Updated over 6 years ago on . Most recent reply
Starting a Property Management Company
I'm in the process of starting my own property management company in our small town after managing our own properties for the past 5 years. I just passed my state licensing exam and am now looking for some advice/resources anyone that has been in the business a while would recommend. Advice/samples of accounting records/software/excel templates, policies & procedure manuals, ect. are what I am needing most... or even a PM start up checklist would be WONDERFUL.
After 10 years in Resort Management and managing our own properties, we are seeing a great need in the area for a PM that is NOT a slumlord, has ethical practises and does not manage properties that are falling apart. My primary goal is to not have a giant empire but to grow a quality, ethical business the right way while of course earning an income/profit in the process. Any advice is greatly appreciated.
Most Popular Reply
I think you are on to the right thing. Property managers are ground-zero for terrible problems in almost every metro. It's a low bar to beat, and your focus on ethics will push it forward.
Although I am not a property manager. One thing I have definitely noticed is how property management is a great piece for developing trust with investors and tenants alike. Given that reputation, you may want to get into investor sales (like a Turnkey operation). This is typically better on your bottom line than the PM side of the business. Granted, I think you should focus on doing one thing correctly, first.