Property Management Startup questions

[Rakan Abuzahra]

So me and my partner are looking into getting into property management and I have a couple questions regarding the business. Some are simple, and some are state specific but any help is appreciated! Background: I'm a full time licensed REALTOR and I'd be starting this on the side mainly with my business partner who isn't licensed. 

1.) I looked up the requirements to be a property manager and everything I've seen says you need your brokers license (in Delaware). I'm guessing since I'm already under a brokerage (kw) that that would count? Or do I need to personally have my brokers license?

2.) What can I do vs what could my unlicensed partner do? In the real estate pre licensing course I believe they told us that the only thing you can't do while unlicensed is negotiate and fulfill lease contracts. Is this correct?

3.) How profitable is property management really? From the little research I've done it almost seems like more trouble than it's worth. It also seems like if you scale it and start hiring employees, your margins would stay the same and you'd be pretty much growing at the same rate as your payroll. I'm not getting into it to make a killing anyway, I love the real estate game and I'm a workaholic so that's not problem to me. I work with a lot of investors and I think this will be a good way to strengthen that relationship and add value to that too. Any opinions though?

[Phil Earley]

1) Your Keller Williams Broker can be the principle broker for your company or you can do it under the KW umbrella and help open it for them.    My company started in a closet at KW so it can be done.   The sales world and rental world don't always speak the same language so having a remote office in my opinion works best.  

2)Unlicensed people can perform administerial duties for licensed people whether its in sales or property management.  Your state real estate commission should have a list of allowable duties.  Double check with your broker also.  I know KW has a list to help build your business.

3)Any business can be as profitable as you make it.   The consistency of Property Management will open up lots of doors for you. 

Good Luck!