Starting a property management Business

disciple · #1 06-20-2006, 02:30 PM

I"m not sure if this is the proper forum to post this question, if it's not, then I apoloigize.

I'm interested in learning more about the property management business and wondering if anybody in here have done this before?

Some background information: I'm 24 and looking for a career change and am looking at the property management business from the advice of my mom's friend who's been a realtor for 20+ years.

Jasonfp · #2 06-20-2006, 05:43 PM

I was JUST thinking about doing this yesterday. I was considering buying a few properties and expanding that into a management company.

I'm also 24 and got really lucky investing poker money into a condo in orlando 2 years ago.

What kind of fees to other management companies charge where you are?
-Jason

tommy2 · #3 06-20-2006, 09:01 PM

We do it on our projects. It is the least profitable and most painful part of RE. The margins are low, barriers to entry are almost non-existant and you will be dealing with people who have little appreciation for what you do. The only reason we do it is because we own and operate our own projects and nobody cares more than the owner. I recommend you go slowly on this one. Become a broker--much more $$$ and you can do PM on the side for your best clients.

disciple · #4 06-21-2006, 11:52 AM

Jason: I live in Calgary, Canada. I don't know what's the usual charge of property management company here.

Tommy2: The reason I am looking at property management is that I have always been interested in real estate investing and it seems that I can always get the latest info on buildings and can possibly get good investment opportunities while buildng my own business. Also, a little side note is that my dad owns an insurance brokerage and this would allow me a lot of opportunities to get properties to manage.