Starting OH Property Management Company

[Lauryn Meadows]

Has anyone started their own property management company? In OH I’d either have to get my brokerage license, or hire a broker to hang their license in my property management business. There aren’t any property management companies in the markets in my Tri-state area. The most “professional” one I’ve talked to is a guy that drives around collecting cash from tenants once a month- having close to $10,000 in his car! I have 8 rental units now, with a goal to scale to 50 in the next two years. I know that I’ll want to at the very least have someone in house if I can’t outsource the management. (I’m just landloridng now because I want to experience everything first hand and get systems together for someone else.) What are the margins in a property management company (manging other peoples properties)? And if I’m going to go on and get my brokerage license, should I go on and start real estate agency? What are The Pros And cons To this and is there money To be made?