How to start a Property Management Company & Get Business
Dear BP members:
Hope you all are doing well. I wanted to get some advice on how to start a property management company.
I am currently am a private investor with 10 properties. Most of these properties are managed by myself. I have a group of people that deal with maintenance related issues, plumbing, electrical, landscaping and snow removal. I also have an LLC open for some of the investment properties.
Since I have been doing this for a few years I wanted to get into the business of providing these services to a specific bldg. that owns about 20 units. This buildings relationship with the current property management will be over soon, i think I will be able to manage this building. Before I approach them I have a few questions :
- What is the process?
- what is the best way to approach the building, I know their contract with the current property manager is about to end in a month. I am also in touch with one of the members
- What do such buildings look for from a property management company? ( # of Manpower, Office, Insurance, etc..) -
- Do I need to have any set experience before approaching a building with 20 units?
- Can I show my other properties as a refernce for my experience in the property management area
- Do I need to have aseperate business – I already own a company that have few of my properties
- Do i need to have additonal reserve funds
- Are there any podcast or tutorials that show how to run a successful management company.
Thanks a lot for your help!