@Paul Cijunelis
So I’m not in the IL market, but I’ve owned a PM company for 5+ years, and here are some lessons I wish I’d known when starting out:
1. Hire a VA Early: If you haven’t already, bringing on a Virtual Assistant is a game changer. They can handle time-consuming tasks like lease renewals, tenant correspondence, and basic admin work. This frees you to focus on higher-value tasks like growing your portfolio, owner communication, and big-picture strategy.
2. Adopt a Portfolio Management Structure: Early on, I ran a departmental structure (separate teams for maintenance, leasing, collections, etc.), and it caused inefficiencies and communication breakdowns. Moving to a portfolio model—where a pod (1 PM + 2 VAs) manages all aspects of 200+ units—streamlined operations and improved accountability. It reduces the “bouncing ball” effect of tasks being passed between departments. I do have an accounting department that handles the payables.
3. Consider a Maintenance/Construction Division (When the Time Is Right): Margins in PM are thin, but bringing maintenance in-house can be a strong revenue stream. Plus, it gives you more control over quality and timelines. Be strategic—don’t rush it, but plan for it.
4. Understand Property Management's Role in Your Bigger Vision: For me, PM is a spoke in the wheel, not the whole business. While PM itself won’t create significant wealth, it opens doors: when clients sell, you list the properties; when investors buy, you manage and maintain their assets. It’s also great for building a trusted brand in your market.
5. Customer Service is KING: Prompt responses and proactive communication are non-negotiable. When tenants and owners feel cared for, word spreads. Happy clients are your best marketing tool.
6. Be Selective About Clients and Properties: Early on, I took on every property and owner. Big mistake. Some owners delay repairs, underfund turns, and create headaches for tenants, which ultimately falls on you. Develop a clear set of criteria for onboarding clients and stick to it. Quality over quantity.
7. Master Delegation and Automation: PM is a complex industry with many moving parts—marketing, maintenance, leasing, screening, and more. Write out clear SOPs for every process, hire great team members, and hold them accountable. Systematize as much as possible to create scalability.
PM is a challenging but rewarding business. Five years in, we’re at 350+ units, and while it’s not an easy journey, it’s one of the most fulfilling ones. Congratulations on taking this step—Godspeed!
