Making the leap into property managemetn is profitable. So, why not get your slice of the pie? You need to choose a property management niche. There are three main types single-family, multi-family, and commercial. Each niche has its own set of benefits. But which one is most beneficial to you? You’ll want to examine each one to determine which works best for you.
Managing commercial real estate is a lucrative business. If the business is booming the tenants are not as likely to leave as residential tenants. There are three types of properties managers can choose to specalize in when setting up shop.
The key to managing a successful commercial property is communication and service. You want to keep your tenants for the long run. Filling commercial real estate is more difficult than residential, so these tenants mean a lot to your clients. It can take between two and nine months to secure a lease on a commercial property – so when theyre in place make it count.
These are your large apartment buildings or condos. They can vary in size, price, and location. Since you are dealing with so many units you will need to hire plenty of staff to be successful. The best thing you can do is carefully vet each prospect and have high standards. This will lead to much less headache down the road when it comes to repairs and the dreaded eviticions.
Keep in mind, they are sharing walls, community rooms, storage rooms, and parking garages. A bad tenant can make life miserable for your good tenants, which is never a good thing. You don’t want good tenants leaving and spreading their distaste for your community. Make sure to enforce the housekeeping and quiet enjoyment of the property clauses. This effects the entire community. A loud tenant infringes on your other tenants’ right to quiet enjoyment of the property. A sloppy resident can bring in pests. Those pests migrate to other apartment homes through the walls.
As a multi-family property manager, you must rent to families with children. There are only two exceptions.
Single-family investing is the easiest property management niche to get started in. With a massive (& growing) market single-family property manager usually has more than enough business to go around in any market. The most challenging part is developing trust when your competing with the big guys.
It’s also easy to expand your client base as you see fit. A great property manager understands that they specialize in what they do. When you hire out marketing and other services to help you grow – your clients will thank you. You will be growing, your clients will receive top tier services, and you wont have to worry about learning new skills. You don’t have to stay local either. You can expand nationally as you see profitable in new areas – just be sure to expand your brand with you.
Getting into property management isn’t something you need to do alone. With a license from Property Management Pros, you can hit the ground running with a nationally recognized brand + a set of systems and procedures to be profitable from the start.
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