When you decide to start a property management company, you’ll want to get your new business up and running as quickly as possible. But how do you get that done without sacrificing your income potential? After all, launching a property management business is about more than putting out an open sign. You’ll need marketing, sales, and management systems in place to help you thrive. So how do you do all that and still easily launch your business? It happens with a property management license.
Purchasing a license is like a shortcut to a successful business. Similar to a franchise, you will gain brand recognition, support from the home office, and working systems tested out in the real world. You’ll buy into a system that’s already working instead of having to reinvent the wheel on your own. Mark Grossman writers for Entrepreneur.com state that buying a license gives the business owner resources that “are designed to enable business owners to earn more and spend less time and effort than otherwise would be required to open and operate a similar business on their own.”. When you are eager to launch quickly, a license can actually be the faster, cheaper, and easier way to go.
Unlike a franchise you are not locked in. No percentages to pay, or strict rules to follow. Opening your doors through using a license gives you all the advantages of using a franchise – and none of the drawbacks.
When you take the DIY approach to start your company, you’ll have to figure out the basics on your own, including simple things like software solutions, or how to hire a graphic designer for your marketing efforts. That can take a lot of time. Think about how will you track the maintenance on your properties? How will you collect rent? What are the best practices for interviewing potential residents? Figuring out all the ins and outs of property management on your own can take months and even years to perfect. When you work within a franchise system, though, you bypass all that and step into a system that already works, and has been proven to be scalable so you can grow your business with these systems. Concider the ease of:
Starting your company from the ground up may sound exciting, but it’s going to require a lot of trial, error, and waste. You’ll need to try different software packages. You may accidentally overstaff your office. And you could end up making costly mistakes in your marketing campaigns by hiring agencies who might not even be familiar with the industry. And worst of all, you might not know which markets need your business and end up in an area oversaturated with property managers – which is not a good way to start off. The truth is experimentation costs you money. Your business license will give you access to knowledgeable support teams who can help you avoid costly mistakes and zero in on what works most effectively. Using a license makes things easier because you:
Buying a business license is like gaining a friend with insider industry knowledge and they’re heavily invested in your success. The home office will be there for you every step of the way. You’ll get the training you need to confidently launch your business. Plus, when you are working with a nationally recognized brand, you’ll gain an advantage in the marketplace. People will know and trust that national brand, making sales easier and the possibility to convert a prospect into a lifelong customer that much easier. All of this means you are maximizing your income potential without taking years to establish a reputation of your own. Using a license is easy beacuse you:
Are you ready to take the plunge and start your property management business? A business license may be the best option for you. Our license opportunity offers a complete system to help you easily launch your company in the shortest amount of time possible and hit the ground running. You will get the training and support that you need to help you succeed. Plus, you will be a part of a nationally recognized brand!
Download our cost comparison sheet to learn more about why this is truly the best easy-start way to launch your property management company.
If you’re new to property management, you probably realize by now that this profession involves recording and keeping track of a lot of details. To be able to do this, you need to have high quality software that can make your property management business run as smoothly and effectively as possible. Here are four must-have property management functions you’ll need to have in your software, along with the importance of getting a license for property management.
1. Interacts and Communicates Well with Tenants
One of the main qualities to consider when buying property management software is an exceptional tenant interface. To succeed as a property manager, your tenants should be able to easily contact you. That’s why you need software with a user-friendly tenant interface so that you can clearly communicate with people.
The software should include a simple way for tenants to pay rent as well as request repairs. Besides benefiting your tenants, a good tenant interface helps you. Just think about how you can save money and time by not having to hire a third party to collect rent or do other jobs.
2. Keeps Track of Maintenance for Multiple Properties
Trying to manage several investment properties can be an overwhelming task since it can mean doing regular upkeep on different types of properties. This includes remembering what was done on each unit.
Because of the complexity of managing several investment properties at once, property managers need software that can remind them to do routine maintenance jobs, such as mowing lawns, pest control, cleaning gutters, caulking and other tasks. What’s more, as a property manager, you can expect your tenants to call you, at any hour of the day or night, to make repairs and take care of problems. Therefore, you need software that can easily schedule and track tenant requests.
3. Manages Documents Efficiently
Property management software should include effective document management This means the ability for creating, storing and searching for files and documents, such as vendor lists, eviction notices, leases and other items. For example, when selecting a product, look for software that has templates for filing leases that include details about units.
4. Finds New Tenants
One of your primary jobs as a property manager is finding new tenants. Thus, you’ll need property management software that allows for online advertising for tenants. Choose products that let you publish listings on popular real estate websites. You’ll also need software that lets you screen and manage potential tenants.
Other Considerations and Warnings
The Bottom Line
Are you thinking about becoming a property manager? Maybe you’re just starting out in this business but don’t have a foothold in the market. Getting a business off the ground can be difficult and expensive without when doing everything on your own. Download our free Cost Comparison Sheet, which is a guide to the hidden costs of opening your own property management company DIY style vs. using a license through Property Management Pros.
Social media is a great promotional vehicle. It’s relatively inexpensive and the overwhelming majority of Americans use it. In the U.S. alone, 77% of the population participates in some form of social media. That makes it a great avenue for property managers to use to get in front of their target audience.
One of the most important aspects of being a property manager is establishing lines of communication with any future or current tenants or especially landlords. For current clients, you’ll want to communicate to hear how you’re doing. For future ones, you want to highlight the great things you do to attract more of them. This is where socail media can pay a huge role in your success.
You should take advantage of social media to promote yourself and communicate effectively online. In this post, we’ll look at five ways you can use social media for property management and how it will help you grow your business.
