I am a broker starting a property management company what should i know before starting?

What’s up, everybody. My name is Matthew Whitaker.

And this is going out to my property management or potential property management buddies out there.

So if you’re already a broker and you’re considering getting into property management, I have three things I want to tell you, three quick things.

Number one, managing 1 or 100 houses is still a full-time business.

You’d be surprised because when you’re only doing one or two or three houses, you’re doing a lot of things manually that we can process out and do…use a lot of automation to do.

And when you’re doing only one, two or three, you do a lot of manual things.

So it is a full-time or at least it feels like a full-time business, whether you’re managing 1 or 100. Please, don’t underestimate how long it takes to manage just a few houses.

The second thing is you need to make sure you create a vendor list, a preferred vendor list prior to meeting them.

The last thing you want is to need a vendor to go out to do something for you and you’re scrounging in the phone book for your clients to find somebody.

That’s going to be really expensive for your clients, you’re not going to provide a good value for them.

The last thing I would say is the place that I see people screw this up the most is accounting.

You got to make sure that you’re handling your clients’ money with trust. And it’s funny, they call them “trust accounts.” But you’ve got to make sure that your clients’ money is accounted for.

You have to be very diligent, I would even suggest using a property management software like AppFolio or Propertyware so that you can make sure that every dime, every penny is accounted for.

I see so many people screw this up, it gets them into trouble really quickly and it’s not fair to your clients.

So that’s it. That’s what would I do if I was starting a property management company.

I’m Matthew Whitaker with gkhouses.