie about her cat, helps Paul with his aging mother, lets in trades, ensures trades do what they are supposed to do, fixies burned out lightbulbs in hallways, checks boiler temperature, ensures places looks impeccable, might place ads in newspaper or kijiji or local website..



Property manager does accounting. You take the annual statement to your tax accountant.



Annual tax filings perhaps $1000
 
A

augustynr1

0
Registered
Thomas,

Thank you.

I am fully aware of the value of the onsite. I just want to make sure that I pay fair for the services and that my expectations are in line.

How much the management company should charge and what is it dependent on?



Great input.
 
housingrental

housingrental

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Registered
Augustynr1 - 3% to 7% of gross rent plus HST is common for a multi-family building. The fee will vary based on city, location within city, condition of building, tenant profile, property management firm selected, rental rate of the units ($550 vs $1400 rent makes a big difference), and if property management firm charges extra for certain services (LTB forms, visits beyond X per month, etc.)



In addition an initial start up fee or percent of project value (10%-20%) fee if there is material renovation work that is needed on the building.
 
Thomas Beyer

Thomas Beyer

0
REIN Member
3-4% for 100+ units, around 4% for 40-100 units, 4-6% for 20-40 units, 5-7% for less than 20 units plus Onsite manager, or 10-12% incl offsite leasing agent
 
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