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Management Fees for a 3 unit building?

6:25 PM 04/16/2012

 

monkey

Hello,
I have a three unit building, ground floor retail with two apartments upstairs in brownstone Brooklyn and am considering a relocation.  What would be a reasonable and expected management fee to take care of the building for me?
In the past, I had a condo near the beach in SC and the management fee was 12% of the gross rent but the rent was much lower.  Much, much lower, by a factor of 10.
What's the going rate in the area?  I imagine that it would be a significantly lower percentage of the gross.
Also, is there anyone that you like and would highly recommend?
Any advice or thoughts are welcomed.
Thank you.
 

 

 

Real Estate - Rentals
Landlord
Property Management
6 answers
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  • vote

    ejalbk

    NY

    I think about 4% is more typical in NYC.

    9:57 PM 04/16/2012 | 0 Votes

     

     

  • vote

    bklnite

    Flatbush, NY

    I don't have recommendations, but I made a phone call to Square Indigo Inc on Rockwell Pl because they were managing a small building that I was considering buying. I think you'll find a range of percentages depending on the level of service you need and probably minimums for small properties. If you're an absentee LL you'll probably want everything - taking out the trash, cleaning the hallways, collection of rents, handling leases & renewals and other paperwork, someone for tenants to call for repairs That's going to cost money and I'd be very surprised if someone would do it for 4% on a 3 unit building.

    9:39 AM 04/17/2012 | 0 Votes

     

     

  • vote

    bklnite

    Flatbush, NY

    Oh, and if you'd consider selling so you can take the money and run and avoid the trouble of being an absentee landlord, I could probably be interested in buying it, depending on location, income & asking price. I would self manage the bldg, and handle the residential units w/ a partner with experience with commercial tenants. Pls send an email to bklnite@gmail.com if you're open to selling the building (and avoiding a sales broker's commision) or selling an interest and keeping a piece as a silent partner without the management headaches.

    9:50 AM 04/17/2012 | 0 Votes

     

     

  • vote

    primebrooklyn

    I manage a small 2 unit brownstone, double duplex, for 5% of the rent in Fort Greene. I handle rent collection, leasing, repairs. 

    10:42 AM 04/17/2012 | 0 Votes

     

     

  • vote

    etconstruction

    Park Slope, NY

    Contact us @ 917468 9468 or phoneetforyourhome@gmail.com, we have been managing buildings in parkslope for the past 10 years and we also handle all repairs in our building ourselves since we are a license insured construction company as well. Please contact us to give us all the details of the services you are looking for, you can also visit our web site @ phoneetforyourhome.com. Thank you & we look forward to making your relocation trouble free.

    10:17 PM 04/17/2012 | 0 Votes

     

     

  • vote

    mike2315

    We manage small hoses for $40 a unit Feel free to call 347-460-8555 http://apollomgm.com

    11:21 AM 04/20/2012 | 0 Votes

     

     

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