How to Start a Property Management Business 1-2-3

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Print the checklist below and download the start-up blueprint guide that follows to get a jump start on your property management business.

Start-up Checklist

1. You will need a business license from your local city or county office. You will also a real estate broker license if you plan to collect rent, list properties for rent and negotiate leases. You can get real estate courses online from accredited real estate schools.

2. Put together a business plan for your management company. This will essentially give you a roadmap to follow to get you the customers and income you want. An easy and cost-effective way to do this is to view a sample property management business plan put together by another management company and then download a business plan template.

3. Open a business bank account. It's a good idea to interview a few banks to compare services. Setting up a bank account for your company will allow you to keep personal and business finances separate without confusion. There are many other benefits that a business account can offer, so make sure to ask about additional banking services when you are interviewing banks.

4. If you are not using your personal name as your business name, file your fictitious business name with the county clerk. You may also want to incorporate your business. If you want to use the "do-it-yourself" method, use an incorporation service with experts who can guide you.

5. Find out insurance requirements from a local insurance agent. The IIABA (Independent Insurance Agents & Brokers of America) can help you find a reputable agent in your area. You can also use insurance network websites to get business insurance quotes for free.

6. Meet with a tax accountant to set up an accounting system and discuss tax deductions. If you decide to do your own business bookkeeping, pick up some business accounting software like Quickbooks Pro. business tax deductions.

7. Get a virtual phone system that can help you actually close more sales. iTeleCenter leads in virtual phone systems for small business. Get a high-end, robust phone system - features like private toll-free number, voice mail, multiple extensions, send/receive faxes online, enhanced call forwarding, and music-on-hold (to name just a few) for a fraction of the cost (starts at just $9.95). Setup is simple: no hardware to buy, nothing to install.

8. Order business cards and other promotional materials you'll need for your business like brochures or postcards. Hand them out to people you know and include them in all correspondence. Business cards work well as cheap advertising. Free Business Cards.

See also: 30-50% off postcards and brochures Design your own marketing materials online using professional templates. Designs provided, printing done for you. How to design your own logo.

9. Make a website. A website can help you advertise your property management services by showing properties and including photos, listing prices, giving contact information, offering discounts and providing detailed information that potential customers want. You can save money by creating your own website with simple online design programs, or outsource the job to an affordable website designer.

Property Management Business Start-up Guide

With Doug Mackey's Property Management Business Start-up Guide, readers find out how to get their businesses up and running quickly - while avoiding many unnecessary costs.

• Get Step-by-Step Instructions from a real property management expert. Mackey provides a complete outline to follow, ideal for those new to the business.
  
  
• Where to Find Professional Resources you can use for additional assistance and more ways to save money on start-up and operating costs.
  
  
• How to Get Customers Fast: Discover marketing and advertising strategies that will enable you attract a continuous flow of customers and turn a profit sooner.

Property Management Quick-Start Guide

 

Marketing Tips for Property Managers

Get Free Publicity

Besides advertising in your local yellow pages and placing ads in newspapers and neighborhood mailers, you can save money by writing a brief press release or "letter" to your local paper announcing your company's premier opening.

Offer a special discount or free offer for first-time customers, and publications will find this more newsworthy. This means that they're more likely to publish news about your company. Your press release doesn't have to be long, and you can find press release samples here: How to Get Free Press.

Create Real Estate Flyers & Brochures in Minutes
Easily design professional real estate flyers, floor plans, newsletters, signs and more with the World's Most Popular business graphics software. 29 Ways to Find Property Management Clients

Postcard Marketing
Do a postcard mailing to introduce your management service to potential customers (businesses and/or individuals). Using low-cost online services makes this an easy marketing task. First, decide on a special offer or hold a grand opening sale. Second, design your postcards online using professional postcard templates with VistaPrint (you can get 50% off here). And third, get targeted leads from a lead generation company like Resource Nation.

Need More Personal Assistance?

Find a business mentor and small business advice at your local Score office or join the NARPM (National Association of Residential Property Managers).