“It’s time to start my own property management business.” You’ve said to yourself. However, there are a lot of things to do, learn, and check for. It may seem easy to do especially if you’ve worked as a property manager before but there’s a lot of work to be done.
Property management is a business that involves managing properties and people such as landlords, tenants, and lots more. And it comes with its own risks and challenges.
For those who can comfortably manage people and properties, this can be a very good career option.
Regardless, whether you can comfortably manage people and properties or not, the truth is, you are here because you want to start a property management business.
So, let’s get started!
What Is Property Management?
Property management is the overseeing of one or multiple properties – residents, student housing, commercial buildings, or industrial buildings.
According to Wikipedia, it is the operation, control, maintenance, and oversight of real estate and physical property. It is also the management of personal property, equipment, tooling, and physical capital assets that are acquired and used to build, repair, and maintain end item deliverables.
The owner and manager can be one person. Additionally, a real estate investor can decide to hire a property management company to oversee all of his property investments.
Who Is a Property Manager?
A property manager, also known as an estate manager is a person who manages, oversees and operates a real estate property when the owner is unable to do so.
A property manager has a primary responsibility to the landlord or property owner and a secondary responsibility to the company.
Similar to real estate managers and community association managers, property managers operate the business of property management and must be licensed for the profession.
Property Manager Roles and Responsibilities
Generally, property managers oversee and manage buildings and other real estate properties for their owners. Here are their other functions.
- They handle everything about the rent of a building. Property managers are responsible for dealing with rent issues, collecting rent, adjusting, and increasing the rent if need be.
- They are responsible for searching for new tenants or buyers for a building. If there are vacancies, they advertise the space and meet with potential tenants or buyers.
- Property managers maintain the financial records of a building and manage its budget. They keep thorough financial records of the building and operate within the specified budget for a building.
- Property managers are responsible for keeping the property in good condition. They conduct routine maintenance, repairs and updating of facilities. Similarly, when there’s need for renovation, they hire someone to do the job.
- They assess tenants who want to live in the house by running background checks on their employment and credit card status.
If this seems like something you can do, then you are on your way to becoming a very good property manager.
How to Become a Property Manager?
If you’ve decided to enter into the property management industry, the processes are a tad easy.
Firstly, to get the best of opportunities, you need to get a degree in either business administration or real estate, or any relevant field as stated by the Bureau of Labor Statistics (BLS).
Afterwards, you need to get a license. Most states require you to get a license so check to see if your state is one of them.
Next, since you’re just starting out, you’d have to start as an entry-level employee and work your way towards the top.
Subsequently, you’d learn everything about property management and make valuable connections that would help you when you eventually start your own property management company.
Property Management Company Requirements
Before you can work at a property management company, there are some skills you must possess. This is due to the nature of the job. And sharpening these skills gets you to the top of the adder quickly.
- Ability to be well organized
- Knowing how to connect and empathize with people
- Ability to be creative under urgent circumstances
- Ability to communicate with potential buyers, and residents
- Strong customer service skills
- Knowing how to create good working relationships.
- Must have basic knowledge of local, state, and federal housing laws.
- Financial reporting
- Facilities Management
Is Property Management Business Profitable?
Yes. Property management is a very profitable business. In fact, according to PayScale, the national average salary for property managers is $50,436/year. For higher experienced property managers, they earn $59k per year. While an entry-level property manager with less than 1 year experience can expect to earn an average of $41,059.
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How to Start a Property Management Business
Starting a property management business is similar to starting any other commercial business. As long as you follow the right procedures, you are definitely on the right track.
So, here are the steps to start a property management company.
1. Draft a Business Plan
Having a good business plan can help you make better decisions. Take some time out, stay focused, think about what you want your business to be like and what exactly you intend to do.
Consider your long term and short term goals, what kind of services you intend to render, how to handle maintenance, how to hire a team, and how to structure your team. Answering these questions will give you a clearer view of what you want to do.
Let us do the thinking for you. There are several other things you have to focus on doing to get your property management company up and running. Hence, you don’t have so much time to spend on drafting a business plan.
You can choose any from our catalog of business plans designed for your business to succeed. These plans were put together by experts in business management and all factors have been put into consideration including market research and analysis.
So, waste no more time, click on the button below to get started with it.
2. Brand your business
After you have drafted a business plan, the next step is to brand your property management company. This means that you have to come up with a business name, logo, and business card.
More so, it’s your business name that your customers will remember, and will be used to carry out transactions. So, when thinking of a business name, be sure to create something clear, simple, and unique to you.
Resist the urge to make it mysterious, that its only you that it makes sense to. If your customers find it hard to understand, remember or pronounce, that’s bad for your business.
