How to Start a Property Management Business 1-2-3
Print the checklist below and download the start-up blueprint guide that follows to get a jump start on your
property management business.
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 take 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.
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.You can
also use insurance network websites to get business insurance quotes for
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
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 and get a website built for you.
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
- 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
Need More Help?
Find a business mentor and small business advice at your local Score office or join the NARPM (National Association of Residential Property Managers).