Updated over 2 years ago on . Most recent reply
Property Management fees
Hi BP Community!
I currently own 3 commercial bays with my sister that we inherited from our late father. I also own residential properties on my own. My sister and I are great business partners, we really balance each other out and I’m forever grateful for that. However now that the holding company is fulling ours we would like to pay ourselves for our time as we do have another silent partner involved. My role is primarily property management and my sister takes the role of secretary/bookkeeping. My question is: how do we go about compensating ourselves for our time? What is the going rate for property managers within Canada? Should I call companies to ask what their fees are, but how does that relate to the actual pay the employees are making. Any suggestions on deciding on wage for my sisters time?
As always, appreciate your time and thoughts on my questions! So thankful for this community.
Kylene