Starting a Property Management Business
Hi all,
I was looking to see if there is anyone here who has a successful property management business. I have been looking to add property management to my business and was hoping to get advice from anyone who is doing it. All information will be greatly appreciated and if your close by I will be more than happy to take you out to lunch. Thanks!
Best decision I ever made! Down the road, I intend to get my Broker's license and run a turn key brokerage. Anything I can do to help, feel free to shoot me a message!
Congrats. This happened organically for me, and timely too as this shift in business came when I had my first little one.
I find it necessary to be selective and focused in certain markets.
Do you have experience as a landlord?
@Craig Garrow how did you find Property Management Leads on the cheap? When starting out how did you limit property owners concerns about being new to the business?
I was able to pick up most of my accounts through fellow realtor referrals. They were more than happy to pass them off to me, as it helps them sell more investment properties. Honestly, when it comes to being new to the business, I find the best thing to do is commit and figure it out as you go. I'm constantly trying to learn new things, and you will always think you have a system for something, then find a flaw and tweak it. Best of luck to you. Let me know if I can help in any way!
Yes, I do have a couple of rental properties.
Thank you for the information. I currently have my real estate broker's license and manage a couple of my own properties. I just paid my attorney to setup the LLC. I should hopefully be setup within a couple of weeks. I may reach out to you if you don't mind and pick your brain. I appreciate your time.
My pleasure, Ceasar! I think my contact information should be in my profile. Feel free to call/text/email anytime!
@Ceasar Rosas I think the only way it makes sense is if it is an extension/complimentary service to another business (like you are thinking) . For example, I use two property managers - one is a service provided by my Realtor's brokerage and the other started because the owner had so many of her own properties that she had essentially set up a profitable business before she ever had a customer. I don't think, however, unless you have some unique business proposition, that being a PM business only will ever be very lucrative.
@Jason Hirko
Thanks for the advice. Being here in NY we definitely have property management companies whose sole focus is property management and it is very lucrative. However I am primarily considering it as part of the package of being a broker and as I increase my investments.
I have sold alot of properties to multifamily owners who ask me to property manage for them. I also think if I provide the service and can pick up new clients that they would want to work with me when it's time to sell their properties. I feel like it would open up doors and put me in the rooms with multifamily investors which is where I'd like to go with my investments.