Advice for Starting Property Management Business

[Rich Emery]

Hello BP Family,

I've managed my own properties for over a decade and I'm looking to start a property management business where I manage other investor's rental properties.  I have over a decade experience managing my own short/medium/long term rentals.

That being said, I'm not really sure where to start in managing other's properties (I may be overthinking this quite a bit).   I'm debating on growing my own business from the ground up or potentially starting a franchise.   I'd love input from managers from both perspectives.

I like the idea of a franchise with a system in place already.  However, I don't like the potential constraints with growth on this (territory size, royalties, franchise fees, etc).

I also like the idea of starting my own business from the ground up.  However, I feel like there's a lot of potential to run into a lot of walls/pitfalls that can cost a ton of time/money if I do this route.

At the end of the day, I want to put a lot of emphasis on using the newest technologies to streamline the business as much as possible.  I feel like I need a lot more structure when managing other's properties and I want to make sure I do this right

Appreciate any and all thoughts!

-Rich

[Drew Sygit]

@Rich Emery if you're not EXTREMELY organized, you'll spend every day with your "hair on fire", making critical mistakes that cost your clients - and you'll get burnt out.

Don't forget to research the licensing requirements of PMCs. 

Also, check out NARPM.com!