How to Start a Property Management Business

Starting a property management company can be a difficult task, but can be very rewarding at the same time.

Difficulty: Challenging

Instructions

Things You'll Need:

• Computer
• fax machine
• phone line
• telephone

1. The first step is to check with your state to see what the legal requirements are. Some states require a real estate license, others have a separate license to manage property. Many states offer classes for property managers, which will help you get up to date on your states laws.

2. After you meet the necessary state requirements. You will want to get a dedicated phone line for your business. You will need a computer with an internet connection and a fax machine. As far as software, starting out a spread sheet program like Microsoft Excel will work great to start with.

3. You will need to discuss you business with a lawyer to ensure you have all the necessary paper work. Remember you will be signing management agreements, writing leases, evicting tenants, hiring repairmen etc.

4. After meeting your state requirements and getting your office set up, you will need to go get a post office box. This is so tenants and owners will have a consistent address to mail rent and other things to. Having tenants stopping by your home or office dropping off rent is not only time consuming it can be unsafe.

5. Now that you have your office set up and your PO Box, its time to find properties to manage. The best places to start are "for rent by owner" ads, real estate agents are a great source of leads, On-site sales offices at new developments and expired MLS listings.

6. Having a website is also essential. A web site not only gives you a way to market your property it also gives you credibility.

Tips & Warnings

• make sure you meet your states requirements
• Using the internet is essential to managing property
• A Post office box is a must have
• make sure you meet your states requirements
• safety always comes first when showing property to tenants and meeting owners

Resources

• Luxury Ocean Front Condos
• Myrtle Beach Real Estate

[JeffU]

on 3/11/2008 Love the tips at the end, just to start off with. I have read the article and pick up some informing pieces. From the beginning to the end, All six of the steps on starting this type of business was wonderful.. Great Article!

[JeffU]

on 3/11/2008 Love the tips at the end, just to start off with. I have read the article and pick up some informing pieces. From the beginning to the end, All six of the steps on starting this type of business was wonderful.. Great Article!