There’s never been a better time to start a new career. After all, the economy is booming. That means there’s an abundance of opportunities for anyone with the ambition to be successful.
If you’re looking to start a new career, real estate is hotter than ever. Commercial property management is a job that will challenge you, offers tremendous income potential, and will help expand your professional network.
In this article, we take a look at the steps to becoming a commercial property manager. So keep reading to learn everything you’ll need to know to get started in this exciting industry.
How to Start a Property Management Company
Starting a property management company requires many of the same things as any other types of businesses. First, you’ll need a location to operate your business out of. Fortunately, you can start out working from home. Then as your operation grows and you’ve begun to make money, you can upgrade to leasing commercial office space.
Create a Business Plan
As with any type of business, you’ll need a solid business plan. This is a document that outlines the structure of your business, projects a timeline for profitability, and details everything investors will need to know about proposed growth and the number of employees you plan to have working for you.
Be as thorough as possible. After all, lending institutions will need to have a very clear picture of the risks involved so that they can be confident about loaning money to help you get started.
A good business plan will also help you to remain focused by providing an outline that lays out your vision for the future of your business.
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To operate as a commercial property manager, you’ll need to obtain a Property Management License in your state. Most states require this license because property management technically falls within the scope of activity for a real estate broker.
41 of the 50 states require a real estate broker’s license, and the remaining states require only a specific property management license in order to conduct management activities.
To find out exactly what type of license you’ll need for the state where you plan to operate your business, be sure to contact the real estate commission in your area.
Every commercial property manager can benefit from continuing education. This provides the opportunity to hone your professional skills while also expanding your knowledge base and your network of industry contacts.
There’s a variety of different certification programs you can take advantage of. These include Certified Apartment Manager, Certified Residential Management Company, Master Property Manager, Residential Management Professional, and Certified Apartment Portfolio Supervisor, just to name a few.
Keep in mind that the more certifications you obtain, the more you’ll be able to grow your reputation within the property management industry.
Pick a Name for Your Company
Never underestimate the power of a strong company name. You’ll want to choose a name and logo that will inspire confidence in potential clients and stand out among your competitors within the industry.
Once you’ve settled on a name and logo, you’ll need to order company stationery, for promotional purposes. These include business cards and brochures. You can find a good designer online that will help find the right design for you at an affordable price.
Create a Web Presence
Another important aspect of promoting your property management business is to invest in a quality website.
It’s more important than ever for businesses to establish a web presence that’s designed to offer potential clients that ability to easily navigate your products and services. Fortunately, there are plenty of great web designers online at affordable prices so that your website will look as clean and professional as possible.
Get a Lawyer
It’s important to be aware of the fact that property management is a complicated business that will expose you to a wide range of legal issues. That’s why it’s so important to retain a good lawyer you will have your back and be able to walk you through potential legal pitfalls.
Before settling on a which lawyer to use, we suggest speaking to friends and peers in the industry to get recommendations. After all, you’ll want to hire a lawyer with plenty of experience in property management so that you know you’ll be receiving the best legal counsel possible.
Get an Accountant
You’ll also need to hire a good accountant. After all, property management generates millions of dollars in annual revenue, and you will need someone who can keep track of every dollar and make sure your taxes are kept up-to-date. Hiring an experienced lawyer will be one of the best invests you’ll ever make.
Build Your Local Network
Being successful in any business is all about networking. This is especially true in commercial real estate management.
Every contact you make along the way your career adds value and can help make the road a little less bumpy. Members of a business network help each other by offering advice and expertise.
Be Prepared to Work Hard
Lastly, it’s important to stress that the most crucial aspect of success in property management is having a strong work ethic. After all, there are no shortcuts to becoming successful or wealthy.
There’s plenty of competition out there. So you have to wake up earlier, put in the long hours, and never take for granted how fortunate you are to be involved in such a thriving industry. After all, good luck comes to those who are willing to work the hardest.
The Keys to Success in the Commercial Property Management Industry
If you’ve been considering a career in commercial property management, there’s never been a better time to get started than now. The economy is growing every day, and the only limits to success are the ones you place on yourself.
Be sure to keep browsing our website for more information about property tax consulting.
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