3. Determine the Legal structure of your business
The next thing is to establish a legal entity for your business. This means that you have to determine what type of legal entity you want to do business as. This will determine the taxes you’ll have to pay, investment properties, and paperwork to file.
There are four types of legal structure for a business. They are:
- Sole Proprietorship: This means that you are responsible for your business profits and debts. It is the most basic business structure.
- Corporation: This is entirely different from the owners. corporations can own properties and are held accountable to pay taxes.
- Partnership: A partnership is a shared responsibility between two or more people who are liable for a business
- Limited Liability Company(LLC): This structure allows owners to limit personal liability. However, they still get to pay taxes and enjoy other benefits.
Generally, most property management companies operate as a Limited Liability Corporation (LLC) or an incorporated business (S or C-Corporation). And you can decide by going to your state’s official site; you’ll find information there. Or you can hire an attorney to do it for you.
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4. Obtain a License
Not all states require a license for property managers. However, before you set up your property management company, make sure to check if your state requires a license. If they do, ensure you have the license to practice in your state.
5. Organize your Finances
The next major part of starting a property management business is your finances. You need to consider your revenue and expenses.
Now, to properly do that, you need to set up your property accounting. Keep track of your owner’s properties, as well as money coming in and going out. Money coming in – revenue can be from rent or management fee while money going out is from expenses made on the property.
Keep your records monthly, quarterly, and yearly. This will enable you to understand if you’re making more profits than loss or vice versa. Additionally, it’ll help you set more realistic revenue goals.
6. Set up your office and website
Just like every other business, you need a place where you can operate from. So, get a good place where you can meet with your clients, discuss properties, respond to email, and receive uninterrupted phone calls.
Often times, most property managers choose to work from home to cut expenses. And as soon as business starts growing and expanding, they can hire staff and rent a commercial space to serve as the office.
Whichever way, set up your office with equipment and stationery designed to make your work easier.
Also, build a website for your property management business. In this time and age, the internet is the go-to for anything. A lot of people prefer to go online to search for property managers around them, so you would want to be part of the team.
Ensure that your website can be used by both you and your clients. It makes your work easier for you.
Additionally, employ the use of the best SEO (search engine optimization) practices to make your website more visible and easily discovered by your potential customers.
7. Create a marketing plan
Well done for getting to this point in this article, you’re half way to setting up that successful property management company you’ve always wanted. Moving forward, the next step is to create a marketing plan.
You need to understand that customers wouldn’t just lose their way and find themselves at your office. You need to go in search of them and lure them to you. What other way is there to do that than by marketing?
As a startup, the traditional method of advertising which include word of mouth and referral can be good for marketing your business. However, as you grow, you’d need to reach a larger audience.
So you can hire a digital agency to advertise your business everywhere including all social media platforms.
Also, you can use paid ads on Google to increase your chances of getting new clients.
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8. Set your pricing
Just like every business, you need to determine your pricing structure. Make sure to choose one that brings you enough income while still being affordable by your clients. You don’t want to underprice yourself or become the most expensive.
Since you’re just starting, the best thing is to carry out a local research to determine the prices of other property managers in your area. To help you, here are a few fees that will affect your pricing structure.
- Lease fee: This is a fee for leasing a property when it becomes vacant. Usually, it is equivalent to a month’s rent or a percentage of the rent. It is a one-time fee.
- Setup Fee: This is a fee that you charge landlords as the cost of opening an account with your property management company. It’s usually around $250 or less
- Management fee: This is the main deal for your business. You can charge this for as long as you manage the property.
So, find out what your competitors are charging for these services. It’ll help you come up with the perfect pricing structure for your property management business.
For this line of business, it is essential to start heavy networking to gain more clients. This is the only way to grow your business and get investment opprtunities.
So, dive into the sea with big fishes. Create connections, meet new people who’ll patronize your business and becoming your long lasting clients. A real estate investment club is a great place to find landlords and investors who can become your clients.
Although this can be time-consuming as it requires constant effort, you’ll get used to it as soon as you start getting results.
10. Build your clientele
Finally, build your client base. Clients from marketing and networking all make up your client base. Give them good customer treatment as they can tell others about you too.
Offer discounts or gifts once in a while just to show them how much you appreciate them and watch your business grow steadily over the years!
Property Management Companies
Below are the top 5 property management organizations.
- Institute of Real Estate Management (IREM). For residential and commercial real estate managers.
- Building Owners & Managers Association (BOMA). For building owners, managers, developers, leasing professionals, real estate asset managers, and corporate facility managers.
- National Apartment Association (NAA). For apartment industry professionals.
- Community Associations Institute (CAI).
