I will be relocating to Georgia in a few weeks and I am starting a property management business. Can anyone share where I could find leads or start networking to find people in need of property managers?
Also, in Georgia, what is the average rate charged by property managers?
Thanks in advance.
Congrats on the move! I’m also interested in what you find out. Do you have a specific location you will be setting up shop?
Rates are not "standard". You should develop your own rates based on the services provided. It doesn't make sense to say, "I'm going to charge XX% because that's what ABC Management charges." ABC Management may have 30 years experience, proven systems, contractor relationships, and other services you can't begin to provide.
If you jump into property management with zero education and experience, there is a high probability you will fail and you will give the profession a bad name at the same time. I recommend you find a job working for an experienced property manager so you can learn the ropes, get an education, and earn a good paycheck. Then you can determine if this is the right profession for you and break out on your own.
Thanks for the reply’s and information. I am definitely learning as much as I can right now before I just hop in. I will not have myself looking unprofessional not knowing anything about the game.
I will be moving to the outskirts of the Atlanta metro area, more toward like Cartersville or Kennesaw. So I would willing to stretch across the metro area and some suburb areas.
I am interested in knowing how people find there leads when first starting out.
You will be required to be have a Real Estate brokers license to PM in Georgia.
@Nathan G. Hey man, I was interested in hearing your opinion on running a management company. Is it an industry you would recommend? I am an agent and I work solely with investors and I am frequently seeing them search for PM and id like to hear what you thought about working in that field.
Ethan, it depends on your personality and work plans.
Do you prefer a steady schedule and steady income or do you prefer a flexible schedule and a shot at big money (and big dry spells)? PM is steady work with a steady paycheck and it's very lucrative. My take-home pay puts me in the top 10% of all agents in my area and it's consistent every year. Top sales agents change all the time because they have to work hard to be at the top and it burns them out. I have seen sales agents earn $200,000 in commissions one year and $50,000 the next. Meanwhile, I'm earning the same income every year. I also get to be home for nights and weekends while sales agents are out showing houses.
The key is putting the proper systems in place to reduce the amount of thought/effort to deal with a problem. How do you collect rent? How do you deal with late fees or evictions? How do you track maintenance requests? how do you conduct a move-out inspection and document it? If you can put strong systems in place, your workload is dramatically reduced. I manage over 300 units and my workload isn't much different than it was when we had 150.
Here's the other kicker: if you are good at it - and honest - you will get plenty of business. There are a TON of people in management that absolutely suck at it. Just read these forums and you'll hear all the complaints. If you are good at it, you'll have no shortage of business.
The real bonus is sales! I get Landlords and Tenants that want to work with me as their sales agent. I don't have to market sales at all and get enough business to keep us busy. Every time we sell something, the commissions are placed in our investment fund and we keep living off our PM income.