Renovation project manager

[Laden Brooks III]

I’ve been asked by a few real estate investors to consider doing some project managing for their renovation projects. I’m considering establishing and systematizing a project management firm for this specific niche, working with residential and small multi family investors who need someone to oversee the renovation process. I have the necessary field experience from being a contractor to perform very well but not so much in terms of operating this type of business. What is the typical fee structure? What kind of responsibilities besides the norm of managing subs and schedules? Any ideas, insight, or suggestions on where to begin or where to get the proper knowledge is helpful and greatly appreciated.

[Greg Dickerson]

Originally posted by @Laden Brooks III:

I’ve been asked by a few real estate investors to consider doing some project managing for their renovation projects. I’m considering establishing and systematizing a project management firm for this specific niche, working with residential and small multi family investors who need someone to oversee the renovation process. I have the necessary field experience from being a contractor to perform very well but not so much in terms of operating this type of business. What is the typical fee structure? What kind of responsibilities besides the norm of managing subs and schedules? Any ideas, insight, or suggestions on where to begin or where to get the proper knowledge is helpful and greatly appreciated.

There are lots of things to consider and be aware of. 

You have to be licensed as a GC in most states to manage projects for others as well as your own projects if you are renting or selling. 

You will need workers comp and general liability insurance and a solid CM contract. Fees are typically 10% for smaller residential and can drop to 5% for large projects and commercial projects over a million.

 You really need to be an expert in the business and know your numbers, know construction and how to lead.