What I learned About Growing My Property Management Business

OK I am looking back to Jan 1992 when I left my employer and started Residential Property Management,  Inc., a residential property management company managing single family homes.  For the first year it was only me, doing cold calls and trying to get started.  I went from 4 homes to 40 homes in the first year.  Over the years here is what I learned.

Stay with good properties and owners who treat you as a professional.

Only taking properties in good locations and that are in reasonably good condition means you will be able to lease to good tenants. Plus the good locations and properties rent for more money so you can have more revenue with fewer properties to manage. You don't want to manage for an owner who does not respect you as a professional - who wants corners cut - wants to do maintenance himself for example.

Fundamentals are important

Get the property in rent ready condition, screen and qualifying to selection good tenants, collect the rent on time, pay the owner on time, have good relations with vendors, keep the property up.

Doing the above will make you a good property manager.  That in turn means owners will trust you and stay with you longer.  Owners and other agents will refer you business.

Embrace technology

I was one of the first property managers to get a web site in 1996.   One of the first gong back in time to get a fax machine and a cell phone. Keep current up to today on technology.

Take advantage of unexpected opportunities

My company's web site was doing so good in 1997 that I started Rentlist.net Atlanta's directory of property managers.  Expanded that to a national home rentals site which I sold to a public company in 2003.  This was a natural path arising from what I was doing and the needs I saw and how I could help fellow property managers. 

Personalize Service

Before my company, I worked in a large property management company with departments and doing only specialize parts of management.  On my own I did everything.  Owner sign up, leasing, management, etc.  When I started growing I keep the same model and the property manager had their own portfolio of homes to manage, did their own owner sign ups, management, etc.  It worked well.

Network with professionals

I took a class on property management in 1992 and sat in the first row and asked a lot of questions.  The organization was National Association of Residential Property Managers and they asked me to start an Atlanta chapter which I did and became the first president, going on to serve on the national board for two years.  I met so many people locally and nationally.  It all came back to me.  So give and you shall receive.

Keep Going....

Persistence.  So now I my Internet company is Retirement Media Inc. which has as it's main site 55 Community Guide.  I love what I do which helps when you are self employed.