Pricing of Project Management

[Shanice Waller]

I am still learning how to properly vet contractors and manage renovation projects. I have twice now been oversold expectations and even craftsmanship of the subcontractors. The GC honestly had me talking to his administrative staff and subcontractors throughout the project as opposed to him keeping me updated on the status of work. It was recommended by more seasoned investors that maybe I consider a project manager to guide me in my next project. Thoughts? Average price? Just looking to have someone help me hold the renovation team to higher standards and timelines with my long distance investing.

[Bruce Woodruff]

No to a project manager. You need to learn to deal with the GC, and let him handle his subs. That's how the biz works. I've been licensed since 1983, so almost 40 yrs. (You got me beat, Jack :-) and I always did the management for each project...but I would never take on more than 5 at one time, after that I would have needed a PM. The key is in finding a good GC who you can trust. No new or young guys...50 years old at least. (Not that young guys are dishonest, they just don't have the reps yet)