Tips for Starting a Property Management Company

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A career in property management can be quite rewarding. Property owners who don’t have time on their hands are always looking to hire a reliable property management company. That can be you if you’re up to the task.

What is Property Management?

This is the job of overseeing the running of one or more residential properties, student accommodations or commercial property. Sometimes the property manager and the owner are the same person. However, many properties are managed by real estate companies when the owners don’t have the time or skills to manage the properties themselves.

What is the work of a property manager?

A property manager is in charge of management and maintenance of a building on behalf of the owner. The take care of properties when they are vacant and connect tenants to landlords too. They market and show vacant spaces to prospective tenants, collect rent on behalf of the owner, oversee maintenance, inspect the property when renters move out, get the leases signed etc.
You don’t need to have an advanced degree to get started in property management and the start-up costs range from £1500 – £7700 which is quite affordable for a business. Even if you don’t have much experience in the business, this will not be a barrier although a background in real estate can help. What you really need are the skills to connect with people, be well organised and respond quickly to various situations.
To be able to handle the maintenance needs of properties, you’ll need to have a network of contractors that you can reach quickly. If you can also advise property owners on how they can save money or expand their investment, many will appreciate the input.
The day-to-day work of a property manager involves dealing with landlords, tenants and contractors so you need good communication skills. You also have to be reliable and consistent. Many landlords hire property managers so they don’t have to get involved in the running of their properties. Therefore, being a creative problem solver will be a good thing. You will also need to be familiar with the laws regarding housing in your area.

Becoming a property manager and starting your own business

Depending on where you are, you may need a real estate license or not. You can learn a lot by starting at the lower levels of an already established property management firm and working your way to the top. This will also help you to make a lot of good connections for when you start your own business.
Starting the business will be the same as starting any other commercial enterprise. You’ll have to register with the relevant body either as an LLC or an incorporated business. You can do this by yourself or hire an attorney to handle it for you. You’ll need an office, a website, email account and business cards at the beginning. You can start off working from your home. Once you do this, all that remains is to market your company. You can use a paid search engine campaign or talk to real estate agents and contractors to connect you to landlords who may need your services.

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