Property Management Business

Table of Contents

Business Scope: 💡

As of my last training data in September 2021, the property management industry appears to be on an upward trajectory, driven by the increasing number of residential and commercial properties.

Additionally, many property owners prefer to use management companies to handle the day-to-day tasks of their rentals. With the growing trend of remote work and the digitalization of services, the need for efficient, tech-driven property management is expected to continue growing.

Product & Service Can Offer: 🎁

  1.  Residential Property Management: This includes managing condos, apartments, houses, etc.
  2.  Commercial Property Management: Managing office buildings, retail spaces, warehouses, and more.
  3.  Vacation Rental Management: With the growth of platforms like Airbnb, vacation rental management is a growing field.
  4.  Real Estate Portfolio Management: For clients with multiple properties, you can offer services managing the entire portfolio.
  5.  Property Maintenance and Repair: Managing routine maintenance and emergency repairs.
  6.  Tenant Screening and Leasing: Finding, vetting, and managing tenants.


Competitors: 🐒

Competitors range from local property management companies to nationwide firms. Some big names include:

  •    Real Property Management: They offer services from advertising and leasing to maintenance and evictions.
  •    FirstService Residential: They specialize in managing residential properties.
  •    Greystar: They offer real estate services in investment management, property management, and development.

Also consider technology platforms that facilitate property management, such as AppFolio, Buildium, or Propertyware.


Investment: 💰

The cost of starting a property management business can vary significantly depending on your location, the size of your operation, and your specific services.

At a minimum, expect costs for licensing (if required in your area), office space (even if it’s a home office), software, insurance, and marketing. You might be able to start with as little as $5,000 to $10,000. As you scale your business, your costs will increase—adding staff, renting professional office space, increasing your marketing budget, etc.


Where to Sell: 🛒

  1.  Your Own Website: Essential for showcasing your services, providing information about your business, and capturing leads.
  2.  Online Directories: Websites like Yelp or Yellow Pages can help local customers find you.
  3.  Social Media: Useful for sharing testimonials, showcasing properties you manage, and sharing relevant content.
  4.  Networking: Networking with local real estate agents and landlords can help you find potential clients.


Resources: 🔗

[Investopedia’s Guide on How to Start a Property Management Company]

 [FitSmallBusiness’s Step-by-Step Guide on Starting a Property Management Company]

 [The Balance Small Business’s Tips on Starting a Property Management Company]

 [Property Manager Insider’s Guide on How to Start a Property Management Company]


Note: 📔

Remember, success in property management often comes down to excellent customer service, efficient processes, and a good understanding of real estate and local law. Building relationships with local real estate professionals and landlords can also be key to growing your business.