Starting a property management company

[Justina Dunavan]

Hello, I have worked in property management for almost 20 years. I love my career and feel I am good at it. I have managed a property for 6 years, done leasing, maintenance coordinator. However, I would like to start my own property management company. My issue is I only make $40k a year so I am not sure financially how I would start this journey. I would love any advice on how to get started.

[Nathan Gesner]

@Justina Dunavan I assume you already know what the requirements are to open your own Brokerage or Property Management company.

In my opinion, you would start by posturing yourself to hit the ground running. In other words, on the very first day you open your new company, you should already have all your forms, checklists, software, filing system, etc. You don't want to be stuck trying to build the office at the same time you are building clientele.

Second, you should save up money because it will be lean for a while.

Third, you should have some strong marketing material and scripts to show why people should hire you instead of the competition. How will you differentiate yourself? Do you have services nobody else does?

Fourth, you should join NARPM. There are some serious masterminds that love to help! NARPM also has very good training classes that will help you with starting or growing your business.

Fifth, you can accelerate growth by marketing your business to real estate offices and smaller property management companies. Most REALTORS want nothing to do with PM so offer them a referral fee for every Landlord they send to you. Ask around for leads on property managers that are getting tired because they may be willing to hand their contracts over to you or sell them real cheap.

That should be enough to make you pee or get off the pot. Feel free to reach out directly if you have more questions.