Starting a Property Management Company

[Ryan Manning]

Hello everyone, 

I am currently studying to get my real estate license in North Carolina  and will hopefully be licensed in January. I want to start a property management company after I am fully licensed. What is the best strategy to getting your first property to manage? Is there anything that I can do now to prepare myself. What are the best networking organizations to join?

Thank you!

[Christian Hansen]

Hi, @Ryan Manning in NC you will need a Firm Lic. which you will need to be a full Broker to get, so just take all your Post-Lic classes right away.  The bigger challenge is that you have to have a Broker-in-charge (BIC) for each physical office you have. You wont be able to be a BIC until you have 2 yrs exp. You can hire a BIC eligible broker to be your BIC, it'll probably take a few tries I am guessing most will be a bit hesitant to shoulder the liability, but they are out there.

The big thing that the NCREC cares about is that you will be handling "other peoples money" so make sure you have right bank accounts setup and a good Prop Mgt SW that will let you handle the accounting. Please don't underestimate the accounting part of PM'ing it is a much bigger part of the business than people realize.

Good luck!