How to Start a Property Management Company (Everything you should know when starting out)

Are you starting a property management company?
We sat down with Kathleen Richards (The Property Management Coach) and asked her a series of questions geared to help you start your property management company off on the right foot.
Running a company can be a rewarding experience if it's done properly.
In today's video we cover the following questions:
1. What are some tips you would give to someone that's looking to start their own property management company to make sure they start on the best foot possible?
2. What's the most common mistake you see newcomers in the industry make?
3. As a previous property management company owner, what do you wish you knew before owning a property management company?
4. How much do you recommend charging as a company that's just starting out? Should you focus on being the lowest priced company in town to get a few clients at first? How do you differentiate yourself?
5. Do you need a license or a degree to start a property management company? (very common question asked online. I know this varies by state but I think it would be helpful to address this during the interview.)
6. When you're first starting out what are some of the main aspects you should focus on?
7. What are some of the critical elements of a solid operational foundation that any new business owner should have in place?
8. When it comes to growing a property management company from the start, what would you focus on at first?
9. As a new property management company, what's the first position you recommend hiring for? And at approximately what stage of the business would recommend hiring?
10. Do you think starting a property management company is still a smart choice?
11. Would recommended to dip your toe working as a property manager for an established company before becoming an owner?
12. Would you recommend joining associations as someone who wants to start their own property management company? If so, which ones and why?
13. You hold professional designations such as Master Property Manager (MPM®) and Residential Management Professional (RMP®) from NARPM®.
Do you think acquiring designations would help someone who’s looking into purchasing or starting their own property management company?
14. What was the best advice you’ve taken away from acquiring these designations?
15. If you had the option of purchasing an existing property management company or starting one from the ground up, which would you recommend?
16. Lastly, for someone who's looking to start a property management company but wants guidance, how can you help them and what's the best way for them to get in contact with you?
If you would like help growing your property management company don't hesitate to contact us at [e-mail] or give us a call (1-800-418-9430).
If you're looking to get more Property Management Marketing information, be sure to subscribe to our KZbin channel.

[@peterpetwr2046]

This woman is amazing

[@ricardogarcia6184]

The Value this video brought me today is awesome! thanks for posting!!!

[@upkeepmediainc.5303]

No problem Ricardo! If there are any other topics you'd like covered let us know!

[@Pronoodleeater126]

This was a really great video Stephen, thank you for putting this together. I’m planning on starting a property management company of my own this year and it was really great to hear what Kathleen had to say about property management. Thank you for having her on this podcast/interview! really great work!

[@InvestWithRishi]

This is a gem, cleared so many of my doubts

[@rentospropertymanagementso4895]

Great tips about how the property management company should be. These days most of the multiple property owners are getting dependant on the professional property management companies.

[@searchbug]

Hey, guys! Thanks for walking us through. So great to see startups sharing the process to inspire others. Just wondering if how you guys screen potential tenants? Or any mistakes you had before about tenant screening?

[@emprie2513]

Wow! This great information! 👍thanks for the video.

[@walteralvarez4744]

Thanks for the great information. I just going to start studying.

[@apartmentmanagertips]

Wonderful information, thanks for sharing!

[@upkeepmediainc.5303]

No problem. Glad you found it useful!

[@jasonbusta640]

Very useful info. Thank you

[@almaglenparker2686]

thank you I'll share this

[@shanesavage2071]

great information, but you guys need to upgrade video quality

[@waltmartin21]

Great Info Thanks.

[@upkeepmediainc.5303]

No problem! Glad you enjoyed it.

[@luvbrownlivinlife]

Great information!

[@lobbanlegacy5368]

Amazing!

[@jaygray3446]

No financial commitment from buying a PM company from someone? Did she elaborate off line how this made any sense? I don’t see how there wasn’t a commitment after such a big purchase.

[@glenn7721]

Could you recommend a book or something to get started in the short term rental management business?

[@nickg3794]

Can't believe I have to become not only a real estate agent, but also be a BROKER, and go to college...all to sell apartments. Been in PM for a company for 15+ years, yet I need 10 more years of work that adds ZERO to being an effective leader and business owner in property management. Then I can start a business that has a 7% success rate. I ♥️ government

[@HydrateYoSelf]

In california you only need a real estate brokers license.

[@SuzanneHenderson-Bay]

Would using a PMS be a good idea?

[@druyokum3524]

Great information, but she talked nonstop and overtalked the Interviewer. But she had a wealth of information.

[@Fetia104]

Someone please help me start from scratch

[@lesliebrew4789]

This is obviously residential. Commercial is another animal.

[@SolutionsWithin]

It seems to me unnecessary that she kept repeating about how you need to know whether your long term goal is to sell or pass the company on to your kids etc. I really don't think she needs to keep over emphasizing this b/c 1st of all you might not know that at the onset; also, it should not influence how you run your company, treat your customers, or even what type of customers you want. If you want to be a good quality property manager, then do that. The end result will work itself out. It doesn't matter if, in the future, you want to sell or grow or keep the company. IMO Also, she keeps going on about how your goal will influence whether you want "quality" properties, or not. Obviously we all want to always have higher-end high quality properties and owners. That's the goal, but it may not be possible, especially at the beginning. You can't just push a button and do it, so it's kind of redundant to mention it, especially repeatedly.

[@nickbyrd1027]

Having that long-term perspective of your end-goal is one of the most critical parts of starting your business. It will dictate nearly every decision you make from Day 1. I highly recommend reading "The E Myth Revisited" to better understand why this is so important.

[@jaygray3446]

@@nickbyrd1027 just ordered the book on Amazon. Great reviews. Thanks for sharing.

[@sellingcasas]

👍

[@seneenalsharqya708]

Great tips... Can you provide the contact details? I'm enrolled in certification I would love to take help from her

[@Minabinafofina]

🙌🏾🙌🏾