How to Start a Home-Based Property Management Business

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Office buildings often outsource management of the property.
Office buildings often outsource management of the property. (Image: building it image by Vanessa van Rensburg from Fotolia.com)

Property management companies maintain several responsibilities, such as dealing with interior and exterior renovations. Your home-based business might focus on commercial, residential or international properties. Commercial properties include neighborhood shopping centers, mixed used developments and office properties. Residential properties involve apartment complexes and rental units. If you work with properties outside of the United States, you must be familiar with foreign property laws.

Review local, state, and federal rules to ensure that you comply with all regulations. One way to get industry updates involves joining property management trade associations and reading the groups’ publications or newsletters.

Purchase necessary equipment, such as software, a printer and office supplies. Develop a solid organization method, especially if you plan to manage several properties. You might differentiate paper files by color and by property name.

Determine prices for your various services. You might charge a monthly or annual flat fee. For example, with a basic package, you might collect monthly rents from each tenant as well as supervise an on-site property manager.

Advertise your business by at least developing a simple website. The website might describe when and why your company was founded as well as provide examples of common services.

Develop a community resource directory that lists areas businesses and relevant contact information. For instance, record information for three to five handymen who are bonded, insured and competent. Organize your directory so that you can efficiently find a phone number when you need it.

Tips & Warnings

  • Browse websites and brochures of existing property management companies to evaluate competitor prices and services. Create competitive advantages so that property owners have incentives to switch. You might charge slightly more than existing management companies but offer better attention to detail as a small business.
  • Attend conventions or trade shows to network with industry leaders and gain information about cutting edge technologies. For instance, you might discover a remote security camera that captures better images with easy to navigate software.

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