#5 Wholesaling Contributor
- Real Estate Broker
- Naples, FL
- 6,553
- Votes |
- 9,365
- Posts
To Open A PM Company or Not? That Is The Question!
#5 Wholesaling Contributor
- Real Estate Broker
- Naples, FL
Hello experienced PM guys and gals:
I just took a class from a company called "the landlord property management academy". Overall, I am not sure I was real happy with the class but the major takeaway for me was their strategy of opening and running a PM company because the say this is an excellent source of new business for listings and purchasing rentals from owners. For those that have worked as an agent and then opened a PM company, would you do it again? I know a few PM that have between 300 and 500 accounts. If you make 100 per month per account that is quite a bit of cash flow coming in every month. Thoughts?
Most Popular Reply
I get property management and how it is appealing to some. Everyone has a different flavor of real estate they enjoy.
Property management is a volume business.
I would rather syndicate and be a managing sponsor for my time than watch over a bunch of properties for PM work.
If anyone calls me for PM work for commercial my answer is NO.
I buy stuff myself, syndicate, and then work with clients directly for commercial. My goal is to keep life simple not add many layers of watching over something large with a high overhead. With a syndicate you are getting many,many layers of return for your time versus a straight PM role.
A friend of mine years ago sold 300 properties in a year with one assistant and technology. The rest that do that have teams and many layers of people and overhead. I personally just enjoy my peace and tranquility. It's all about your individuality and what success means to you. I could never do what James Wise does because my personality is different. I love the art of the deal.
It's cool that he is having that level of success with that strategy.
- Joel Owens
- Podcast Guest on Show #47
