by Zoe Zorka
If you want to get into property management, then do you know where to start? If you want to do it as a side hustle or even as a full-time job, it takes some care and some planning as it is going to use up a lot of money, as let’s face it, property doesn’t come cheap. But if you don’t know where to start, then this is a quick guide for you.
To start off with, property management is a business that does involve managing different people, as well as the properties themselves. There will also be relationships to build with landlords and tenants, as well as contractors if you are looking to update the homes and renovating them. And all of these involve being able to build a positive relationship with those people, as they will all play a part in your business. As a property manager, you will also need to know the laws that are local to you, as well as being able to create efficient ways of working, as well as effective ways of doing things. So if you feel like this is for you, then learning a few tips and tricks to get you started will be a good place to start.
Freelancer or Owner
To start off with, you need to think about if you are going to be a business owner to own the properties, or if you want to do this as freelance. Ownership will mean that you have a lot of things to take care of. For example, if you have a company that acts as a letting agent, then finding tenants and creating contracts and so on, will be part of what you need to do. There can be more work to do as a property management owner, but it can be more lucrative.
Homes or Apartments
It is such a good idea to think about if you want to get into homes as properties, or if you’d rather go along the lines or apartments; both have similar things to think about and plan for. If you chose the latter, then you could think about things like cell tower lease rates to see if you want to have your own for the building that you manage. So think about the potential of each, as well as the costs, so then you can decide what route that you want to go down, if not do both.
Keeping it Legal
First and foremost, no matter what element that you want to do with property management, then you need to make sure that you establish a legal entity. You could hire an attorney to do those things for you, or perhaps do it all yourself online. Insurance is a must too, to make sure that you are covered for all different circumstances.
Build Your Client Base
When you develop a business venture, it is important to remember that your customers don’t just appear out of nowhere. You will need to search for them, attract them and even fight for them. So you need to make sure that your marketing and advertising us up to scratch.
