New to property management. Any helpful systems or advice?

4 Replies

Hello,

My name is Matt, I am looking to set up and scale a property management company in Michigan. I wanted to see if anyone had any advice or systems that have been successful in for their business.  Thanks in advance for the help. 

Originally posted by @Matt Karber :

Hello,

My name is Matt, I am looking to set up and scale a property management company in Michigan. I wanted to see if anyone had any advice or systems that have been successful in for their business.  Thanks in advance for the help. 

 Welcome to the site Matt. As someone who has built up a rather large PM business I can tell you that the most important thing is to get your systems in place and stick to them. If you give clients & tenants the ability to change how you do things they will. The PM business doesn't work well unless your processes are automated. There are just too many moving pieces.

James Wise, Real Estate Agent in OH (#2015001161)
216-661-6633

Excellent advice, when forming your systems where did you start?

In my current line of work we have a set of standards we evaluate rehab projects on, similar to rehabbing a home. Next we have a set of buyer qualifications questions to weed out possible unfit candidates. These are applicable to our business. The core question that I am asking is what are the core competencies you need in a system for property management that you have built in the past making it successful? 

Example: 

When I evaluate a new market, I first... then we look at ...... ect.

Thank you in advance. This is a great forum.

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