Starting A Property Management Co, Question or Two
Im a real estate agent in California, recently started. My family has a real estate brokerage, but I hung my license with a different brokerage. Now I am considering working with my family, my split isnt what it should be and why not let my family benefit as well.
In the past year or so I did a lot of courses after college: Appraisal, tax prep, notary, loan officer and real estate agent. I was trying to find what I like haha.
Though the property management niche is probably competitive here in my area I would like for my family to add it to their brokerage. My family has a long history in real estate and they just do sales now, but I think more regular paychecks would be good for them.
My stepdad used to manage 74 units for his moms brokerage long ago. I took a property management course in the past in college.
Heres what Im considering....Setting up the structure of it first then I can perhaps pick up a client or two each month from marketing to absentee owners and others.
Whats needed? I read E&O insurance, a separate entity(LLC), trust account, a broker(mom). Whats missing?
Could I help them set this up while I work at a different brokerage? So the structure is set up under them and I find them leads
I got a lot of reading to do, any free resources out there? My stepdad is knowledgable on property management, but is the least excited to add a property management portfolio to their company from past headaches.