Property Management Opportunity

[Danny Cerecedes]

Hi BP!

I need some input on an opportunity that has presented itself. A little bit about me. I come from a real estate family and have been an active real estate agent in Southern California for the past 10 years or so. I also have a rental portfolio. So I have experience in real estate but the opportunity now is in property management. A potential business partner has asked me to join forces and start our own management company. I have a good idea of what property management companies do and I understand the landlord/tenant side of things but I’d like to get some advice from hopefully a few property management owners.

My potential partner is a plumbing contractor who works closely with many management companies in the Greater LA area so he has a very good understanding of the maintenance side of the management business. A few building owners who own over 60 plus units have told him that if he starts his own property management company they would move their buildings over to him/I to manage which is a good jumpstart. I will still maintain my real estate business but having another stream of income is enticing. 

Just looking for some advice from experience owners of property management companies as to what to expect and if this is a good opportunity to jump on.

I know having dealt with property management companies on my own properties they are so invaluable. The first one I had were horrible communicators and I was very disappointed in their service but I’m very happy with the management team I have now. I have a good idea of how I see our management company looking and functioning for our clients and tenants but would love any feedback from BP.

Thanks in advance!!