How to Start a Property Management Company

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How to Start a Property Management Company Business Overview:

If you are interested in real estate but don’t want to invest large sums in purchasing properties, consider learning how to start a property management company. A property manager is the middleman between a property owner and a tenant. If you don’t know how to become a property manager, there are franchises available to help you get started. A franchise will typically give you access to a proven system and marketing assistance. You also don’t need any experience in the real estate field if you decide to purchase a franchise since it will come with all the training you need. If you are currently a real estate professional and you’re considering starting a property management company, you may have all the experience you need to go it alone. You should begin by obtaining the proper business license and place ads in the newspaper, in phone books and online. Your goal is to make contact with property owners looking to lease or rent out their properties. As the property manager, you will oversee all aspects of the rental agreement so the owner doesn’t have to involve himself in the paperwork, meetings and legalities. For your services you will receive financial compensation in the form of placement fees or for ongoing management of a property. If you manage an office building, for example, you will be paid for each tenant who signs a lease in your building. You will also be paid for overseeing the ongoing maintenance of the offices themselves as well as the outside grounds. When starting a property management business, you’ll need to decide what types of properties you will manage. Specializing in a niche will help you hone your skills and set your business apart from the competition. Generally speaking, you can choose to manage residential properties (homes, apartments, condos) or commercial properties (retail space and offices). You can also choose to hire a team of property managers to work for you, each of whom manages a separate property. As you can see, property management is one of the smartest business ideas available for an entrepreneur due to the low start-up costs and the variety of properties you can choose to manage.

A Day in the Life of a Property Management Business Owner:

This article brought to you by Business Ideas! If you enjoyed this article, make sure to subscribe to the Business Ideas Newsletter to get ideas sent straight to your email inbox.As the owner of a property management business, your schedule will vary depending on your properties, tenants and other responsibilities. You may meet with prospective tenants to discuss a property you manage. You may spend time with prospective clients looking for someone to manage their properties. You may also oversee staff to do repairs on the buildings you manage if you choose to not do that work yourself.

About Your Customers:

Your customers will be property owners looking for a business that can manage their properties by dealing with tenants and maintaining the properties and the grounds.

What You Need to Start:

  • Business plan
  • Marketing plan
  • Franchise (optional)
  • Staff (optional)
  • Computer with finance software

The Good:

  • Property managers will always be in demand.
  • Property owners will gladly pay for someone else to manage the day-to-day responsibilities of their properties.
  • Little to no experience is needed.
  • Franchises are available to help you get started.
  • The start-up investment needed is low.

The Bad:

  • It can take some time to get your first clients.
  • Dealing with tenants can be frustrating and difficult at times.

Resources:




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