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Managing Your Property

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Mark Koontz
  • Rental Property Investor
  • Maryland
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Starting a PM Company

Mark Koontz
  • Rental Property Investor
  • Maryland
Posted Feb 22 2024, 11:21

Hello all!

I am currently building a property management company. I have several rentals of my own and have self managed for 2 years. I decided to offer this service to others since a lot of the systems and processes are built out already. I am looking for advice from other PM Companies experience on what customers like/don't like, do's and don'ts, etc. A few specific questions I have are listed below:

1. SHOWINGS - I currently do showings in person, but would not be able to do this if I scaled. Through my research, it seems that most other PM companies do self-showings. Does anyone have recommendations on self-showing programs/lock boxes? Ideally one with insurance to cover any issues. 

2. PAYMENT DISBURSEMENTS - Incoming rents would come into a general rent account, replenish the maintenance fund for any expenses incurred through the month, take the PM fee, and then disburse the rest into the owners account. Does anyone recommend doing this a different way? I use Innago as a management program which allows different taxable entities for the rents, which would assist when it comes tax season. I would then issue a 1099 to each owner for the amount of rent payed to them. 

3. MARKETING - Not too worried about this one yet. Most of my marketing will start as word of mouth. Reviews would be my main priority in growth. What are the best forms of marketing for a PMC? 

4. VIRTUAL ASSISTANCE - I will have to onboard a virtual assistant and train them to handle a lot of the aspects (posting properties, signing leases, managing maintenance tickets, etc). Does anyone recommend a certain website to look for real estate VA's? I have used Upwork in the past and had a good experience.

5. MANAGEMENT CONTRACT - Are there any must-have clauses in a PM contract? I have one that I have been adding to periodically when I think of something. 

If anyone has any general advice they would like to add or would like to hop on a phone call, I would really appreciate it. 

Thanks!

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Mark Ainley
Property Manager
Pro Member
  • Property Manager
  • Roselle, IL (Chicago Suburb)
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Mark Ainley
Property Manager
Pro Member
  • Property Manager
  • Roselle, IL (Chicago Suburb)
Replied Feb 25 2024, 11:17

@Mark Koontz congrats on your venture and be sure to pay the couple hundred bucks to be part of NARPM.  

There is also some good PM podcasts out there where you can learn a lot fast:

1. Profitable Property Manager

2. Property Management Mastermind(FB group too)

3. Owner Occupied

4. Bootstrappers

GC Realty & Development LLC Logo

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Michelle La
  • Property Manager
  • San Diego, CA
41
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Michelle La
  • Property Manager
  • San Diego, CA
Replied Feb 25 2024, 13:43
Quote from @Mark Koontz:

Hello all!

I am currently building a property management company. I have several rentals of my own and have self managed for 2 years. I decided to offer this service to others since a lot of the systems and processes are built out already. I am looking for advice from other PM Companies experience on what customers like/don't like, do's and don'ts, etc. A few specific questions I have are listed below:

1. SHOWINGS - I currently do showings in person, but would not be able to do this if I scaled. Through my research, it seems that most other PM companies do self-showings. Does anyone have recommendations on self-showing programs/lock boxes? Ideally one with insurance to cover any issues. 

2. PAYMENT DISBURSEMENTS - Incoming rents would come into a general rent account, replenish the maintenance fund for any expenses incurred through the month, take the PM fee, and then disburse the rest into the owners account. Does anyone recommend doing this a different way? I use Innago as a management program which allows different taxable entities for the rents, which would assist when it comes tax season. I would then issue a 1099 to each owner for the amount of rent payed to them. 

3. MARKETING - Not too worried about this one yet. Most of my marketing will start as word of mouth. Reviews would be my main priority in growth. What are the best forms of marketing for a PMC? 

4. VIRTUAL ASSISTANCE - I will have to onboard a virtual assistant and train them to handle a lot of the aspects (posting properties, signing leases, managing maintenance tickets, etc). Does anyone recommend a certain website to look for real estate VA's? I have used Upwork in the past and had a good experience.

5. MANAGEMENT CONTRACT - Are there any must-have clauses in a PM contract? I have one that I have been adding to periodically when I think of something. 

If anyone has any general advice they would like to add or would like to hop on a phone call, I would really appreciate it. 

Thanks!


I do property management and VA work. If you want to talk, hit me up.

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Michael Smythe
Property Manager
#3 Personal Finance Contributor
  • Property Manager
  • Metro Detroit
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Michael Smythe
Property Manager
#3 Personal Finance Contributor
  • Property Manager
  • Metro Detroit
Replied Feb 26 2024, 11:43

@Mark Koontz make sure you're probably licensed.

1) The biggest time-saver is scheduling showings. Many options to do this and push prospects to "open-house" type showings if you want.
ShowMojo, ShowingHero, TenantTurner, Rently, etc. Many will also handle the application process.

2) Industry standard the way you are doing it.

3) Word-of-Mouth from other agents

4) Upwork is best

5) Google competitors, many have their PMAs on their website. Download and cut & paste to create yours.

Join NARPM

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Replied Feb 27 2024, 13:02

Congratulations on your decision Mark! I started my first property management company about 8 years ago and have no regrets. Absolutely join NARPM! I served on their boards and committees being involved in the community really helps when you're getting started. From your list it sounds like your research is starting to come together into action items. One thing that helped me as well was deciding what I wanted to take "off my plate" first and matching that with revenue goals for my company. Best of luck! 

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Peter Tverdov
  • Real Estate Broker
  • New Brunswick, NJ
2,040
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1,630
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Peter Tverdov
  • Real Estate Broker
  • New Brunswick, NJ
Replied Mar 16 2024, 16:43

Join NARPM. It's not everyone drinking the Kool Aid, you will learn so much and they have a message board of all PMs. Great place. 

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Calvin Thomas
  • Developer
  • New York City, NY
460
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565
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Calvin Thomas
  • Developer
  • New York City, NY
Replied Mar 26 2024, 13:09

Prob. worth getting your brokers license, E & O insurance and general liability insurance.

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Calvin Thomas
  • Developer
  • New York City, NY
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565
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Calvin Thomas
  • Developer
  • New York City, NY
Replied Mar 26 2024, 13:44
Quote from @Peter Tverdov:

Join NARPM. It's not everyone drinking the Kool Aid, you will learn so much and they have a message board of all PMs. Great place. 


 Waste of money.

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Melanie Thomas
Property Manager
Pro Member
  • Real Estate Broker
  • San Antonio
368
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Melanie Thomas
Property Manager
Pro Member
  • Real Estate Broker
  • San Antonio
Replied Mar 28 2024, 11:55
I would recommend you join the Property Management Mastermind FB group as well as subscribe and listen to the podcast Property Management Mastermind hosted by Brad Larsen. Lots of excellent information broken down into easily digestible sections to implement into your business easily. Happy to answer any questions as you delve deeper. Good luck & happy investing!