How to Start a Real Estate Property Management Business
Once considered to be just a rent collector, a property manager is now much more than that. Property managers collect rent but also take care of building maintenance, cleaning, snow removal, lawn care, the budget of the building involved, leasing the building, advertising and responding to emergency calls. Before you open your office doors, though, you will need to investigate the requirements for property managers in your state.
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Find out what type of license, if any, you will need to be a property manager. In some states, you need to have a real estate license, in others, a broker's license. In some cases, you only need the license in order to sign leases on behalf of a landlord. You may also want to investigate getting independently certified as a property manager, even if it's not required by your state. The Institute of Real Estate Management is an organization that offers coursework for earning certification.
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Complete your coursework or your self study. If your state does not require certification or licensing and you want to get started on your new career as soon as possible, you should invest in several books that will give you some basis for experience and knowledge in the field. Learning from those who have been there will help you provide the best service possible to your clients.
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Establish office operations. This is where taking a class or completing coursework to become a broker will serve you well. You will need to buy equipment: computers, fax machine, phone, mobile phone and also advertising and marketing materials. Your materials should include a standard business card, a brochure detailing the services you offer, a website and other advertising materials. You may consider getting an assistant--or at least a virtual assistant to begin with. This person can take phone calls for you, sort out paperwork and help you deal with day-to-day issues.
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Find business. Your most important job in the beginning will be to find clients. Without properties to manage, you don't have much of a business. Network online and off. Go to the meetings of real estate investment clubs. Go to chamber of commerce breakfasts. Go to any seminar or meeting where you will have the opportunity to meet commercial and residential property owners.
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Provide the best service possible. The reason property owners change managers so often is because managers are often hard to reach, except when the rent is due. Be the best at providing service. Always be available. Answer the phone. Offer exceptional service, and you will find that getting business isn't that difficult.
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