I want to start a property management business. How do I start

I have 20 years operating a janitorial business have an R.E. license. I am not sure how to really get going without a franchise purchase. I am comfortable in residential and commercial environments
In Property Management - Asked by John M. - Sep 1, 2012
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Answer(s)

Chris R.
Broker/Agent
Denton, TX

I'd suggest you start by taking some property management courses - assuming you have not done so already. You can get great courses through IREM - Institute of Real Estate Management - that offers the CPM designation (Certified Property Manager) - suitable for residential / multi-family / commercial. Go to www.IREM.org. (Affiliated with the NAR - National Association of REALTORS). Also - BOMA - Building Owners and Managers Association. http://www.boma.org/Pages/default.aspx - offers courses and designations. You don't say where you are but in Texas there are many real estate schools that offer classes - classrooms or online that would aid in your obtaining some education geared toward the property management business. Once you have some training then it gets down to marketing yourself to property owners to attract business. Sometimes property management firms become available to purchase that may already have a "book of business" - portfolio of properties that they already manage. Contact a business broker in your area for assistance. I'm a CPM / REALTOR/Broker - 43 years experience. Good luck!

Sep 2, 2012
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Real Estate P.
Listing Administrator
Houston, TX

Buy a property management company and have the owners train you for a few months.
In my opinion, learning on the real deal is the best way.
I can assist if you are looking for some information.
Best Regards, Bonnie Laslo

Sep 4, 2012
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Sherley A.
Broker/Agent
New York, NY

John, I agree with both chris and Bonnie. Should you decide you want to looking into purchasing a business, you can look into buying a franchise called Real Property Management. Go http://www.realpropertymgt.com/ They have done alot of the work already. However education and research is always needed and highly recommended. Best of luck to you. Sherley Anicet

Sep 10, 2012
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Victor T.
Lender/Mortgage Broker
Farmington Hills, MI

Seek out some who have done this.
Experience is invaluable

Jan 4, 2013
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Real Estate P.
Listing Administrator
Houston, TX

Hi John congrats for putting yourself out there for the info ...... looks like your getting good comments. Plus being that you have a RE License, why not hang your license with a realtor's office at does some property management. This way you can practice the skills required while assisting those individuals who are good at it!
This will shelter you from large initial out of pocket expenses, and allow you to build a team. You can't do property management businesses alone, you will always need good people and/or partners as handling challenges on a daily basis is alway more enjoyable with peers who understand property management. There are too many clients to service in this field, and opportunities are plentiful! Best Regards, Bonnie Laslo

Sep 9, 2013
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