How to start a property management business and training

Question

Hello

I am wanting to start a property management company, however I don’t want to work with a franchise at this point. But when I try to Google to start or get training, I don’t hardly find anything but ‘steps to build a property management business’ or franchises to buy

I was wondering if anyone might have recommendations on somewhere else to look on training and how to build a successful property management business

Thank you

Calvin Ozanick · Answer

Dave,

My company started a few years ago in Janesville, WI. We started with 9 units and are now up to 150ish and still growing. This growth comes from a few main things. Obviously, property management is a numbers game. You need to work with enough units to push your management fee income up. Placing the right team around you is very important as well. You need 3 main roles, finance, acquisition and actual management. Each role is very important in its own way and I do not recommend trying to do all 3 early on. Best of luck and let me know if you have any questions.

Nathan Gesner · Answer

Join NARPM. They have good education classes available as well as various conferences you can attend. More importantly, there are groups on Facebook and Google listserv for Brokers/Owners to share their expertise and you can/will learn a ton from these guys. I was a property manager for six years before I joined. I learned more in my first year as a member than I had in the previous six years.

Reach out to me via PM or my email and I'll be happy to chat with you and help you get the ball rolling any way I can.

Kris L. · Answer

You might be able to partner with an established broker for a cut of the revenues.  Might be a good option since getting a broker license can take a few years in some states.

Dave Wolfe · Answer

Hi John

Thank you for responding. Yes I have to get a real estate license and a brokers license as well but I am trying to find some type of training on how to start to build the business from the ground up. I am looking for perhaps a training company that I could pay monthly or something like that

The franchises fly you out for a week and give you all kinds of training plus marketing etc but I don’t want to get into a contract with them and pay all of the fees, I want to be a mom and pop store so to speak starting out if that makes sense

Thank you

John Underwood · Answer

I know they have certification classes in my area. Some areas you may have to be a broker. Check your local laws to see what is required.