Thread: How to determine rate for Multi-Family?

Hi,

I've never inspected a multi-family property before and wondered if someone could give me some good ideas on how they charge for multi-family units? Looking at a 8 unit building.

First thought was standard rate plus add-on fee for other 7 units kind of like and additional charge per furnace.

Thanks in advance for any guidance.

Tim Slocum
Slocum Property Inspections, Inc.
N.Central Illinois, S.Central Wisconsin

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Originally Posted by TSlocum

Hi,

I've never inspected a multi-family property before and wondered if someone could give me some good ideas on how they charge for multi-family units? Looking at a 8 unit building.

First thought was standard rate plus add-on fee for other 7 units kind of like and additional charge per furnace.

Thanks in advance for any guidance.

Tim Slocum
Slocum Property Inspections, Inc.
N.Central Illinois, S.Central Wisconsin

I charge a base rate for the building/complex and then a per unit price. I would most likely charge around $300 for the base and then $75 to $125 for each unit. This would most likely be a price that a realistic buyer would pay for an investment property. Only you know what your operating cost are and what you need to make per hour/day. With a fee like I posted above, for me this would be equal to about two normal home inspections for the day. I would think that it will take you a full day to do the inspections and write the report.

You will spend around 10-20 mintues in each unit. Less if somebody is sleeping on the sofa or in a bed. You also have to work smart and let everyone know that you must have an escort by the owner and that you will not come back to the property to inspect any unit you could not get in.....

Here commercial is $500 min. I charge $125-150 a unit this often covers any common areas like laundry or office. Often times people don't want to spend the money so they will ask you to sample units or equipment. If that's the case put a scope of work together that you both agree upon before the job starts.

What Scott said.
However, find out exactly what your client is expecting. I had a multi family recently, and the buyer stopped me after the 3rd unit. He had seen enough. We then had a conversation about what he REALLY wanted from the inspection. It turns out it was much less than I normally do.

I tend to do them at an hourly rate, unless they do want to do the complete home inspection for each unit. Then I can give a pretty accurate estimate. Most of the time, the buyer has no plans to ever live in the property, so they are not looking for a complete home inspection package.