The property management industry is among the most promising fields to join. The growth is appealing to property managers looking to start their own companies. Ideally, property managers look after properties owned by others. Some of the services they offer include collecting rent, advertising vacancies, and providing cleaning and maintenance services to a property.
As with every other startup, you should have the facts before putting your money at stake. So, if you want to start your own property management company, here’s how to go about it:
- Choose Your Niche
Clients want to work with professional property managers. Thus, you need to specialize in a specific field. For instance, you can choose to work with residential clients only. This way, it can boost their confidence in your services, you earn their trust, and you’ll get hired quickly.
Some of the common niches in property management include:
- Commercial property
- Residential property
- Short-term or vacation rental property
To this end, you should find what attracts you most and what you’re passionate about, for instance, being a Toronto condo property manager. To thrive in such a field, you must outdo your competitors in the area of operation. Thus, the essential thing to do is to choose a niche you’re comfortable working in. The bottom line is you should enjoy what you do and get experience that sets you apart from your competitors.
- Set Up Your Company
After deciding on what to venture in, the first order of business should be to write a business plan. It acts as the blueprint of your company, giving detailed guidance on what you ought to do. This way, you don’t blindly walk into pitfalls.
When coming up with the plan, ensure you give it a good thought. The work you put into developing your business plan helps you build skills that can steer the company to higher levels. You can also identify strategies the company should adopt to earn a place in the clients’ minds.
- Define Your Services
As indicated earlier, your main job is to take care of people’s properties. However, it’d be best if you’re a pro at managing property for your business to succeed. It makes it easier for clients to hire you when they know what you’ll offer them.
Here’s a list of services that you can offer as a property management company:
- Managing moving in and out of tenants
- Conducting an inspection of the property when someone wants to vacate
- Overseeing any renovations
- Brokerage services, such as advertising for vacancies
Clearly defining your services improves your brand image and the chances of getting hired by property owners.
- Register Your Company
Registering your company is crucial, lest you find yourself on the wrong side of the law. Every jurisdiction has specific regulations you must adhere to when starting a property management company. Thus, it’d help to do the necessary paperwork required by your local authorities.
Start by deciding on the business structure you’d like to adopt. For instance, you can choose to have a partnership or run the business as a sole proprietor. Next, acquire the requisite permits and licenses stipulated in the law for your kind of business.
- Hire Support Staff
Once you’ve put everything in place, it’s time to hire the right people for the job. The truth is you can’t handle everything on your own. You’ll need landscapers, plumbers, electricians, masons, and security guards. You can decide to hire them or subcontract them from other companies. It’d help to team up with other players, such as construction companies. Negotiate for fair prices so that, in the long run, you can make some profits. While at it, ensure your business partners are qualified and offer excellent services.
- Find Clients
The next thing to do is market your business to prospects. You can start by creating a website for your company. Make it user-friendly so your clients can easily understand your services. You can also use other online marketing tools, like TikTok and Instagram.
Alternatively, you can attend several housewarming events because these are where most of your clients are. Have a business card to give to every house owner you meet. Make sure you contribute in most conversations to create a good rapport.
Once you get your first client, give them the best services. This way, you’ll be able to retain them and your succeeding ones, and they become a marketing tool for you by way of referrals. Remember, keeping a client is easier than winning a new one.
Your company’s success depends on how you start it. Besides the technical aspects of starting a company, invest heavily in soft skills to ensure you win clients. Also, market your firm smartly for homeowners to know that you exist.