Starting a Property Management Company

[Nate Estelle]

Greetings all!

I recently got into the real estate world after beginning to listen to Bigger Podcasts during the Spring of 2016. I immediately started buying books and pouring through them to gain knowledge, but I know I needed experience. Thankfully, in May I landed a Property Manager position for a small property management company in the Marion / Gas City, IN area. There are two of us in the role at our small office, and our boss is the owner of the 292 properties we manage. We often get phone calls from property owners who want to rent out their investments but do not have the management tools, time or resources do so alone, but we turn these clients away because we only manage our boss' property.

Therefore, I have considered starting my own Property Management company on the side to manage a few of these properties we get calls about. (My boss knows I am an aspiring investor and that I, too, will own and manage my owner property while I work here, and he has no argument against that. Of course, there is no question that my first obligation would be to my current position and to my boss' assets.)

What should I know about starting a property management company? What are important factors to consider? Thank you in advance!