How to start a Property Management Business

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If you want to know about the profession of a property manager and all the activities related, the following information is for you.

How much to charge property owners

Actually, a property manager is a multitask profession, involving management of both people and real estate. In addition, it is required to know local laws and to make a lot of paperwork.

If you decided to start a property management company, it is recommended to review How to Start a Property Management Business guide.

A property manager may work alone (freelance) or manage a team. Freelance activities stipulate a number of responsibilities only for one person. Owning a property management company provides a lot of things, including search and verification of tenants, drafting contracts, dealing with the repair issues, finance management etc. It is very difficult to handle all these tasks alone, therefore, you need a proper team.

 

Skillset of a property manager

Any person involved in real estate business must possess the proper skills to achieve success.

Communication skill is the essential prerequisite of any property manager. In duty bound, you will communicate with many people, including contractors, tenants, property owners, etc. Thus, you should be flexible in your communication to handle urgent and maintenance issues.

Time management skill is one of the most valuable for a property manager. Any property owner would prefer to work with a competent and reliable property manager. Time management skill is required to maintain relationships with people and to deal with paperwork.

Another characteristic of a good property manager is being a detail-oriented. This activity requires responsibility for many tasks and management of various issues. Therefore, you have to keep in focus many details and information.

If done with skills, let’s shift to the very property management company.

A start of any property management company requires legal establishment. You can do it online or employ attorney’s services.

You will require cell phone, and various office devices (fax, scanner, printer) in order to organize your work. You may start with home office, however, in time you will need a place to meet with the customers and to perform other tasks. Website is also a must, since the world of innovative technologies requires the online access to the information and services provided by your company.

Building a customer base is the next important step. Customers do not come themselves. You will have to search for them, to attract and allure them. There are several ways to gain customers:

– Communication and relationships

– Online advertising (Google ads, SEO and SEM options)

– Offline marketing (newspapers, cable channels)

Pricing

As a rule, property manager’s’ income is generated from commission rate. Make a market analysis to define the current rates and choose your rate to start with. Make sure that the quality of your services correspond to the commission rate you set. Take care of your reputation, which is an important issue to attract new customers.

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