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Updated almost 12 years ago,

Account Closed
  • Real Estate Investor
  • West Orange, NJ
19
Votes |
130
Posts

Hiring a Project Manager For My Company? What To Look For?

Account Closed
  • Real Estate Investor
  • West Orange, NJ
Posted

Hello everyone,
First I must thank J Scott for the business plan template that he's made available through his website. I spent about 8 hours yesterday on it, but thank God I finally have a great business plan and the vision for my company is more clear than ever. Without your template, this would not have been possible. Thank you.

With that being said, I'm going to be hiring a part-time project manager. My goal is to complete at least 6 rehabs this year and a minimum of 2 wholesale deals per month beginning in March for a total of 20. I'm projecting the average net profit per wholesale to be about $15,000 and the average net profit per rehab to be about $40,000. As I spend this year scaling the marketing to establish a strong foundation for 2014, which will include the addition of many short sale deals, I will be evaluating the performance of that individual because I'll want to move them into a full time salary + commission position. This is a vital team member for me and a person that I want to build a lifelong relationship with. In addition as we build the company to our five year goal of 30 rehabs and 72 wholesales, they will grow with the company in income (At this point I will expect them to be earning somewhere around $300,000 as he oversees multiple projects at a time). His/her main responsibilities will be:

Preparing Written Repair Estimates For Wholesale Deals
Rehab Project Management
Weekly Project Budget Reporting
Initial Walk Through Checklist
Scope of Work Preparation
Contract & Job Bidding
Contractor Contract Signing
Post Rehab Checklist
Contractor Team Building
Locate New Contractors
Interview Contractors
Hiring/Firing Contractors
Reporting to Bookkeeper

As we start on this part time basis, what should I look for in this individual?
Also what should a part time project manager earn for this first year looking at the goals I have listed for this year. Being that the project manager will be involved in both our rehab and wholesale business, I will be compensating him/her on both. This person will be very important to the company and I am interested in everyone's opinion on both questions. Thanks a lot. God bless.

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