Starting a Property Management Company
Hello BP! I live in Fort Collins, CO and the rental rates are super high and I've lot of complaints about property management companies around here. I also own property in town so I've done my research and everyone is charging anywhere from 8-11% gross rent with additional fees tacked on here and there. From my research, I'm guessing average rent is at least $1400/mo.
I have PM and real estate investing experience and think there's a good opportunity to serve the community and make good money at the same time. I understand you need to be licensed and under a broker, I already have that figured out. I've already built a team of skilled handymen, plumbers, HVAC, etc.
I've read all of the discussions on here and would love some updated input or motivation to help me kick this thing off! Here are few of my questions:
- On average, how long does it take to obtain 50, 100, 150 doors?
- How many doors can one person manage before needing to hire help?
- What are the biggest challenges when starting?
- Good incentives to get new customers to sign up and earn their business?
Thanks everyone!