i need advise from experienced property manager how to start my property management business.

In Property Management - Asked by Alex Z. - May 30, 2013
Report Abuse
Answer this Question

Answer(s)

Marie C.
Broker/Agent
Austin, TX

Hi,
I have 25 + Yrs. experience in Property Management. I highly recommend you become a member of the Apartment Association in the city you reside in. You will then have product and service businesses that serve the industry. I am also, going to set up a Property Management Company in the near future.
Good Luck!

May 30, 2013
Report Abuse
Alan C.
Broker/Agent
Suwanee, GA

I have 14 years experience in property management and asset management. It is a rewarding and lucrative business if handles correctly. Some questions and comments:
What type of properties and areas do you plan to specialize in? As a small firm starting out, it is always better to have deep knowledge in one or two areas. Most metro areas are too large for a PM to cover all property types in all neighborhoods. You're a boutique firm, so a niche makes all the sense in the world.
Smaller properties will be easier to capture than the whales. Don't try to compete with the big boys just yet. Once you have a track record with a small portfolio, the bigger assignments will come naturally.
What is your claim to fame? Why should a landlord choose you as opposed to your competition?
Your story should be brief, concise and compelling.
Get noticed. Write an article for the commercial real estate section of your local newspaper. It's great free advertising that puts you in a favorable light. Speak at a local real estate investors club.
Offer a free service that no one else does as an enticement to sign up with you.
Good luck to you!
Alan Callioni
Managing Director
DRP

Jun 3, 2013
Report Abuse
john s.
Appraiser
Troy, MI

I manage the REO portfolio for a bank in the midwest. Most of my commercial assets with tenants have property managers and I learned very quickly which ones were good and which were not so good. First and foremost you need to always be honest and upfront. You need to treat the assets as if they were your own property. Be proactive at addressing current issues and potential issues that may arrive. KNOW the assets you are managing. Understand them inside and out. Visit the municipality, order a title search with recorded docs so you know about potenital easement or tax issues. Suggest ways to the owner to save money....tax appeals were big the last few years. Cut deals with local vendors, plummers, electricians, HVAC companies to give you a lower rate if you use them for all your managed assets. Keep in touch with your customers and dont let them tell you something is not working correctly when you were supposed to know first if you were paying attention. Dont let the tenants get thru to the owner. You are the buffer, and there fore tenants need to complain to you, not the owner....
Just a few tidbits, good luck!

Jun 3, 2013
Report Abuse
Omran B.
Property/Asset Manager
Irvine, CA

This depends on what stage you are currently in. Do you already have prop mgmt experience working for a mgmt company and now you are starting your own? Or are you starting this business with no experience in the field? Is your question more about procuring new clients or setting up the infrastructure for your business?
As far as operating your business is concerned, I think the most important things to consider are
1) Staying organized---new computer(s) with Solid property management software with good accounting functions, an efficient scanner, document organization software. Keep databases of everything (e.g., vendors, tenants, owners, etc..)
2) Staying connected---try to communicate with your tenants and vendors through email as much as possible. This will help you stay organized with your ongoing tasks and communications. And know the best way to get int touch with the people you need most. Be responsive and accessible for your tenants and owners as much as you can. Even if you don't have the answer or an update, pick up your phone and return people's calls immediately to let them know you are working on their problems.
3) Find vendors that are as responsive to you as you are to your tenants---Your quality of service is only as good as the vendors at your disposal. If they are slow, inexperienced, unprofessional, and unethical, than essentially your company has all of those attributes as well.
Be nice to everyone! Treat everyone with respect, even if they don't reciprocate---it's all about keeping your cool at all times.

Jun 6, 2013
Report Abuse

Welcome to Answers

LoopNet Answers is where the commercial real estate community shares what they know to help each other out. And it's all for free.

Ask a question to get advice from brokers, investors, professionals and local experts.

Answer questions to raise your visibility as a trusted advisor and build new relationships.

Ask a Question

Post Question