Property Management Business insight

[John Buchanan]

Im looking to start a property management firm (prefer to buy an existing business vs. start from scratch).  I'm interested to get feedback from anyone who is actively running a prop mgt business, how many properties do they feel a solo property manager can realistically manage (assume single properties, condos, house, etc.  realizing multifamily is a different level of involvement)?  and any tips/experience on maintaining a great work/life balance while running a prop management business?

thank you

John

[Brian Phelt]

Hello John,

My recommendation is to build a solid team, and use technology to make your processes smoother. As mentioned before, a bookkeeper/accountant is a must. We currently have two full time agents (including myself), two administrative assistants, and a bookkeeper. We are preparing to hire a third admin so we can begin to grow without issues.

A good property management software will make your life easier, as well as allow owners/tenants the access they need. The two biggest issues I think affect property managers are tenancy and work orders. Good software will help be a backbone for your systems you develop to address both items.

Feel free to reach out if you'd like to talk more.