Starting A Property Management Company: How Much to Charge & Build a Team

[@aftech7268]

Keep it stupid simple ! charge minimum 10% of the rental price , renter is responsible for lawn care and general upkeep of the property , owner responsible for maintenance , property manager handles the paperwork , the inspections and on calls and coordinations and referrals

[@searchbug]

Just wanna add, when building your property management business, make sure you partner with a data company that offers intelligent contact data or background check/screening services to help you screen potential tenants. There's a lot of data companies that can help you verify identity of people.

[@alpfiestafoodsltd228]

Very informative, I like the wisdom and experience being demonstrated.

[@jedmond1]

Just found this show on UTube and I will tell this was an excellent interview. Very, very informative! As a person looking to start a PM business, this interview was on target. Awesome! Thank you both!

[@ThePropertyManagementShow]

Glad you liked it! Feel free to subscribe to our channel for more information on running a property management business!

[@wjackstl]

The Property Management Show you Sir, must continue uploading videos. phenomenal show, great content, awesome guest and love your style - good flow, consistent recaps and deep questions. bravo

[@AlexOsenenkoFourandhalf]

Thank you sir.

[@franceschou8043]

Jim E h vbbbvb

[@IDONTLIKETHATSHIT]

Great interview, I wondered upon this video and I'm glad I stayed. Ms Richards you're an amazing person!

[@RentalMatters]

So glad you enjoyed the content.

[@BigDaleT]

She charges fees for everything. So what is included in the original fee? Nothing?

[@ChristianBimmer]

Great information! Thanks for having her on the show!

[@investconnect9473]

awesome cast. Great info Kathleen....simply amazing!!!I love creative thinkers!

[@callipto]

Alot of value in this and learnt alot, thank you!

[@ThePropertyManagementShow]

Glad to hear it! If you're looking for more info on initiating a marketing strategy for your new property management company, take a look at "How to Market a New PM Company" -- fourandhalf.com/how-to-market-a-new-property-management-company/

[@rentospropertymanagementso4895]

Helpful video. Thank you for sharing the valuable inputs to start a property management company.

[@ThePropertyManagementShow]

Glad it was helpful!

[@workingshlub8861]

property managers get around 10% of the gross monthly rents.

[@birdeyes200]

What are the prices this property management charges? She never mentioned her prices for each service.

[@torivillarreal7158]

From what I’ve experienced it ranges from a set fee per month or a % of the rent per month. Examples I’ve seen= flat rate companies $75-100 per month. % companies 8-10% of the rent per month plus a bonus of 1/2 months rent when the tenants renew their lease. (I am a property manager in Houston, Texas)

[@Nikannosneb]

a very educative discussion. thank you

[@ThePropertyManagementShow]

We're glad you found this episode helpful! If you're starting out in property management, we highly recommend you also watch these two episodes: 1.) Risk Management Mistakes that Keep Property Managers Up at Night - kzbin.info/www/bejne/oIann5uDebqeo9E 2.) Property Management Banking and Trust Accounts Explained by a Banker - kzbin.info/www/bejne/pJ6Vf6p6nrh5rLs These two components are extremely important to all property managers, and understanding these areas of the business earlier on will lead to a stronger business foundation. Do let us know if there are any topics you would like to see in future episodes, Benson! We're always open to suggestions. Hope you are staying safe and well!

[@OttoThompsonReviews]

Cathy what's you profit per year. I know this video is old and I don't expect am answer. But I would like to know what's the average revenue for new apartment manager business onwers.

[@tommajor3832]

Thank you for your time!!!!!

[@bettylopez155]

Thank you for all your information. Great interview.

[@PortolaRentals]

Betty, so glad you found the information useful. Thanks for taking the time to watch and listen.

[@mrs.c6569]

Please give us newbies some example figures! Starting rates at least.

[@torivillarreal7158]

I answered birdies comment above. $70-100 per month or 8-10% per month plus 1/2 months bonus each month

[@paulsdoe]

I tried listening to the video...the constant feedback noise or low hum made it difficult.

[@ThePropertyManagementShow]

Hi Paul, thanks for the feedback. This was recorded in early 2016 when recording equipment and editing software were a far cry from what we have today. However, if the background noise is too distracting for you, you can read the transcript instead: fourandhalf.com/starting-a-property-management-company-how-much-to-charge-and-how-to-build-a-team/. We hope that despite the sub-par quality of this old recording, you will still find some insights from their discussion. Our more recent episodes also have higher audio quality, and now include video. Please try to check them out as well. Thank you so much, and have a wonderful week!

