Fee Structure for Project Manager on Multifamily Renovation Project

[Andrew Okeke]

Greetings BP fam! We are underway on our first multifamily apartment renovation and are trying to come to a financial agreement with our project manager.  They are wanting to be paid a monthly flat fee starting now until the doors open (they will also be the property manager for the building once it is operational).  Their suggested monthly fee is reasonable but I am weary to have it be based on the timeline of the project since we don't know how long permits will take on the front end, or how long getting the necessary licenses to operate will take on the back end, any delays etc. Is this a standard proposal? Is there another way to structure the contract that is a win for both of us?  Thanks in advance for any suggestions!