How many people do you have pay to run a 61 unit building? My condo is a relatively small building. We have a Board of Directors, Management Company, On-site full time
property manager and full time man for repairs, maintenance and labor of capital expenditures. The Board is in charge of the on-site property manager and the maintenance man. We collected $354,350 in condo fees and based upon my high level review of the financial statements, we are paying about $35K plus benefits,plus condo unit and related utilities (valued around $20K per year)for the on-site manager that appears to mow the lawn, do some landscaping, take care of the pool and provide notices sometimes. He does not answer his phone and does not follow through on tenant requests. Most tenants wonder what he does most of the time. The property management company receives $23,500 to provide the billings, receipts, financial statements, audit and tax filings and attends the BOD meetings, which seems appropriate. The maintenance man is being paid a contract rate by the hour and looks to be making around $80K for a 40 hr work week though it could be higher as the financial statements do not provide details of accounts. The maintenance man is working a 40 hr week and then doing a lot of side jobs for certain condo owners, which are primarily the BOD and those close to them. Do the amount of people running the building with the amounts being paid out seem obsessive? Thank you for your advice:)
