how to enter the property management field

1. 57

   cashflow7posted 14 years ago

   I would love to enter the property management field here in the Placer county/Sacramento areas. I have a valid California state real estate license and am looking initially for part time opportunities. In 2 years I can retire from the Airlines and my goal is to transition into property management full time then.
   Any advice or opportunities would be greatly appreciated. Also please write if you have simuliar goals or interests in investment Real Estate..

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   1. 59

      ediggityposted 14 years agoin reply to this

      I use a property management service, and I don't pay them very much.  I figure if all my property manager did was property management, she would need to have about 25 homes to make a decent living. However, the percent paid to the property management in my case is based off the rent amount.  So, I would weigh the pro's and cons of different rental priced homes.
      
      High priced rental= high property management monthly income, but high price homes are generally harder to rent (Maybe not in Cali, but cost of living is higher).  Why pay high rent when I can just get a mortgage?
      
      Low priced rental= generally easier to rent, but you need a lot of them to make any dough.
      
      So, I would say a good mix might be ok.  Additionally, how effectively can you really spread yourself out to efficiently manage all those homes without pissing off the tenant, and even more so the client?

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2. 72

   thranaxposted 14 years ago

   The best advice is BE CAREFUL. When it comes to property it is really tricky with the economy the way it is. You could get stuck with a lot that is just utterly horrible, and to keep from losing a ton of money you need to lose a few thousand. It can just be really hard to do this, that's all. There are a lot of blogs an research sites on the topic, I am sure if your dedicated you will be able to do it!
   
   ~thranax~

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3. 56

   sophiebettyposted 14 years ago

   I’ve looked for that particular statistic before — without any luck. The best anyone can do is estimate the number of businesses.

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4. 67

   MikeNVposted 14 years ago

   Get a job as a leasing agent and learn how the big companies manage their complexes. Sounds more like you want to jump in from the top.

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5. 67

   easyspeakposted 14 years ago

   Hit the road Jack!  Really.  Do some sales and networking.  Talk to some other realtors and offer your property management services to small time real estate investors, like the guys who have 2-3 houses and they don't live in your city.  I have a buddy on the east coast that would love a guy like you managing his 2 houses so he doesn't have to fork over tons of cash for the big property management companies.  Start small.  And do some sales.  It's hard to do sales, but it's really not that bad.  I have a couple of hubs on pressing through the difficult hump of doing sales to a place where you won't hate it anymore.

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6. 56

   fasthardmoneynycposted 14 years ago

   I would consider doing the following:
   
   1) Do a search online for property management associations online, then call them and find out about local meetings in your area, who better to get the ins and outs from some one there at the meeting that will answer your questions.
   
   2) Go to real estate investor meetings in your area by doing a search on google for real estate investor clubs, to see what you can learn from real estate investors who are managing properties for themselves and others.
   
   3) Do a search online for used books on property management books for sale on amazon and start building a portfolio.
   
   4) Not sure about what level you wish to get involved within the property management area but may be useful if you indicate whether it is in setting up your own business, doing it for yourself for your own investments, may be helpful to clarify this for others here to maximize their help and feedback.

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