Building out property management business

[Frazz Wick]

I've been managing my own property for the last 5 years and now I've been asked to take on another property from a relative. I decided to go get my property management license to be certified with the state. I would like to take on more properties (as a side hobby, for now), and have been trying to decide if I want to start my own company or join an existing company. If I joined another company, I would want to find one that doesn't currently operate in the region. I want the responsibility of managing my region but have the support and advice from more senior and experienced professionals. Am I better going out on my own and creating a property management company or should I join an existing company? How would I find a company that aligns with my goals? At this point, I don't want a 40/hour week job, just something that I can handle a smaller portfolio of rentals. The portfolio could grow, I wouldn't be opposed to leaving my current job...if anyone has advice or knows a company that would be interested in expansion, it would be greatly appreciated. I know my region and the market very well here in Salem, Albany, and Corvallis. I also wouldn't be opposed to finding investors to purchase more single family homes, but that seems to be 'next level' investment and I don't think I'm ready for that risk.

[Lauren Robins]

It sounds like you're at a valuable crossroads—experienced enough to take on more responsibility in property management, but thoughtful about how much to take on and how to grow sustainably. Your decision between starting your own property management company versus joining an existing one really hinges on how much structure and risk you're ready for, and how much control you want over your work life and business decisions.

Starting your own company gives you full autonomy. You can decide your pace, take on only the clients you want, and set your own systems and standards. With your local knowledge of Salem, Albany, and Corvallis, you have an edge in understanding the market, rental pricing, tenant behavior, and local regulations. However, going solo means you’ll have to handle all the legal, financial, and operational aspects—from marketing to accounting to software systems—unless you hire help. If you're not ready to build infrastructure or navigate business administration, it could become overwhelming, especially if you’re still working another job.

On the other hand, joining an established property management firm—especially one looking to expand into your region—might strike the right balance. You could get mentorship, operational support, established systems, and a legal/compliance framework, all while managing a territory more independently. This model resembles a franchise or regional manager relationship, and some companies—especially those scaling into secondary markets—look for local partners with on-the-ground expertise. You’d need to clarify with any company you're considering how much independence they offer and whether they’re open to you growing a portfolio gradually without pressure to hit full-time hours right away.

To find companies aligned with your goals, look into national or regional firms that are actively franchising or expanding. Examples include companies like Keyrenter, Real Property Management, or HomeRiver Group, all of which offer franchise-style structures. LinkedIn, industry groups like NARPM (National Association of Residential Property Managers), or even commercial real estate Facebook groups can also connect you with growing firms or solo property managers who want to partner or mentor. Letting your network know you’re open to a regional role with growth potential is important—some of the best opportunities aren’t always advertised.

Lastly, your instinct about working with investors is well-placed. Partnering with investors to grow a portfolio is a logical next step—but it comes with greater financial risk and complexity. You don’t need to rush there. Instead, focus on proving yourself with 5–10 well-managed doors, build a track record, get referrals, and then reassess whether you're ready to scale.

You're in a strong position—licensed, experienced, and well-versed in a specific market. Whether you go solo or align with a larger firm, the key is to stay aligned with your capacity and goals, and let things grow intentionally rather than quickly.


Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.