A service that operates an investment property as a business, so it can be in the best condition, marketability and profitability as possible.
Superior communication, people and management skills, excellent organizational skills. Light accounting skills. Experience in the field is a must, you should also get a two year or four year degree in business management or administration, or related fields.
Property management software, computer, computer equipment, office furniture , materials, supplies and stationery.
Basics:
This business requires a person who has lots of energy. Your organizational skills are put to the test on a daily basis, while you manage phone calls, contracts, job bids, property owner requests, tenant requests, and financial records. The most common financial records that you will manage are income, expenses, taxes and billing. Collections is also a major part of your work as you will be responsible to collect all rent from the tenants.
To Get Started:
To get started you should build a network of contractors for the varied jobs you will need to get done. You will need, plumbers, electricians, lawn care specialists, painters, carpenters, etc. and the better relations you have established with them the better deals you will get, which will help you stand out from the competition. You should then advertise in real estate associations, community associations and other groups of related professionals, you should also rely heavily on referrals since they will be some of your best source of deals. You should be able to charge $30 per hour or a monthly management fee of $400 to $3,000 depending on the complexity of the property.
Tips:
One benefit of this business is that it is stable and once you get a clientele built you usually just need to make sure you do the job well and will not need to market much, unless you wish to grow the business. You should be able to work from home even though there is much traveling to the sites to check on each property. This business is a limited opportunity for people with disabilities. You should not need to hire assistance unless you grow the business. For internet links related to this business do a search for the National Property Management Association, The Property Management Association, and National Association of Residential Property Managers.