Using Instagram – a mainly visual social media network – you should post great pictures or short video clips of your property. These will serve as an online business card for your services to both prospective renters and homeowners. If you have the budget, have professional photos taken that place your property in the most flattering light possible to really make this strategy pop.
This is why social media for property management is a tremendously effective marketing tool. Many future tenants doing their due diligence will check a property management company’s social media presence before anything else to observe the property and other offerings. Putting your best foot forward online creates a good impression for anyone looking to set up a walkthrough or use your company to rent their home.
You put in a lot of effort to offer high-quality, reliable property management service.
Using social media is a great opportunity to promote what sets you apart from other property managers in the area. Whatever it is about your service that makes you stand out, showcase that on social media, you can leverage these posts to connect with prospective new business. Try to post pictures of you in action, managing the property that can help prospective homeowners see the value you offer. Or you can call out other great aspects of your properties listed like, beautiful landscaping or plentiful amenities for the next lucky qualified tenant.
This is also a great way to show future clients why they need a property manager.
Being an effective property manager means listening to constructive criticism and improving your services where you can.
The best way to improve is by listening to your tenants and homeowners. Create a social network site for your tenants through a forum such as Facebook. Ask them to leave comments. Use these notes to improve your business pratices and keep every relationship running smoothly.
One caveat is that you should keep the settings of any tenant Facebook groups to private – while there’s value in observing any criticism, you don’t necessarily want it made public for others to see. This is a big tip that most neglect from their social media strategy.
One other benefit of gathering feedback online? It allows you to hear about all the things you’ve done well, and the things that customers or tenants want to see out of you in the future, such as other services.
Showing off your property is a great start but letting your audience hear from your current tenants and homeowners is another way to strengthen your compinies value proposition and make your sales process that much easier.
Social media is also a great place to let your most satisfied customers leave their great reviews of your management services. Post Twitter and Facebook posts with quotes from your happy tenants. Future clients will see this and associate you with excellent service that they know that you can offer.
As your business grows, you may need help in a number of areas. Maybe you need assistance with administration, landscaping, or other general management duties. Social media can turn into an asset for your business to recruit for those positions. This will actually save you money and you wont be paying for job listing services.
Having a strong presence online helps you attract the best candidates. Using a business-oriented network such as LinkedIn can put your message in front of young and experienced professionals alike who have the skill set your business needs to move to the next level. That high level tallent is key to the uiltimate growth of your business.
Due to its cost-effectiveness, ease of use, and potentially high return on your marketing investment, it’s a no-brainer to use social media for your property management business. It helps you optimize your reputation by showcasing your strengths while also providing a forum to hear opportunities for improvement and areas of growth for your business.
At Property Management Pros, we offer competitively priced property management licences and great tips on running your property management like these.
Are you interested in your own property management license? Download our cost comparison sheet below that allows you to see the breakdown of the hidden costs associated with opening your own property management company versus getting a license through our nationally recognized brand.
Are you thinking about starting a property management company? It’s a growing industry with room for ambitious, hard-working people who want to own their own business. According to MarketsandMarkets.com, the property management industry was worth more than 12 billion dollars in 2017. That number could rise to an incredible $22 billion in the next five years. That’s why now is the perfect time to set up your business and start claiming your part of the industry.
Starting a successful property management company on your own can take years, though. Without the right marketing, experience, and industry knowledge, starting a company from scratch can be a frustrating and time-consuming drain on your finances. Many people instead choose to launch their property management business by buying a license. The key is to work with an established management company such as Property Management Pros. There are many advantages to starting your business this way:
Not convinced a license is the right way to start your business? Take a moment to download our cost comparison sheet so you can see for yourself how purchasing a license is the best way of starting a property management business.
It takes just five easy steps to become a property manager when you take the license route. Here are the steps to getting started.
One of the great things about the property management industry is that there is a need for the service in virtually every corner of the United States (and other countries for that matter). Once you have identified areas in the United States that are particularly in need of property management companies, you can dig a little deeper and make sure that it makes sense for you. There is a good chance there is one that’s near you; if not, you may want to consider moving to an area that is best suited to your dream of owning a successful property management company.
If you are in need of a little help in the research department, Property Management Pros has done the market research for almost all major markets in the United States and is standing by to share that data with you whenever you are ready.
Make sure that you thoroughly read the agreement and understand what’s included with your license agreement and what is not included, this will save you a lot of headache down the road and make sure everyone is on the same page.
Property Management Pros’ licensing agreement not only grants permission to use a nationally-recognized brand but also gain access to marketing tools and services to help you promote your new business. You will also receive access to business management tools, premade documents, and a community of other license holders that you can leverage to hit the ground running.
There is more to being a successful property manager than collecting the rent. You’ll need to understand how to market your business as well as the properties you manage. Property managers often use specialized tools such as CRM’s or Property Management Portals. Learning to use these software tools will play a huge role in automating processes in your business.
You’ll need to know how to handle tenant and owner relationships and proactively assist both. Additionally, you need to know how to put the tools included in your license to good use and understand the basic principals of business. Property Management Pros can start training from the day you sign your license to help you get started faster.
When you buy a license from Property Management Pros you’ll become part of a national team of property managers. With a network of licensees across the United States, co-marketing is easier than ever.
You’ll have access to our other licensees both in person and online so you can ask questions and get answers from others who have been in your situation. It’s a tremendous resource for every license holders.
You can be ready to launch your property management company in a matter of weeks with this process. You will eliminate the need to create documents, build your brand, or find the marketing tools that are right for your company. When you sign your license, you will get all of that, along with access to the training necessary to use it, preparing you to launch your business as soon as possible.
We’re ready to help you make your property management dream a reality. It’s time to become your own boss, call the shots, and get your business up and running in the quickest, easiest way possible.