How do I start a successful proprty management company?

Question

If anyone has any advice as to how to do this, I would surely appreciate it! I would like to manage properties that I do not own. I don't want to actually own anything other than my home at this time. When my husband and I were renting, we rented from a lady whom managed properties.

What type of education do I need? What type of start-up money do I need? How would I market myself to potential home owners who want to rent out their homes?

Thanks for any information!

I realized I mispelled property... sorry.

Answer 1

Go to http://www.score.org/ to find the nearest SCORE chapter. Contact them to arrange for a free one on one meeting with a SCORE counselor about starting a property management company.

SCORE is a nonprofit organization. They provide a public service by offering small business advice and training. .

SCORE's 10,500 volunteers have more than 600 business skills. Volunteers share their wisdom and lessons learned in business. The volunteers are working/retired business owners, executives and corporate leaders.

Answer 2

I do not know where you live.

In the US property management can require a license when you are managing other people's property. The idea is to protect the property owners and the tenants. You are legally acting as the agent of the owner so need to know the rules and regulations for being an agent.

In some states the license is the same as a real estate agent's license so you can also broker property. In other places the licenses is more limited so you can only manage.

There are also bonding or other requirements when holding deposits, collecting rent, etc. Check online with your state to see if they outline the requirements.

As someone noted you can look to get a job with an existing property management company. They will know the regulations and will have a training program (maybe on the job). Check the ads to see if such a firm is hiring.

Answer 3

why not get a job with an existing property management company, at least to learn the ropes before you strike out on your own? It sounds like you have no clue about property management. If I was a property owner, why would I want to hire someone with zero experience?

Answer 4

I think you first need to find people who will give you properties to manage. Make friends with real estate agents, they are bound to know some people who would need your type of assistance.