Opening a management division in NJ - advice?

[Achi Adamit]

Hey guys!

I have an opportunity to partner up with an existing successful brokerage house in NJ to open up a management division.  I have experience managing NYC office buildings, NJ residential, and some industrial in Staten Island.  

It's going to be TOUGH, I know...but I'm looking for advice if anyone has been through this?  

What percentage do management companies traditionally charge for management?  Is it of gross or net?  

My plan is to start with a few small properties and do it well, then expand from there.  Slow and steady.

Oh, and I'm leaving a comfortable six figure salary to do this.  Scared.

Achi