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 [email protected] or give us a call (1-800-418-9430).

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