Help! What should I know before starting a property management company?

[Miles Goodwin]

I have several rental properties that I along with a very small team manage but have been running around the idea of starting a PM company and managing other people's rentals along with my own. Long term I want to be a more hands-off investor and would like to build a system for myself along with others to help make investing a little easy. 

What are some ideas you have for this system?

What do you look for In a PM?

Who should I include in my team/staff?

What are some things you have been able to autopilot?

Any other tips or information you may find helpful? 

Thanks!

[Nathan Gesner]

You first need to get a license and work under a Broker: https://www.dos.pa.gov/Profess...

You can't operate on your own until you have three years experience as an agent, 240 hours of Broker education, and pass the exam.

You have to really consider the costs. You will need to get a license, then operate under a Broker that will charge you a portion of your income. You generally need to manage around 100 units to make a decent living.

You would be better off getting a job with an existing PM company that already has healthy inventory, established policies and procedures, forms, etc. You'll make a good living right away and you'll learn from professionals instead of trying to learn as you go, which can take 5+ years to do.