10:38 AM
Lanee' Blunt
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.
Locate Prospects
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.
Management
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.
Reference:
Bureau
of Labor Statistics: Property, Real
Estate, and Community Association Managers
Posted in: Business services
