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How to Start Your Property Management Business

Management One Solutions is sharing with the world it's proprietary property management systems and software.  

What is Property Management?

 

Property management is the leasing, operation, control, and oversight of properties as used in its most broad terms. Management indicates a need to be cared for, monitored and accountability is given for its useful life and condition. This consists of servicing Owners and Residents (Tenants) of the property.

 

Property Management is more than just a Property Management Software Program 

property management systems

  

Starting A Property Management Company

While it seems simple, it has several moving parts and to be successful; you need to consider all aspects. There is a reason why companies that purchase a franchise or use a licensed system succeed 91% of the time and are still in business after seven years. Compare that to independent owners where 50% go out of business in 5 years or less. 

The reason? An independent owner must have an in-depth knowledge of the property management business. It will cost more to open as an independent property management company since you have no proven systems or processes in place. You will spend more time and money working IN your business instead of ON your business. 

 

If you're thinking of starting a property management business here are 18 Steps you need to follow:

  1. Establish your Legal And Accounting entities, LLC, S Corp, Etc.
  2. Set-up the proper insurances
  3. property managementMake sure you have all the proper licenses
  4. Join all necessary Organizations, Board Of Realtors, Chamber, Etc.
  5. Do discovery on all your competition to establish your management fee
  6. Complete a Proforma on what you project you can make
  7. Complete a monthly projection of income and expenses
  8. Find a location for your new business and build out of your new office
  9. Purchase furnishings and supplies
  10. Set-up all signage: yard signs, office, and company vehicles
  11. Buy a company van and all its contents
  12. Research and decide which property management software to use
  13. Set out job description in each division, create processes and systems
  14. Hire staff for your new company, establish salaries
  15. Hire vendors to do repairs on the properties you manage
  16. Create your marketing strategy to gain clients
  17. Determine what capital you will need 
  18. Get training on how to run a property management company efficiently

These 18 STEPS are just to OPEN a property management company!  Management One Solutions offers a complete step-by-step onboarding process that explains in detail what needs to be done and when. Ensuring YOUR SUCCESS from Day ONE.

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Advantages In Owning A Property Management Company

 

It creates consistent monthly cash flow in good and tough times

property management software
 
  • It’s not affected directly by what the Real Estate marketing is doing
  • It creates listings of properties at zero marketing cost
  • It gives the first opportunity to buy properties when an owner wants to sell for your Real Estate portfolio
  • It creates buyers to purchase properties as your tenants decide to buy a property
  • It’s inflation proof as rents increase your management fees increase
  • It creates stability in your Real Estate operations as the Real Estate market fluctuates

You look forward to the first of the month since when people pay rent you get paid every month and that makes for a good month doesn’t it.

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