Want to start a property management company soon, want investor..

[Bob Jones]

Hey everyone, I am buying my first duplex soon. Once I learn how to sufficiently manage my own property I want to offer it as a service to other investors. I want to talk to investors about fee structures. I want to build it for profitability. But I want to keep my investors first, always and forever, It is my duty obligation and responsibility to manage those property’s effectively especially if I want to scale this business nationally.

I know I have advertising costs and most in my area charge to place a tenant, but how can I build this and systemize it to make it more profitable to keep a tenant rather then place a tenant. My ethics may be sound. But what happens when I hire someone to manage my branch that I have built when I move on to another state. They could very easily abuse that to make it look like they are doing a killing of a job, thus tarnishing my businesses reputation in the process.should I make tenant placement a at cost charge? Then maybe charge tenant renewals to the landlord and the tenant? How can I build this so everyone feels like they are massively winning long term and they cannot shut up about my company?

Is there anything additional you have always wanted to see in a management company?

[Michael Dang]

Learn your local and state level laws regarding property management. As mentioned, depending on your state you may be required to become a licensed real estate sales agent and take additional certifications or courses in property management. You have a fiduciary responsibility to your landlord clients. Glad you're thinking with integrity and responsibility in your venture. Maybe you should join a property mgmt company to learn the ropes first.