Multi-family pricing?

Originally Posted By: bnelson
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On my first multi-family, a triplex, I charged my base fee ($335) for the 1st unit and an extra $125 for each additional unit. I just booked a 15-unit complex, and have asked several inspectors and one realtor what they would charge, (or for the realtor, what he’d expect to see charged).


I've given myself 3 days for the job: 2 to inspect, one to finish the report. The first inspector I asked (2000 inspection's worth of experience) said he'd charge just under a grand for the whole gig. The second inspector (500-750 inspections worth of experience), said he always charges $250/unit, even on a 12-plex he did recently. Said the buyer didn't batt an eye. The realtor said he'd expect between $1500 and $2000. He was NOT the referring realtor.

Base prices around this area are $325-$400 for a regular HI. These particular units are 2/1, 1980s construction, 2 story total height, no crawl space. I'd LIKE to get the job, but have consistent work and would end up doing SFRs for the three days anyway. Any voices of experience would be much appreciated.

Thx,
Brandon

PS... My thoughts are with you, Florida!


Originally Posted By: jpeck
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bnelson wrote:
On my first multi-family, a triplex, I charged my base fee ($335) for the 1st unit and an extra $125 for each additional unit. I just booked a 15-unit complex, and have asked several inspectors and one realtor what they would charge, (or for the realtor, what he'd expect to see charged).


That's $2085 for 15 units. Real close to what the top of the range the real estate agent said they would expect. Doubt they'd have a problem with that.

Quote:
I've given myself 3 days for the job: 2 to inspect, one to finish the report.


I'd say that would be about right.

Quote:
A) The first inspector I asked (2000 inspection's worth of experience) said he'd charge just under a grand for the whole gig.

B) The second inspector (500-750 inspections worth of experience), said he always charges $250/unit, even on a 12-plex he did recently. Said the buyer didn't batt an eye.

C) The realtor said he'd expect between $1500 and $2000. He was NOT the referring realtor.


A) This inspector is under priced if you ask me. And half what the real estate agent would expect.

B) This inspector's price would be $3750, excellent if he can get it.

C) Your price is right there with the real estate agent's expectation, and right about in the middle of the other two. The main thing is that it is based on your regular price. I think you will have more write time, maybe another half day to a day. At your base rate, that extra 1/2 day would add $350, and an extra full day would add $695


--
Jerry Peck
South Florida

Originally Posted By: kmcmahon
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I gave a qote one time of $250 base price first unit and $45/additional unit for a 10 unit motel. Someone else under bid me by more than half.


Nothing is a guarantee.



Wisconsin Home Inspection, ABC Home Inspection LLC


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Originally Posted By: rhinck
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I recently inspected a 20-unit efficiency ( former motel with kitchenette, steam heat to the total building) and charged $100/unit. The Buyer didn’t batt an eye.



Rick


Originally Posted By: jrooff
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I recently inspected a 17 unit 1 with 3 bed rooms and the rest with 2 in two separate buildings next to each other. They gave tenants 2 days warning that I was coming and a time schedule 45 min. each apt. They had two vacant ones so I got there early and got the feel for the apt.'s and it went great 13hrs and was done and did the final report the next day. Charge was $1,000.00 but this is the 5th complex this yr. for the same guy. Good return customer, treat them right and they always come back for more. icon_smile.gif


Originally Posted By: bnelson
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I ended up bidding the 15 unit complex at $125/unit for a total of $1875.00. I submitted the price on the Inspection Agreement via e-mail on Friday, met the buyer on sight Monday morning, and she never breathed a word about it. I brought my brother as an assistant, (which was awesome: he’s not an inspector but is an in-the-public-eye type professional. I had him open service panels, move ladders, do all window shades, windows, and baseboard heaters.) The buyer got right in on the action too. Taught her how to light gas log fireplaces, test smoke alarms, exhaust fans, and report back to me. Kept her out of my hair and sped things up. By the 4th or 5th unit we were in and out in 30 minutes per. We worked from 9:00 a.m. to 5:00 p.m. for two days, and tomorrow I’ll finish the report and make it VERY pretty. I’ll slip my brother $400 for his help and feel good about my profit, but even better about the education. Developing a SFR system is one thing, but developing an efficient multi-family system is altogether different, and I learned more than a handful of techniques and efficiency-tricks I’ll use next time.


The buyer, I learned, owns 22 other buildings with no apparent end in sight, so this may be the start of something good.


Thanks for your advice early on, and for helping me bid confidently.

Brandon