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[10 Steps] How to start your very own Property Management Business

How to become a Property Manager

Jumping into the property management business can be a great way to earn low-effort income or even become a passive business owner. In this guide we are going to go into depth on how to get started owning your very own property management business.

Before we get started, if you would like to see a condensed version of how to get up and running quickly with minimal investment, check out this article we put together “START YOUR OWN PROPERTY MANAGEMENT BUSINESS [5 STEPS]” . Their you can unlock the secret to starting your own property management business in as little as 30 days.

If you want to learn more in-depth about getting started as a property manager, continue to read for the 10 steps you will need to follow!

1. Start with your Education

Unfortunately, most people can’t just jump into property management (depending on where you live). Often times you will need to become licensed as a real estate agent, or even get certified. These programs are usually rather quick to complete.

If it is a requirement to get a property management based education or not in your area, you should consider studying up on fair housing laws as this will be vital in your success as a property manager. Check out this article to learn more about education and requirements and suggestions on how to get educated.

2. Decide on your Niche

Property management is not only limited to single-family housing. You may find your self leaning towards multi-family or even vacation focused property management efforts based on the needs of your community.

Deciding on a niche is a key part of starting your property management business. Click here to read our article about property management niches and how to decide which niche is right for you.

3. Use Property Management Software

Using software to help run your day to day operations will prove to be very useful in automating simple repetitive tasks, and ensuring nothing will be forgotten. That being said there are a few things that you need to specifically keep an eye out for when it comes to property management software when it comes to functionality. To learn more about what you need to look for click here.

Property management software is not cheap and usually requires lengthy annual commitments, so it’s vital to ensure that the software can do everything you need before you sign the dotted line. Give this article a quick read to learn about what you need your property management software to do for you.

4. Study up on day-to-day activities

One of the great perks of being a property manager is that your day to day experiences can be very diverse always keeping your daily routine fresh.

There are a few tasks that you will more than likely be handling on an ongoing daily basis. Some of these typical tasks include handling a few maintenance requests and talking to some prospective new clients. Click here for a more detailed walkthrough of a day in the life of a property manager.

5. Have a solid marketing strategy

When starting your own business, it’s often tempting to try and do everything yourself. However, your marketing strategy is one place where you should consider looking for outside help.

By seeking help from a professional for your marketing strategy, you can focus on the operations of your business and overall growth strategy. One way that property managers often generate leads for their business is by purchasing leads directly from lead generators. Many companies offer quality leads specifically for property managers and make it easy to scale up to buy more leads when you are ready. If you want to learn more about different ways to market your property management business you can click here.

6. Understand the role of Social Media

Social media is about a lot more than ‘Likes‘ and ‘#hashtags‘, using your social media properly can really help boost your business numbers and provide real-world results. With a great ROI on the horizon, social media is one of the best oppertunities for growing your property management business.

A healthy social media following is like having a great newsletter audience that you can communicate with time and time again without having to pay to access customers. If you would like to learn more ways how you can leverage social media for your business check out this article.

7. Prepare for the costs associated with starting a business

Starting any business has costs associated with the process, and understanding the costs early on will easily help you prepare you for success later down the road.

Many firms consider costs such as paying for office spaces and other office expenses. Not to mention marketing expenses and industry contractors. But many startups forget the costs of technology, important software or even legal bills. For more information on the cost associated with starting up your property management business check out this article.

8. Use a startup checklist

When you are new to anything, using a checklist will help make sure you don’t leave out anything that is important. Our startup checklist will help you get started off to the right foot when starting your own property management business. Check it out here.

9. Extra Tips

If you haven’t already gotten enough info on starting a killer property management business here are a few extra golden nuggets of knowledge.

  1. Become obsessed with organization. This will help you in so many ways from supercharging your sales process to making quick prep out of any legal proceedings.
  2. Stay focused on one task at a time. Multi-tasking kills productivity and by staying focused you will get more done in a day for your clients and for yourself.

If you would like even more tips click here for 6 great tips on how to run your property management business.

10. Make things easy on yourself

Everyone knows that you probably should not be ‘reinventing the wheel‘ when starting your own business and this goes double in the property management industry.

Check out this article to learn more about how to start your property management business the easy way, that is sure to be a cheaper and faster alternative than completely starting from scratch.

If you are interested in starting your own property management business, then you are more than likely excited to learn about how to get started quickly and with a low cost.

To learn more download our cost comparison sheet below to see a real-world price breakdown of what it will really cost you to start from a Business License or starting DIY.

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Disclaimer: Property Management Pros is not intended to be marketed as a Property Management Franchise, but rather a License. Every state has different laws regarding real estate and brokerage laws dealing with Franchises and Licenses.