Start A Property Management Business
Below is a MRR and PLR article in category Internet Business -> subcategory Web Hosting.
How to Start a Property Management Business
Overview
Starting a property management business can be a lucrative opportunity for those seeking a stable income with minimal risk.
My Journey into Property Management
I stumbled into property management quite by accident. At the time, I owned 15 flats in Dundee and had hired a full-time handyman to handle rent collection and minor repairs.
One day, my friend Chris asked if I could manage his mother’s flats, as she was unwell and struggling to maintain her properties. About half of her flats were vacant due to her health issues. I agreed, somewhat hesitantly, and began renting them out.
I managed to increase her occupancy rate to over 90%. My fee structure was straightforward: I took 10% of the rent, with all additional costs covered by her. She was thrilled with the results and soon recommended me to her friends, who also needed management services. Although initially overwhelmed, I offered them the same service at a 15% fee, which they accepted.
Word spread quickly, and I soon had more requests than I could handle. Balancing this with my packaging company was challenging, but had circumstances been different, I could have easily transitioned to full-time property management.
Expansion and Investment
An unexpected perk of my business was the opportunity to purchase properties at discounted prices. When one client needed a quick sale after tenants moved out, they offered me their properties at their original purchase price from a few years prior.
Recognizing the market’s upward trend, I acted swiftly, buying and renovating them before renting them out. Later, as property values surged, I sold them at a profit?"though I missed out on the subsequent boom.
Is Property Management for You?
If you have the time, managing properties can be an excellent venture. However, be prepared to be available 24/7 for emergencies.
Property management can offer a steady and rewarding income?"are you ready to take the plunge?
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