Need help with starting a Property Management Division

[James Hall]

Hello all, I'm seeking help with implementing our business next goal. We already have 17 rental units and a good network of handymen. Along with our rental properties we also own a tax prep franchise. As such we have shifted much of our rental management side to our H&R Block office manager. After reading Managing Rental Properties by Brandon and Heather Turner, (which was a godsend by the way!!!) we have put together strong policies (including a full policy manual) and procedures for the office, paperwork, maintenance, etc...

So, after putting all of that together for our own properties, we thought about expanding. We have all the tools and resources we need to expand into outside property management. So, I am asking for any and all input and wisdom that we can get. Especially in pricing, contracts, and what we should and should not cover in the monthly cost. 

As you can tell, we are already crazy busy so we aren't desperate to build this quickly. We'd rather pace ourselves and make sure to do it right. 

Thanks in advance for any help you can offer!

Jim Hall

[James Wise]

Originally posted by @James Hall:

Hello all, I'm seeking help with implementing our business next goal. We already have 17 rental units and a good network of handymen. Along with our rental properties we also own a tax prep franchise. As such we have shifted much of our rental management side to our H&R Block office manager. After reading Managing Rental Properties by Brandon and Heather Turner, (which was a godsend by the way!!!) we have put together strong policies (including a full policy manual) and procedures for the office, paperwork, maintenance, etc...

So, after putting all of that together for our own properties, we thought about expanding. We have all the tools and resources we need to expand into outside property management. So, I am asking for any and all input and wisdom that we can get. Especially in pricing, contracts, and what we should and should not cover in the monthly cost. 

As you can tell, we are already crazy busy so we aren't desperate to build this quickly. We'd rather pace ourselves and make sure to do it right. 

Thanks in advance for any help you can offer!

Jim Hall

 Handling the property management for 3rd parties requires you to hold a real estate license in all 50 states. In many of those states you have to hold a Brokers license, not just a sales license. So what that means for you is you may be at least 2 years away from being able to legally open that business as many states require you to hold a real estate sales license & complete a minimum number of transactions before you can sit from the Broker exam.