Are you considering trying your hand at the business of property management? There’s a lot that goes into property management besides coordinating tenant screening reports and collecting rent. You have to know what property owners in your area expect from a property manager, you have to know what your strengths are, and you have to know how much to charge to stay competitive.
First, decide what kinds of services you’ll offer, and what you’ll need in terms of staff, equipment and other resources in order to effectively offer those services. Then decide which types of properties you want to manage. Commercial properties or residential? Single-family homes or multi-family housing units? Then do some research to figure out what services are most important to those property owners and those types of properties.
Then you have to study the marketplace and figure out what is being offered and at what rates. When you find the clients you want, sell them on your ability to give them better service or more for their money than they were previously getting. Help them to understand the benefit of unloading the more stressful aspects of property ownership to a professional property manager.
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