I am currently owning a few rental units and I am looking to get into the Property Management business. I would like to know how to overcome the challenges on getting started without a sound track record. Should I just start cheaper? marketing?
If you are self-managing your own units, you're building a track record. Work with that. Do you have systems in place for marketing, screening and placing tenants, collecting rent, dealing with tenants who don't pay, and turnover? If not, build out those systems for what you have already, and then go market yourself to your target audience. Cheaper is not necessarily better, and I think most people searching for a pm will recognize that.
Good luck with the endeavor!
Hi @Harry Maxtens ,
I'm not sure where you are located but you may want to start by looking into the local regulations for property management/managers. In a lot of states this industry is highly regulated. I know most states will are required to be a licensed agent or broker in order to manage properties that are not your own.
If you've already looked this up and you are good to go on the regulatory side, then I would start by finding what the "pain point" is for the landlords in your area. I promise if you talk to enough landlords you can find out what their needs are and they will tell you exactly what you need to do to get their business. In my area, a lot of the property management companies are part time agents/property managers and they don't have the systems in place to effectively manage all sides of their business. If you can get systems in place and show the owners that you have mastered these systems, you don't need much of a "track record" to get their business.