How To Start A Property Management Co. Need Some Advice!
Greetings All,
I currently own 7 houses of my own which 6 of them I rent. I have a great opportunity to start a property management company as I have a good relationship with a very successful investor. I could obtain some of his clients that would need a property manager. I am pretty experienced with renting, leases, landlording, etc. He even wants to send some of his newere investors to me since I have been very successful at getting my homes rented. I am not experienced in business management and running a property management company. I have been searching the internet for hours this morning and looking at commercial property in my area for lease. I will have a great chunk of money for a back up or to get started within the next two months. I need to write a business plan along with finding out the things needed to make this happen. Then I thought, what better place to find out some information than the TCI forum. Any advice on getting starting and writing a business plan for a property management company would be great!! Thank you in advance.
In most states you have to be licensed with a broker. check your local laws.
All states are different in most states you need a real estate license or what I think is called a CAM license. I would get the real estate license personally since it allows you to do so much more. I am setting up a real estate office now. All I needed was some money a broker (I am waiting to take my test) you can do it out of your home but you must have a private conference room. I needed to set up a LLC and register with FREC. Not sure if that helped or not.
Thank you for the replies. I am going to be getting my real estate license in the next month. I know I also need a brokers license which I will not be able to obtain for two years. So I now know that I need to hang my agent license with a broker. Anyone else have any additional information or experiences? My primary focus now is getting the contracts together that are needed to send out to prospective landlords. Anyone know how to obtain or have contracts written?
Call up a property management company and ask them the procedure