How Would You Go About Opening A Real Estate Rental Company? 10 Points Best Answer!?

Question

I was thinking about opening a Rental Company, later on in the future. And was wondering what kind of things you need to know, and have. Any licenses? No stupid answers. 10 Points To The Best Answer!

Not a Real Estate Brokerage. I want to open a building where people who are looking to rent houses can go.. I want to do like property management I guess you would call it.

Who said I didn't have experience? I'm not that stupid.

Answer 1

Are you thinking of a business like an "apartment hunters" service?

If so, you should probably get a property management license, you'll need to incorporate, and also, if you want to have a bricks and mortar location (because you wanted, you could do a service like this from home with a laptop and a cellphone), but if you want an office location, you'll need a business license from your local jurisdiction.

Now, if you want to do a comprehensive rental service, you will probably need to have a real esate license, or hire someone who does, so that you can show rentals listed with real esate companies to clients.

There are other little things like getting on the registered with the various apartment complexes around town so you can get commission, but that should be about it.

Answer 2

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Answer 3

There are several things you need to do to accomplish what you want to do.

#1 You need a real estate broker license from what ever state you are in or have access to a real estate broker license.

#2 You have to decide what area of the real estate market you want to specialize in. Commercial, residential, mortgage loans, property management or leasing company. There are a few more but those are a few things real estate brokers do.

#3 Do you want to hire agents to work for you or do you want to be a one man operation? How large do you want to grow? Do you want to grow into a regional or national power by having many agents, some offices have over 200 agents or more.

#4 How do you want to operate the real estate company as a sole proprietor, LLC, Incorporation or partnership.

#5 Real estate knowledge, how much do you have and how will you acquire it? This is most important unless you are gonna hire an office manager. You don't need a diploma, but you will need management skills, salesmanship skills, understanding the real estate market. The responsibilities of a real estate broker in the selling process.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 4

To open a real estate brokerage is no easy task. It involves a substantial investment of both time and money. Of course, if you want to open a real estate brokerage, you must be a licensed real estate broker. After you get your broker's license, start by following these steps.


Step One Write down your business plan. If you need financing to open a real estate brokerage, your banker will want to see these plans on paper. Find help in your local library or in bookstores. You can also find help online. (See "How to Write a Business Plan," under Related eHows.)

Step Two Choose an office site. Decide if you want to purchase a building, construct a building on a lot you find or rent existing office space. If you decide to rent, be sure to review all terms of the rental agreement.

Step Three Plan your office by determining present needs and anticipating future needs. As your business grows, you must accommodate additional agents and office staff. Some experts advise allotting 75 to 100 square feet of office space per agent.

Step Four Select office furnishings including furniture, computers and phone system. Choose an Internet service provider with the ability to upload and download multiple listing services. Purchase user-friendly software programs and invest in the best virus protection possible.

Step Five Ask your local insurance agent about general business insurance and compare prices from one company to another. Be sure to mention that you are planning to open a real estate brokerage and ask what specific policies they recommend. The real estate business has a lot of liability. Ask about Errors and Omission coverage.

Step Six Open trust accounts with consent to examine at your local bank. You must set up your general ledger accounts also. Your banker will advise you on these since he will have your written business plan outlining your financial needs.

Step Seven Set up your accounting system by purchasing bookkeeping software or by hiring an accountant.

Step Eight Compile a "Company Policy and Procedures" manual to hand out to all agents and staff upon hire. You must spell out record-keeping procedures, how agents and office staff are paid and general office rules. You must have an Independent Contractor Agreement signed and on file for each self-employed agent.


Tips & Warnings

Have a mind-set to be able to adapt to the constant changes in the business environment, especially if you want to open a real estate brokerage. The housing market can be quite volatile.
Make sure you have the temperament needed for operating a real estate brokerage. Demands of being the "boss" and having to meet on-going payroll can be extremely stressful.

Answer 5

No. Real property can best be transferred by way of executing a written agreement among purchaser and vendor. An marketed "fee" on truly estate is honestly the approximate significance of the estate and does now not constitute an present to promote at that fee. Therefore they're underneath no responsibility to be given your bid simply when you consider that it fits the "fee" mirrored in a newspaper.

Answer 6

NEVER never start a business without some experience in the field!

I counsel scores of potential business owners who mistakenly think that hard work alone will make them successful. WRONG.

Look, I'm a nice guy, but do you think I could just open a beauty parlor and make a living. No. I'd need to go to school; find someone to teach me the trade; AND THEN learn about business management.

SO, if property management is what you want to do, gGET SOME EXPERIENCE!

It may not be the answer you want to hear, but jumping in without experience is financial suicide that will cost you YEARS of financial pain to undo.

Answer 7

You need a brokers license in addition to a business license, but those would be all.

Answer 8

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