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.
#5 Rehabbing & House Flipping Contributor
- Property Manager
- Oklahoma City, OK
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#5 Rehabbing & House Flipping Contributor
- Property Manager
- Oklahoma City, OK
dont waste your money marketing to out of state landlords. look for online places to advertise. managemyproperty.com and the like. more bang for your buck, at least in my area.