Bonus Programs for District or Regional Managers

I oversee the operation of 1,500 conventional apartments in Central Ohio. I need help with a topic and actually came across this website trying to research this topic. My boss asked a couple of months ago that we sit down and come up with a bonus program for myself. I currently do not have one. When I take my suggestion to her, I want it to be fair for both sides and feel confident that it will be typical of our industry. Can anyone share with me their company's bonus program or one that they have used or participated in previously. Did it pay out monthly, quarterly, yearly or all the above. All suggestions are appreciated.

The bonus program should be the same for all the RM's in your company and tied to the expected performance you've outlined for your region. From what I have seen 10%-20% of your annual salary is the amount eligible quarterly on a YTD basis. For example you would be expected to meet your NOI as part of your job, but to exceed it would be something that should be bonused. If it is done on a YTD basis and you miss it one quarter but exceed it on a YTD basis the following quarter you would be eligible that quarter. Whatever the goals are: budget, NOI, Occupancy, Expenses savings, green initiatives, resident retention, etc. I am sure each of your properties has its on challenges and just as you would incentivize your managers based on what performance levels you expect them to achieve yours would be the same. I have a tons of ideas about this!! Hope these few ideas help.

Debbie

I agree with Debbie.

I'd like to add that Bonuses for RM's and upper management staff should semi-annually or annually. Since RM's & upper management staff are responsible for "bigger picture" - measuring the achievements of a "bigger picture" is hard in short intervals.