- National Association of Residential Property Managers (NARPM). For small-sized real estate property managers, real estate agents, and brokers.
You’re all set.
However, starting a property management business isn’t an easy task. But with well-explained guidelines, you can be successful at it.
Let me know how starting your own property management business has been going so far using these steps in the comment box below.
VIRTUAL ASSISTANT BUSINESS: 2021 Detailed Start-Up Guide (+ Free Tips)
#1. Virtual Assistant Business.
A Virtual Assistant (VA) is a remote administrative agent, who works outside the office on the basis of the contract. The business revolves around provisions of clerical duties which include social media management, online marketing, web design, content management, blog management, graphic design, and many other digital services.
As of the 1990s, technology has paved its way into most homes and businesses. Because of limited office space and financial constraints, entrepreneurs discovered that they don’t have to bring workers to the office before they can deliver value to the organization. Hence, this gave room to the virtual assistant business. The goal is basically to minimize the cost of services because having a full-time employee can be very exorbitant financially. It has been statistically proven that the demand for a virtual assistant will be in high demand because working from home is acceptable by both workers and employers.
#2. Virtual Assistant Business Names.
Most business owners feel some level of anxiety when it comes to naming their businesses. This is because; one needs a name that embodies the values and characteristics their brands represent. A business name creates an image of the kind of services the business provides in the sight of the potential customers and also facilitates internet search. When it comes to the success of a business, a good name makes a lot of difference. Before choosing a virtual business name, there are some factors one needs to properly consider.
Let’s buttress on some of those factors.
- Don’t use ambiguous words
- Check it on the Google platform
- Get a name that has a meaning
- Use easy-to-spell name
- Easy to remember
Few List Of Virtual Assistance Business Names.
Task bullet, Digital workaholic, Active assistance, Creative cloud, Digital click, Task every day, 24/7 VA, Elite VA, Guru, Manpower group, rescue desk, round the clock VA, daily task, social assistant, support squad.
#3. How to Start A Virtual Assistant Business.
These few steps will guild you, if you are ready to start your virtual assistant business.
a) Specify your niche:
There is no VA that can do everything at the starting point. Hence, the need to decide your area of specialty becomes very paramount. Since the concept of virtual assistant business encompasses lots of things, one can choose to major in social media as a consultant, graphic design, blog developer, online marketing, etc. An attempt to start all at the same time will compromise the competence of the work you deliver. Hence, the saying “jack of all trade, master of none” upholds in this case. However, if you receive work outside the scope of your expertise, collaboration with another virtual assistant is advisable.
b) Decide a business name:
Stressing further on what we’ve discussed on this previously, it’s important that your business name encapsulate your brand and the services you render. In the Virtual Assistant business, n easy-to-pronounce name is highly advised. Have it checked on Google to know if it has been used, and avoid ambiguous names. It has to be easy to spell and a meaningful business name will do just fine.
c) Good business structure:
There is a popular saying that “he who fails to plan, has planned to fail”. In business, planning makes all the difference. A good business plan must include business goals, service charge, potential clients, marketing strategy, income, and expenditure. At this point you need to ask yourself, ‘will my business be a sole proprietorship or a partnership’.
d) Potential clients:
The fact that you have a service to provide doesn’t mean any and everyone will patronize you. It’s of the essence to find out the geographical area where your services are need and the social classes that will demand your services. This is where good adverts play a major role. One can maximize his/her social media platform for such purposes.
e) Get to work:
When all is said and done, the action is what makes the difference. A good plan without efficient work will still be dormant. Virtual assistant business is not a get-rich-quick syndrome, it takes lots of hard work and persistence to build one’s business.
#4. How to Advertise Virtual Assistant Business.
a) Social media platform:
You need a professional social media account, through that you can tell all your friends and family members what you do. Of course, they too can visit your timeline to see what you deliver. Examples of social media platforms are Facebook, Instagram, Twitter, LinkedIn, etc.
b) Join a network:
Find people of like mind; that is into what you are doing and connect with them. You stand to gain both experience and work opportunities from them. There are many local and national virtual assistant business associations one can join, to aid advertise what one can offer.
What Is INCOME BOND: Definition and Benefits
Maybe you’re an investor and seeks to know what an income bond is but, don’t know who to ask. Good thing you’re here. This article will give you all the details you need to know about income bonds including the basic tips, restructuring and it benefits the issuer.
What Is an Income Bond?
An income bond is a type of debt guarantee in which the investor promises to pay only the face value of the bond and coupon payments are paid only if the issuing company has sufficient profits to pay the coupon payment. In the context of corporate bankruptcy, an adjustment bond is a type of income bond.
