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Updated over 4 years ago, 04/29/2020
Beginner in Property Manager needs HELP! Canada
Hello Everyone,
So I have been managing this 38 unit building in Calgary, Alberta, Canada for about 8 months now. When I took over the building it was making 36k gross rent per month and there were 8 vacant units, now the building is fully occupied and making 48.5K a month.
The owner is really happy with my results and the fact that I got a new tenant during this pandemic. He owns a couple of buildings in the city and there is one that has 9 vacant units. I want to manage that building as well but also want to be fairly compensated.
The building that he wants me to manage has 50 units. To give you more data, he is not paying me anything for the building i am currently managing, only free rent. It is sweet because it helped me to save and buy my first rental property but I know that he is saving money with me.
-What % of gross rent should I ask for managing a 50 units building?
-Should I asked for more money if I reach certain milestones? Ex: 0% Vacancy, lease renewal fees.
-What do you think I should add in the agreement?
Any advice is welcome!
Thanks a lot
Juan Coltrinari