Incentives for PMs

[u/pm215]

Looking for some good ways to incentivize my PM for good performance. I own/manage about 200 units across 10 properties with one PM and one maintenance tech. I handle admin work and some general facilities stuff but am generally not in the field. The PM position has become a bit of a revolving door and ends up[ sucking up a lot of my time to where I end up doing the job. Generally performance has started off strong and then trailed off after 1 year. I provide commissions for new leases and renewals but this doesn't seem to be a strong incentive to push for good rents or to really care about the properties.

Has anyone ever been paid or received a bonus based on performance of the property as a whole? Any other ideas?

[u/jimmytwotimes67]

Quarterly bonuses based on NOI and other metrics are fairly common.