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Advice starting PM business

Discussion in 'Property Management' started by LifesGood, 12th May, 2016.

  1. LifesGood

    LifesGood Home Building & Development Consultant Business Member

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    Hi all! What advice would you give to someone looking to start a PM business from scratch? (No rent roll purchase).

    Any general tips are really appreciated....such as budget for startup and marketing, when to staff up, general expectations, goals and timelines etc.

    Thanks in advance for your responses!
     
  2. skater

    skater Capitalist Premium Member

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    Have a chat to @Lil Skater and @DT. Both of them have done this.
     
  3. DiligentPM

    DiligentPM Well-Known Member Business Member

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    Diligent too!
     
  4. skater

    skater Capitalist Premium Member

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    There you go! You've got Qld, Vic & SA covered.
     
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  5. Tony Fleming

    Tony Fleming Well-Known Member Business Member

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    I'd use you on the provision that you can crane kick any tenants in arrears :)
     
  6. Nick Valsamis

    Nick Valsamis Real Estate Professional

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    You can find out all of this information by working in property management. So I would suggest to do that first and see if you actually want to do it.
     
  7. D.T.

    D.T. Adelaide Property Manager Business Member

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    You know my thoughts on this ;)
     
  8. skater

    skater Capitalist Premium Member

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    Oh, gosh, I would have thought that was a given. It's not really something to jump into as a Business without having a bit of experience, I would think.
     
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  9. Jerry O

    Jerry O Well-Known Member Premium Member

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    I agree with this.. definitely get on the job training first. dealing with tenants with "interesting characters" was one of the topic we were talking about with Sam (LiL Skater) during the last meeting. After that conversation, it made me appreciate PM's even more. Shout out to all the good PM's out there! You guys are awesome! :);)
     
  10. Pumpkin

    Pumpkin Well-Known Member

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    Interesting question after my 9-month into the role on a fulltime basis. As a 'general' advice, I would say would be to manage the expectations between yourself and family, especially if spouse is involved. Who do what when how.... The one thing that everyone told us before we started is that PM has a lot to do with people-management. You will enjoy it if you enjoy dealing with people, but hate it if you are not. Be prepared to sacrifice your private/family time as it is a 24-hr job; you'd get calls anytime any day. There are a lot of trivial matters and being organised and methodological helps. All the best!
     
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  11. LifesGood

    LifesGood Home Building & Development Consultant Business Member

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    I've got plenty of experience but it's not for me, I've already got a high pressure job :)

    Appreciate the input guys. My mate is currently a PM but she has no management experience so I was asked for advice!
     
  12. Azazel

    Azazel Well-Known Member

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    Could you suggest she try to get some experience, maybe through your contacts?
     
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  13. Lil Skater

    Lil Skater Well-Known Member Business Member

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    Coming in a little late on this one...

    All I can say is it's hard work. PM is hard enough, but when you're trying to build a sustainable business with it as well it complicates things.

    Make sure you have the experience, money and back bone behind you before doing anything.

    Always happy to chat further about what I did, I love to talk and love seeing people do it for themselves and challenge the RE industry.