Donna Farrow Property Management
Donna Farrow Property Management – Creating a real estate management company is often a complex process filled with legal and regulatory hurdles. Since you have to factor in various levels, it is difficult to find the first steps to creating a business management company.
To help you avoid common pitfalls for first-time property managers, we here at Cost Media are going to break down how to start a Texas rental management company, the factors you need to get right, and the state regulations you need to stay on top of. written by
Donna Farrow Property Management
A property management company manages various types of real estate properties for owners and managers. The property manager helps to maintain the property and essentially acts as an intermediary between the owners and tenants.
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As part of your day-to-day operations as a property manager, you will meet with a variety of stakeholders, including owners, tenants, potential tenants, and contractors hired to perform maintenance and repairs.
As a property manager, it is your job to ensure that these (sometimes competing) businesses are profitable, well-maintained, legally compliant, and comfortable for your tenants.
There are many legal and ethical considerations for property managers to consider, but we will talk about these later in the article.
Running a property management business can be a very rewarding career choice, both personally and financially. Property management companies can vary greatly in size, from one-person operations to large property management companies that own multiple complexes or resorts.
Village Living November 2012 By Starnes Media
As a property manager, it is important to protect yourself from risk and run your business as efficiently as possible to maximize your income potential.
Do you think property management is the right business opportunity for you? Here are our seven steps to creating a legal and compliant property management company. While these steps are by no means comprehensive, we hope we can guide you on your journey to becoming a successful business manager.
The first important step is to establish a credible company name for your business and legally register it. Setting up a legal entity in Texas can be challenging and no business can stop, so we encourage you to speak to a corporate accountant in your area.
In many areas, your local chamber of commerce organization is an excellent resource for legally registered information about your business. Having a solid business plan will help you make critical decisions about the structure of your business and how to protect yourself from personal and professional liability.
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It should be noted that each state has its own legal requirements for establishing a business, especially its own business agency.
A property manager must only hold a state-issued real estate broker’s license if he or she:
A real estate agent does not need a real estate broker’s license from the state if he is:
As a general rule, most property management companies choose either a limited liability corporation (LLC) or an unincorporated business entity (often called an S-Corp or C-Corp). While there are pros and cons to both, it is best to speak with an attorney or CPA with experience in filing corporate taxes to determine the best corporate structure for your business.
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We strongly encourage all prospective property management business owners to do their research on the best type of business structure for their unique needs, bearing in mind that a property management company often requires more legal responsibilities than other types of businesses.
Once you’ve registered and created your business tax structure, you need to start the legal process to protect your assets, your business, and yourself from liability moving forward.
Once you’ve defined your legal entity and started to structure your business, it’s time to create a strong, legally binding contract.
We recommend starting this process early as it can take time and money (hefty lawyer or attorney fees). Creating a firm contract with an attorney who specializes in property management companies will ensure that both you and your company are protected against liability, fraud, and the multitude of risks associated with bad clients.
How To Start A Property Management Company
As you move forward in setting up your business, it’s important to have short and long term goals in mind and plan to set up your business plans. There are two ways property management companies are typically structured;
While these are the two most common structures for asset management companies, it doesn’t take forever for you to choose a structure and staff.
Most property managers start out as sole proprietors using contractors and other companies to help balance their workload. As their business grows and customers begin to receive more, these structural shifts focus more on employee salaries and a fully established business hierarchy.
As you expand your business, there are many full-time, part-time, and contract-based roles that you should consider filling. By delegating any of these responsibilities, you can provide better customer service and you, the business owner, can look to timely and appropriate tasks.
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There are also a few large contract-based parts that are very important to managing any business. These functions include:
As a general rule, all vendors, full/part-time employees, and contractors must be properly approved by local and state authorities, be qualified for the duties they are hired to perform, provide insurance, and sign contracts limiting your responsibilities and obligations. company
The quality of your employees and contractors matters to your business, so do your research here and only hire qualified and professional associates.
For a property management company, there will be several competing priorities that meet your desk every hour of the day.
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Business-based, it’s important that you stay on top of these priorities in a responsive and professional manner. After all, your reputation as a property is an important asset.
Every business needs a software solution, and public sector companies are no exception. Picking the right software can be overwhelming, and we recommend choosing a product that can easily scale to fit your business needs now and in the future.
Property managers have a number of Saas (Software as a Service) platforms that help you address your specific needs. Some excellent examples of all-inclusive asset management software include:
But these more complex business management programs aren’t your only option for managing your business, especially when you’re starting out right.
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With a bit of research, there is a SaaS solution for almost all business needs including tenant rent collection, order keeping track, electronic organization and document sharing.
While not as intuitive or efficient as using all-in-one business management, these individual platforms are often much cheaper to run and allow your business to scale as it grows in the first few months or years of operations.
One of the most common business misconceptions made across all industries is the idea that the effort is over once you start attracting and retaining customers. which is far from the truth.
Marketing your new property management business should be an ongoing task with dedicated resources and staff time. We highly recommend investing in a solid marketing plan right off the bat to ensure the short and long term success of your business.
Pamela Morse, Author At Donna Farrow & Company
To establish yourself as a credible business, you must first create a strong digital and local marketing footprint. The top priorities in your marketing plan should include:
These days, a high-quality website is the digital equivalent of your business’s front door. First impressions make all the difference, and a professional, informative, and well-performing website can impact your ability to attract customers from the get-go.
While there are website hosting platforms such as WordPress, Squarespace and Wix that allow you to create your website from a predefined template, I strongly encourage you to consider bringing in professionals to elevate your brand and leverage your website as a revenue generator for your business.
Marketing collateral can include all other marketing strategies that help promote a business. This collateral could include social media posts or ads, flyers, brochures, digital information guides, blog posts, and other related marketing materials.
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This type of content should be specific to your website, but still used to reinforce professionalism and a strong brand identity for your new business.
While the COVID-19 pandemic may currently limit some of these activities, we encourage new property managers to network to get their name out there and make important industry contacts.
Each real estate market is unique, and often, the traffic comes from someone you know and interact with on a daily basis. As a property manager, you must work to foster relationships with professionals and good investors in the real estate industry, as well as potential clients and industry partnerships.
We recommend that more professional associations use the National Association of Residential Property Managers for their industry insight, training, resources and networking opportunities.
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Once you have decided the structure of your business and started
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