Starting a property management buiz

[Chris Roche]

Looking for some first hand advice. I am debating starting a PM company. I self manage my two family and wondering If I could scale It for more cash flow. What is it really like to run a PM company? Are you on call 24/7? How do you charge clients? Just curious how many properties I would need just to make money. What is the overhead? Is there insurance? Lastly, anyone know where to research this a bit more? Thank you!

[Christine Kankowski]

We started from scratch and there is alot to it.  

We have a software system that tracks payments from tenants, payments for repairs and payments to owners accordingly. Lots of liability and trying to keep all parties happy: Tenants and owners. 

Lots of time spent showing properties for rent, processing applications- running credit checks and verifying employment, 

We are not on call 24/7, but if ther is an emergency, the tenants have a number to call which is our local plumbing and water remediation Company.  Typically emergencies are plumbing related. Our tenants are required to know where the shut off valve is. 

Our overhead is low because we have an office located on our property, so no additional cost there. There is higher insurance than a sales only agent. Hope this helps a liitle.