Property Management Startup questions
So me and my partner are looking into getting into property management and I have a couple questions regarding the business. Some are simple, and some are state specific but any help is appreciated! Background: I'm a full time licensed REALTOR and I'd be starting this on the side mainly with my business partner who isn't licensed.
1.) I looked up the requirements to be a property manager and everything I've seen says you need your brokers license (in Delaware). I'm guessing since I'm already under a brokerage (kw) that that would count? Or do I need to personally have my brokers license?
2.) What can I do vs what could my unlicensed partner do? In the real estate pre licensing course I believe they told us that the only thing you can't do while unlicensed is negotiate and fulfill lease contracts. Is this correct?
3.) How profitable is property management really? From the little research I've done it almost seems like more trouble than it's worth. It also seems like if you scale it and start hiring employees, your margins would stay the same and you'd be pretty much growing at the same rate as your payroll. I'm not getting into it to make a killing anyway, I love the real estate game and I'm a workaholic so that's not problem to me. I work with a lot of investors and I think this will be a good way to strengthen that relationship and add value to that too. Any opinions though?