How should i pay a project manager for property development?

Question by kizito2001: How should i pay a project manager for property development?
I am about to hire a project manager (foreman) who will be responsible for day to day activities in a real estate project. The project involves converting a multi unit to condo with parking lot. The soon to be foreman is currently a contractor but i know he has the raw skill to manage a project. I am just not sure how to pay him. Per hour? Per week, per month. Or agreed upon fee for the duration of the project?

Best answer:

Answer by Bernie’s Mom
In my experience, They are to be paid by an agreed upon amount bi-monthly. Then a lump sum bonus when project is complete (i.e. an estimated 6 month project, salary not to exceed $ 60,000 @$ 5000 2 times per month) Upon project completion, 15% bonus if completed early or 5% within one week of projected finish or no bonus if completed more than “X” number of days past estimated completion date.) This will give you both a good idea the maximum amount paid out for budgeting purposes.

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