Atlanta On-Site Property Management Rate

[Mike O'Connor]

Hello all BP Members,

I figured there is no better forum out there to help me get an answer to a non-investment related dilemma I am facing. 

I currently serve as the President of my condo association in the Brookhaven/Buckhead part of Atlanta. It is a 300+ unit complex, brings in ~1MM a year in dues and other revenues, has 17 buildings and is about to be going through a period of a lot of structural and facility updates to make sure it keeps up with the times. I say this to highlight the fact that it is in a nice part of town and is a fairly large complex.

We are searching for a new full-time, on-site property manager to run the front office, handle community business, manage the maintenance team/contractors, etc. With all of the upcoming changes that need to be managed, we are looking to hire a property manager that would fall in the "very strong" category. Our property management company tells us that in order to obtain a "very strong" property manager (PCAM type) the going rate would be about 90k a year for a base salary... plus benefits and a potential bonus.

My question to you all is: is 90k the going rate for a "very strong" on-site property manager in the Brookhaven/Buckhead area? We are trying to right the ship around the community and remove all inefficiencies that are going on with our management, but we do not want to overpay.  I am willing to pay the 90k if it leads to delivering results, but I want to make sure that we are not overpaying.

Thanks in advance!

Mike