By Lanee’ Blunt
|Start up a property management|
business--Image by Mjamesno.
When property investors of office buildings, apartments, retail or industrial properties, and home owners don't have time or expertise for day-to-day management of their real estate properties they often hire a property management firm. A property management business is a low cost business to start up and it requires minimal experience.
Set up your business
Set up a limited liability company or LLC. Set up your office and buy equipment. You will need a computer, printer, fax machine and copier. Get business cards printed and letterhead stationery. You will need an internet connection and an email account. Set up a website.
Contact real estate investors and landlords at local real estate investment offices or associations. Network aggressively. Use a directory of real estate investing clubs and send direct mail or postcards introducing your business. You can cold call or send an email marketing letter. Talk to real estate agents that specialize in investment properties because many have new clients that ask for their recommendations for a property management firm.
Show properties to prospective renters. Make sure that you have done all of the necessary back ground checks on potential tenants. Obtain a credit report through sites such as PublicData.com and Equifax.com. Collect monthly fees from tenants. Hire contractors and arrange for repairs as needed to keep the property up. Pay bills such as mortgages, taxes, insurance, payroll and cleaning. Hire landscapers, security and other services. Prepare reports and budgets, and keep records of rental activity.
Bureau of Labor Statistics: Property, Real Estate, and Community Association Managers