Recently started a property management company in Maryland. Having set up an LLC, business website, accounts etc, now I am moving forward to looking for clients. I have started networking with local investors being that I am also looking to purchase another investment property myself. That being said I am reaching to the BiggerPockets Landlord community. What processes do you recommend to a first time property manager when it comes to finding clients? Any pitfalls that I can look out for? all advice is welcome.
@Yves Jean Baptiste I can say one of the most important 3 things are as follows.
1. Pick the right client. They have expectations that are realistic and dont want to cut corners when it comes to making their units nice.
2. Pick the right properties. When they are located in a high crime and run down area you are in for a long learning lesson.
3. Grow slowly and dont undercharge. When you grow too fast you give poor service and when you dont charge enough you will not make any money.
There is so much more to know but I hope this is helpful to you
@Alex Deacon Thanks for the advice. This makes a lot of sense.
I'm sure you've checked it out already, but make sure you've got any licensing required. Missouri requires a property manager be a full blown broker, which means 2 years as an agent first before you can take the brokers exam. I found that out last week when I went to start setting my pm company up.
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