[@adambrent4076]

Good interview. But...she never answer the charge question.

[@historyhongkong7521]

May I ask which jobs can one change after working as a senior property manager or officer with professional qualification for 20 years please?

[@ThePropertyManagementShow]

Hi @historyhongkong7521, are you thinking of staying within the residential property management space? It really depends on what you are passionate about or what aspects of property management align best with your skills. For example: if you are good in sales and like to talk to people, you might want to consider a Business Development Manager role (BDM) at a property management company. Your experience as a senior property manager or officer might actually give you an edge because you will be able to explain things very well to the property owners, and you have a much deeper understanding of what goes on behind the scenes after doing it yourself for 20 years.

[@historyhongkong7521]

@@ThePropertyManagementShow Sorry. I am asking which non-property related working fields can a property officer or manager change to work at. Which fields please?

[@refused13kilnxiii]

Girl, you are hired!!

[@segelenge]

What was the name of the Property management manual James storms or Gene storms Can i anyone help? Thank you

[@ThePropertyManagementShow]

The name is Jean Storms, and she actually sold her LandlordSource business to Kathleen Richards in 2017. Kathleen rebranded it to PM Made Easy and you can find it here - www.pmmadeeasy.com/. If you use the promo code FOURANDHALF, you can get 20% off PM Made Easy products.

[@patriotliberty3070]

Awesome info! New sub here😉does Kathleen have an email so I can get a hold of her for coaching services or an ebook for beginning property managers? Thank you!!

[@sebastianricci4279]

@Rachel Byers did you happen to find that ebook or coaching?

[@davidalmendarez7874]

how could anybody afford that? nickel and dime kinda management..

[@krisone63]

A GOOD property manager is experienced in contracting therefore they can foresee problems with a home before they occur and allow the home owner to prepare for future expenses. Depending on what state you live in a real estate agent is licensed to find renters and qualify them, not property managers. I have property managers that also know how to change something as simple as a light bulb to replacing a toilet. They also give advice on how to improve a home with replacement furnishings or appliances. This lady does not, she simply farms everything out... as the interviewer state, it's nickel and diming people. The person that can offer more can put her out of business and I hardly think she is worth modeling a business after.

[@aftech7268]

Yup

[@claudiaramos7908]

I’m would like so more info on Kathleen management

[@ThePropertyManagementShow]

Hi Claudia, what kind of information about Kathleen Richards are you looking for? Or did you mean you want to hear more about property management from Kathleen? P.S. We just published a new podcast episode which has Kathleen Richards as our guest. If you haven't seen it yet, we suggest you check it out: kzbin.info/www/bejne/oIann5uDebqeo9E

[@JedBergowitz]

Do you have to be a Real Estate Agent or a Broker to start a PM company?

[@RentalMatters]

If you are in CA you do need a sales license and work under a broker to start a property management company if you are managing for other investors or property owners. If for yourself then no. If you don't want to work under a broker and instead have your own brokerage/office/business - meaning you get to keep all the commissions then you will need a broker's license. However, check with your state licensing board. Some states don't require a real estate license but to be honest I would never hire a property manager who wasn't licensed. So, even in the States that don't require licensing there are many property managers who do have licenses. Hope that helps.

[@JedBergowitz]

thanks

[@leannaanderson4559]

@@RentalMatters thank you for sharing such great information! You're an inspiration to smart, credible women. I'm an agent and plan on opening my own business in Boston, MA.

[@swindlinbillz]

Fees on Fees on Fees

[@aftech7268]

She needs to keep it stupid simple !

[@nhlakeboy5364]

She never told us how much she charges?

[@patriotliberty3070]

As a licensed realtor wanting to start a property management company can I give referral fees to clients and vendors?

[@AlexOsenenkoFourandhalf]

Hi Rachel, navigate to Kathleen's website and reach out from there: www.thepropertymanagementcoach.com/ best of luck and thank you for listening.

[@leannaanderson4559]

As long as they're licensed; e.g. real estate agent sending you client (s). You also can give them gift certificates to appreciate the business.

[@mikewilliams2380]

Not exactly investor friendly...quite a few nonsense fees.

[@campbelldaniel58]

The audio is SO BAD.

[@secccafico1963]

Girl bye