You may have a single home that you want to rent out. But what if you enjoy managing rentals and want to build a portfolio of properties and turn a side business into a career? Below, you can find out how to start a property management business.
How to Start a Property Management Business
Real Estate Investor Brandon Turner has written the book on rental property investing: How to Create Wealth and Passive Income Through Smart Buy & Hold Real Estate Investing.
He co-hosts the BiggerPockets Podcast, and has extensive investing experience himself. His real estate rental business guide covers everything. Seriously!
Even though this book costs less than $20, it contains 400 pages of quality material for running a property management business. I’ll go ver just a few of the great insight and tips he covers…
Rental Property Business Plan Template
- The 5 keys to rental property success.
- Example business plans for generating income in your business.
- How to develop a network including contractors, insurance agents, CPAs, bookkeepers, lenders and more. These contacts are crucial to helping you grow your business.
- How to analyze property.
- Tips for investing when you live in expensive location.
- Types of properties that you can invest in. Plus, questions to ask before you choose.
- How to find rental properties and what makes the best choice.
- How to detect potential problems in a property.
- Tips to negotiate successfully.
- Plus, all aspects of managing rentals from showing properties to maintenance and repairs.
How to Start My Own Property Management Company
Real Estate Broker Mark Ferguson has been investing in real estate for over 15 years. From rentals to fixing and flipping to selling homes, he has done it all.
He has put together an all-inclusive step-by-step handbook for entrepreneurs who want to get started in real estate investing.
He can tell you the best places to buy properties and how to finance them (even with limited ash). Plus, he can help you overcome obstacles that may be stopping you from starting your company.
How to Start a Property Management Business:
- Potential risks of investing in real estate.
- How to determine a lucrative rental property.
- How to get great deals and how to finance them.
- Management strategies, including maintenance and repair on your building.
- Good exit strategies, and more.
For more tips on running a property managment company, check out these articles:
- How to Screen Tenants
- How to Manage Rental Properties
- Writing a Lease Agreement for Rentals
- Property Management Accounting Tips
Property Management Business Plan
Check out the Property Management Show below. They cover the key factors of success when starting a property management, including how much to charge and building a team.
Much of the success of a property management business comes down to efficiency. In other words, don’t plan on doing everything yourself. That is why building a team of real estate and service professionals will help you scale your business and reach your goals.
In addition, well-maintained tenants and high-quality tenants will make your life a lot easier. Not to mention, keep your profits higher. Learning how to start a property management business before you start investing will help you save time and money. Plus, you can grow your company and income faster.