Opening property management company

[Indra H.]

Hello community,

I am contemplating opening a property management company. Can anyone please recommend a class or so that can teach me the ins and out of PM. Although ive successfully managed my own properties for the last 15 years im afraid there are so many other things i dont know when it comes to sending reports to owners, etc to another owner. I continue to buy my own but would also like to manage for others. I thought of working for a property management company but i need flexibilty because of my kids. Rather do an 8am to 8pm with flexibility than a 9-5 fixed. My properties now are on auto pilot. I guess my fears are on what to charge, how to handle moneys etc, any suggestions would be appretiated.

[Mike McCarthy]

Like many businesses, the devil is in the details.  The reason many PMs fail (or do an awful job) is that the revenue is a challenge.  Figuring out how to charge a reasonable amount, while not gouging the owner, and doing the volume required to make ends meet.  Make sure you've done your business plan to make sure you can make it all work out!

Also, in most/all states, to manage properties that you don't own, you'll need a broker license.

Good luck!  This industry defintely needs more GOOD PMs!