Starting a property management company

[Adam M.]

Hey guys,

I'm currently writing a business plan and thinking about for starting a property management company. My market is a very popular ski resort county in colorado. There are tons of vacation rental/short term rentals in the area. I've done my research and property management company's charge around 40%/night it is rented for short term rentals. Long term rentals is around 10%/month with one months rent for new tenants turnover with a lease.

I know the market here and have a lot of connections with the locals. I've lived here on and off for the last 8 years..... My full time experience is running and operating a RE investing business (rehabs, wholesaling, rentals) in Nashville TN. My wife and i sold everything in nashville and we live in CO full time now.

I have a ton of ideas on how to market and get properties to manage, i've never ran a full time RE management company. What do you guys think? Any advice for a newbie in this venture?? Thanks!

[Travis Sperr]

I think you are going to have some challenges, but if it is where you feel you would succeed then get it done. I am not sure which area you are looking into, I typically see one company manage properties in 3 or 4 resort towns to provide a one stop shop for those wanting to visit the mountains. Your experience will help make the transition, but what will help you grow your client base when there are so many other options in the area? I might just be thinking out loud, also in Colorado let me know if I can share some connections.