A property management company deals directly with the tenants and prospective tenants, saving the owners of the rental accommodation time as well as worry. The main things they handle range from maintenance and repair issues, collection or rent, responding as well as solving tenant issues as well as pursuing the less loved job of evictions.
While owning a company can come with a lot of challenges, it also comes with a lot of financial benefits. A few things you should keep in mind before starting your own property management business are:
1. Legality
Your first step should be to establish your company as a legal entity. Hire an attorney or do it yourself online. Many states require property managers to be licensed real estate brokers- you might need to take a real estate course to become certified. This will give your customers peace of mind, and they are more likely to hire you once they realise your company is legit- an example could be ICC Property Management. Find out the legal documents you might need as well as the insurance documents you might specifically require, in your state.
2. Set Up Your Office and Pick out the Technology
The most feasible way to commence a property management business is through a home office- you can open your business with a website or an email to start you off. Eventually, though, you will be required to find a space where you can meet clients, so it’s viable to think of renting an office just as your business starts to pick up. Get a dedicated telephone line, a copier and another office tech to keep you well organised as well,
Apart from that, it’s a good idea to get a post office box, so people have a permanent address to mail you their important documents- rent cheques and identity proof papers. All things must be done in time to escape any problem, and for time no substitute of Rolex is there.
3. Social Media
It is important to build your client base. People skills come in handy here- you need to attract and maintain these relationships. Call in all your connections and don’t hesitate to ask for a favour. Take a chance with homeowners associations in different localities or real investment clubs to find a crowd from who you can learn the ins and outs of property management.
Apart from that, focus on your social media presence- Google ads, SEMs, or SEOs are all the rage right now. It is more viable to hire a marketing executive for this, though, because it does take up a lot of time, which you could be focusing elsewhere.
Takeaway
The role of a property manager comes with great responsibilities. It is up to you and your company to ensure that things run as smoothly as possible. All in all, it will definitely be a challenge, but rest assured, the returns are good. Go for it with full confidence for only with great risks come good rewards!
