What is involved in starting a property management company?

Answer by  patti (29325)

Experience professionals are needed in order to compete with established companies. Write a detailed business plan. Research the market. Think about what you will offer that is different that what others offer. Determine the scope of services. What is needed in the way of offices, employees, advertisting, insurance, licenses, accounting, etc?

Answer by  wehadthought (391)

You need a good network of contacts to start with: developers, surveyors, property maintenance, valuation experts etc. Come up with a strong brand identity, take out advertisments in relevant industry publications and begin to build up a portfolio of clients managed. Tender for management contracts with new building projects in the area.

Answer by  Liz59 (10966)

Well, you have to obtain a license in managing the property. You'll also need the right amount of finances to cover your costs. You also have to be responsible for the property at all times. It requires a high degree of responsibility.

Answer by  KR (38)

You need to check with local real estate regulatory departments if you need a real estate license to practice property management. You also need knowledge of real estate business.

Answer by  asanson (253)

Checking what the legal requirement of the state are for starting a property management company is the first step. The person needs an office,address,phone line, and web site.

Answer by  Dary (111)

To start a property management company you need to see the laws and requirements of the state to see if you have all the qualifications to have your own company.

Answer by  Darry (3853)

Your first step is creating your company and finding properties to manage. This is easily done if you know someone looking to have their property managed. This is a hard business to get into without the backup of a big company with a long history in the area. Finding owners who need managers is the hardest part.

Answer by  rnovikoffgmailcom (1722)

U ahve to ahve the property to actually manage. U need an office and license which shows that u can run that type of business and then go from there.

Answer by  hecarlso (196)

You will need insurance and may need to be licensed depending on services offered. You will also need some basic tools for repairs.

Answer by  reaz (11)

To start a property it involves many things such as a proper management, lot of money, property, a proper plan etc