My family has a real estate brokerage; mom is broker, stepdad an agent, Im an agent(+ other licenses). I spend most my time now working at an appraisal firm.
Im looking to add property management to my families brokerage.
Always trying to use my free time to learn something regarding real estate. Started a LLC to do some kind of wholesaling/lease options but wasnt confident to do anything without being licensed(felt shady, perhaps since I come from RE agent family).
Ive taken a course at community college on property management before and have a couple books. I just purchased 4 courses to obtain PMC(property management certification). It will be a big brush up on things.
ANYWAYS, Im wanting to set this up with my mom so we can have passive income from managing properties. As all we're involved in now is commission based, it could be a nice change of pace. I know it can be a headache, but she has some experience managing her own properties in the past, Im gaining some much needed knowledge and my step dad once managed 78 properties for his mother.
What kind of structure should we have? I was thinking of setting up an LLC, getting a DBA and all that. Simple enough? My mom will be the broker in all this, though she works sales she has lots of free time to manage things and take calls.
Are there other certifications I should focus on? I know experience is huge. PMC seems ok, but what else should I consider?
Marketing wise I can devote up to $500 a month to obtain new clients. 1 client a month wouldnt be a bad thing. As Im working other stuff, my main focus would be the marketing and setting this up, while family handles the rest. I think I will use two marketing methods to keep things simple, with basically all my marketing fund going into direct mail. Mailing 5-7 times to each prospect.
1. Direct mail to absentee owners
2. Cold calls
What am I not considering? What are some expectations?
I'd recommend for further education and designations you should join your local chapter of the National Association of Residential Properly Managers (NARPM).
Check out their website at www.NARPM.org
They have designations like residential management professional RPM and Master property manager MPM. Also CRMC certified residential management company
Also for Source of Property Management leads check out www.allpropertymanagement.com
It's a pay per lead service.