Friday, August 20, 2010

My wife and I manage an apartment complex. What are the first steps to starting our own prop mngmt company?

I'll be working on my contractors license in the next year and my wife and I will be taking classes for various certifications in the industry. What should be the first steps to getting started?





How much capital would it take? One phone line, home office, website, etc.?My wife and I manage an apartment complex. What are the first steps to starting our own prop mngmt company?
In my state, property managers must be licensed real estate brokers. Check with your state to see if there is similar licensing requirement. It shouldn't take much capital at all since there is little overhead. The most expensive thing would be advertising. You can get a 1-800, 877, 866 number easily and cheap and it links to whatever phone number you choose. You can get a free website. There will be added costs if you do the work yourself, but unless you're doing major renovations, even that won't be too much. Advertising will be your major expense, especially if there if a lot of competition. and insurance.My wife and I manage an apartment complex. What are the first steps to starting our own prop mngmt company?
Check with County Clerk or the office of State Comptroller to see what requirements are for doing that. I would get the local law enforcement to do background checks on all applicants to keep the ';riff-raff';out.


Also,as a security measure,I'd offer a free apartment to a (single) police officer or deputy sheriff to live on the premises to keep the peace.

No comments:

Post a Comment