Hello Shannon,

I seen all of the advice that you received and you received good advice all the way around. The first thing I want to say is that you are very smart for being on here in the first place and brain storming and receiving all of this good advice.

Keep on here and always ask questions because I am sure there will be someone who has been through the same thing or close to it.

So, my question is how are you doing now and are you still having fun?

Regards,

Nate

Thanks Mindy and Sheila!! I'm slowly but surely getting things in order, thanks to all the fantastic advice here! Sheila, good luck to you in your new adventure, I'll be in touch with you along the way! :)

Hi Shannon!

Congrats on the new adventure!

I am about to embark on the same adventure myself - one building, 90 units, everything done old school (by hand). I know that I will have a property management software system and I am already planning a holiday event.

Like everyone else I suggest a letter to introduce yourself, focus on a budget for 2012 and utilize Facebook.

If you want to share the journey together let me know, I have been in the industry for awhile and would be happy to help any way that I can!

Best of luck!

Sheila

Ahhhh, the art of compensation! Personally, I would not take a commission on new leases for exactly that reason: if you are 100% occupied, how do you make anything extra? My contract would specify a Bonus structure based on occupancy, collections, and delinquency (for example, a 10% Bonus, or more, would get you $4000 annually if your salary is $40K.) I would take a "commission" on all the renewals!

Ahhhh, the art of compensation! Personally, I would not take a commission on new leases for exactly that reason: if you are 100% occupied, how do you make anything extra? My contract would specify a Bonus structure based on occupancy, collections, and delinquency (for example, a 10% Bonus, or more, would get you $4000 annually if your salary is $40K.) I would take a "commission" on all the renewals!

Sorry for the late reply, David and Mindy, just wanted to thank you for the advice. Been on the property working like crazy to get it cleaned up and ready to go. I have taken over as an assistant before but never a manager, so it's definitely a huge change. I'm ready for the challenge and I really appreciate your help!

I did have one other question:

The owner asked me to create my own commission/bonus structure as there is nothing in place currently. I don't want to be greedy, but I also don't want to short change myself. With such a small property and occupancy being nearly 100%, I was thinking of basing the structure off collections. Does anyone have any experience of what I should ask for or how much?

Thank you all so much for all your help, this website is fantastic! :laugh: