![]() ![]() How Do You File Your Property Management Business? Get a breakdown of licenses, certifications, and associations through our blog post: Property management certifications that give you an edge. National Association of Residential Property Managers (NARPM).Institute of Real Estate Management (IREM).A certified property manager, for example, holds a real estate broker’s license and has completed coursework on property management topics.įinally, there are associations, both national and international, that can help you network, give your business credibility and nurture your staff with continuing education and certification in property management. Some certifications, while not required, will help augment your business. Property Manager’s License: A property manager’s license also requires coursework and an exam.Real Estate Broker’s License: A licensed real estate broker has taken courses and passed an exam that covers property management as well as topics such as insurance, taxes, and contracts.Before you set up your business, make sure you have the up-to-date licensing to practice in your state, especially since housing regulations tend to change fast these days. There are only a handful of states that don’t require some kind of licensing for property managers. For example, do you intend to operate as a boutique property management business offering concierge services, or will you target smaller owners looking for basic help with rent collection and leasing? What Property Management Certifications and Licenses Do You Need? It will also outline the services you will provide. Pro Tip: A business plan for property management, specifically, will outline the types of clients you intent to target (multifamily, single-family, associations, etc.). The SBA also furnishes business plan examples for those writing one for the first time. ![]() Per the Small Business Administration (SBA), a formal business plan has these things: The point is to plot out every aspect of your company from your startup capital all the way to breaking even. How Do You Write a Property Management Business Plan?Ī business plan serves as the framework for your entire property management business. Before you do anything else, you’ll need to be properly licensed, file your business name and create a business plan-which we recommend doing first so you can size up the opportunity in front of you. ![]()
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