Siddharth Mahajan, Tulip Real Estate Owner says, “Do your property management systems include a proactive marketing strategy? Your marketing should be much more than a “for rent” sign on the street corner.
Real estate property management is a business that involves managing different kinds of properties and people such as landlords, tenants, and contractors. For those who feel comfortable with managing people and property, learning how to start a property management company can definitely be a rewarding career path. Having said that, real estate career also comes with its own set of risks and challenges. However, while not everyone would consider taking this job, property management is surprisingly an easy and affordable field to enter! So, if you enjoy and understand what it takes to manage residential properties, here are the steps to starting a property management company.
Get a Property Management License
Although many states require a real estate license or other certification, most don’t require an advanced degree. A real estate license or practical experience in the real estate industry is helpful, but not always required.
Build your skillset
In any case, if you decide to devote your professional life to property management, make sure you have the right skills to be a good one.
- Communication – As a property manager, you would need to communicate with people from different backgrounds. Having good people skills will make the experience more pleasant and enjoyable. Also, building relationships with contractors and local law enforcement requires your ability to adapt and be flexible.
- Time-management – This skill is one of the most valuable ones that a property manager should have. Property owners are looking for people who are reliable, competent, who they can trust with their assets. Indeed, you would need to have time management skills to maintain relationships with the variety of clients, contractors and also don’t forget about paperwork. Timing is important in order to leave everyone satisfied and complete the work in time.
- Detail-oriented – Be precise. The thing is that when you need to handle a variety of things, it’s tough to keep focus. Yet, the job assumes you will be the one responsible and in control of properties, legal paperwork and so on. In a case you lose some aspect of a deal from your focus, the deal can go sideways and there won’t be anybody to blame but you. That’s exactly why one needs to be detail-oriented in property management business
Set Up Your Company’s Office and Website
Siddharth Mahajan, Tulip Real Estate Owner says, “Just like any service business, you need a place for running a property management company. So, once you’ve got the cash, find a quiet place to work where you can meet with clients and handle uninterrupted phone conversations. To cut down their expenses, many new owners of property management companies start out working from a home office and then rent out commercial office space when the business starts growing and staff is hired. Furthermore, what’s even more important is that you need to build a website for your real estate property management company. In today’s world of digital marketing and Google searches, it’s absolutely critical for all property managers to have an online presence.”
While there are several more steps into starting a property management business, the above broadly cover it all. According to Siddharth Mahajan Tulip, “After this, you need to hire the right personnel, set up a marketing strategy, and keep networking and growing.”