Seeking Advice On Starting

Boston, Massachusetts
General Landlording & Rental Properties
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Seeking Advice On Starting

Myles Jordan
Real Estate Agent · Boston, MA · Member since 2024 · 7 posts · 2 votes

Hello Everybody,

I am currently a real estate agent in Boston, MA. I'm looking to start my own property management business. I'm currently building out my foundation (website, SOP's, etc). Does anyone in the field have any advice or insight on the business to beginners? Hearing people's perspectives, experiences, and advice would be very helpful. Thank you!

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Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
1y

@Myles Jordan join NARPM.com!

[email protected]248-209-6824
Logical Property Management4.9458 Reviews
WebsiteView Page
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  • Tim DelaneyPro Member
    Buffalo, NY · Member since 2018 · 790 posts · 530 votes
    1y

    I am not a PM, but I do self manage about 50 units. My first question for you would be what your experience is? I could be wrong or out of line, but I feel like this is a field where you really need some good expertise/experience to know how to address the variety of crazy situations that will come up. Maybe you already have it, but I didn’t see it mentioned. If you don’t, maybe work with or for an existing company first for awhile?

    Podcast Guest on Show How to Buy Yourself a 6-Figure Income Stream
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  • Myles Jordan
    OP
    Real Estate Agent · Boston, MA · Member since 2024 · 7 posts · 2 votes
    1y
    Quote from @Tim Delaney:

    I am not a PM, but I do self manage about 50 units. My first question for you would be what your experience is? I could be wrong or out of line, but I feel like this is a field where you really need some good expertise/experience to know how to address the variety of crazy situations that will come up. Maybe you already have it, but I didn’t see it mentioned. If you don’t, maybe work with or for an existing company first for awhile?

    Yes I would agree you do need some level of expertise/experience. My goal for this post is more about getting advice/insight from people who have already done it. I'm starting to build the foundation so that when I get this experience I'll be ready and able to handle the business. 
    1Reply
  • Tyler MunroePro Member
    Boston, MA · Member since 2017 · 84 posts · 42 votes
    1y

    Hi Myles,

    I found myself managing about 20 rentals through my brokerage at one point. They were referrals and the business started to grow simply because I had a competent team that was responsive and looked out for the owners' best interests. I think there's a pretty low bar for competency in the management business because it's not glamorous and can be a grind. If you can come in and operate effectively I think you'll find success rather quickly due to that.

    BTW - for a property management platform I would highly recommend Buildium. They're coincidentally based in Boston, too.

    Good luck!

    1Reply
  • Myles Jordan
    OP
    Real Estate Agent · Boston, MA · Member since 2024 · 7 posts · 2 votes
    1y
    Quote from @Tyler Munroe:

    Hi Myles,

    I found myself managing about 20 rentals through my brokerage at one point. They were referrals and the business started to grow simply because I had a competent team that was responsive and looked out for the owners' best interests. I think there's a pretty low bar for competency in the management business because it's not glamorous and can be a grind. If you can come in and operate effectively I think you'll find success rather quickly due to that.

    BTW - for a property management platform I would highly recommend Buildium. They're coincidentally based in Boston, too.

    Good luck!

    Definitely will talk to people in my office. And buildium is actually the platform I’ve been looking at, seems good for beginners. Thanks man.

    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    1y

    @Myles Jordan join NARPM.com!

    [email protected]248-209-6824
    Logical Property Management4.9458 Reviews
    WebsiteView Page
    2Reply
  • Yousuf A Kadir
    Hinton, WV · Member since 2018 · 20 posts · 6 votes
    1y

    Hey there!

    Great move starting your own PM business! For building your foundation, especially systems and software, I highly recommend looking into Baselane.

    It's excellent for new property management businesses because it offers:

    * Seamless Rent Collection: Easy online payments for tenants.

    * Integrated Banking: Dedicated bank accounts for your properties, simplifying finances.

    * Clear Accounting: Straightforward tracking of income and expenses, great for taxes and reporting.

    Getting your financial and rent collection systems solid from day one is crucial, and Baselane excels there. Good luck!

    1Reply
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