An income bond is a bond that promises only the repayment of capital and does not guarantee any interest rate or coupon. Instead, interest is paid to creditors as income flows to the issuer as specified in the banknote specification.
Lease bonds are often issued during a corporate debt restructuring, for example, after the deposit of Chapter 11 in bankruptcy.
A traditional corporate bond is one that makes regular interest payments to bondholders and, upon maturity, repays the principal investment.
Bond investors expect to receive the reported coupon payments periodically and are exposed to default risk if the company faces solvency problems and is unable to meet its debt obligations.
Bond issuers that have a high level of default are generally given low creditworthiness by a bond rating agency to reflect that their securities issues have a high level of risk. Investors who buy these high-risk bonds also require a high level of return to compensate them for lending their funds to the issue
However, there are a number of cases where the guarantor does not guarantee a coupon payment. The face value in maturity is guaranteed to be paid, but interest payments will only be paid based on the issuer’s income over a period of time.
The issuer is responsible for paying coupon payments only when he has income in his financial statements, which makes such issues profitable for the issuing company that is trying to raise the capital needed to grow or develop its business. activity.
Interest payments on income securities, therefore, are not adjusted but vary depending on the particular level of income that the company considers to be sufficient. Failure to pay interest does not result in a loss as would be the case with traditional securities.
Debt Restructuring and Income Bonds
Revenue securities are a rare financial instrument that generally has a corporate purpose similar to that of preferred shares. However, it is different from the preferred shares in the late dividend payment and the preferred shareholders are found in the following periods until they are paid. Providers are not required to pay or receive any unpaid interest on income guarantee at any later time.
Revenue bonds can be arranged so that unpaid interest payments are increased and matured during the maturity of the bond issue, but this is not usually the case; therefore, it can be an important tool in helping an organization to avoid bankruptcy during a financial crisis or reorganization.
Lease bonds are often issued by companies with a problem in trying to get money quickly to go bankrupt or by bankrupt companies in restructuring programs that seek to maintain their operations while bankrupt. In order to attract investors, the agency would be willing to pay a higher bond rate than the average market rate.
In the case of a Chapter 11 bankruptcy resolution, a business may issue revenue bonds, known as restructuring bonds, as part of a company’s debt restructuring to help the business cope with its financial difficulties.
The terms of such collateral often include the clause that when a business generates good revenue, it must pay interest. If the income is negative, no interest payments are due.
Revenue bonds look similar to the shares you prefer. If no dividend is paid on preferential shares in a given year because of insufficient income, dividends are collected for that year and paid the following year if there is sufficient income.
This is not the case with income bonds, and therefore is different from each other. In the end, although it involves the creation of an instrument, it resembles an agreement between two parties and can be arranged according to the wishes of both parties.
How Does Income Bond benefit the Issuer?
This type of bond works very well in times of financial crisis or financial health of a company, as long as investors believe in signing up. The direct benefit of this guarantee is that it can prevent the company from going bankrupt.
NSI Income Bond
NSandI is a UK-based savings organization dedicated to raising low-cost government funding from the public. Revenue bonds are one of the many NSI savings products offered to the public.
Who can open an Income Bonds account
NSI Income Bonds are available to an individual aged 16 and over. You can create a Revenue Assurance account for yourself or someone else as a joint venture Account.
You can also open one as a deposit for sponsors (also as a company) Sponsors), whether alone or in partnership with other sponsors. Beneficiaries of Investments must be made to individuals.
Any company that had an Revenue Guarantee Account up to and including January 1, 1990
keep holding and investing in an account.
You can open as many Revenue Assurance accounts as you wish, but there is a hold limit
(See “How much can you keep?”).
How to open an Income Bonds account
When you open an account, you can request:
• Online or by phone with your UK payment card
• By post using a personal cheque drawn on your UK bank or building society
account, or a banker’s draft or building society branch cheque.
If you are an attorney or an agent asking for an account on behalf of someone else, you are
You must apply by post if your authority is not yet registered with us. (Please note
General terms and conditions – “Application as an attorney or representative or trustee”.)
What Is BUSINESS CYCLE?- Definition, Internal and External Causes
What is Business Cycle?
A business cycle is a cycle of fluctuations in the gross domestic product (GDP) around its long-term natural growth rate.
From a conceptual point of view, the business cycle is the upward and downward movement of GDP (Gross Domestic Product) and refers to the time of expansions and contractions in the level of economic activity (trade fluctuations) around a growth trend of long term.
Business Cycle Stages
In the diagram above, the straight line in the middle is the constant growth line. The business cycle moves around the line. Below is a more detailed description of each phase of the business cycle:
The first phase of the business cycle is expansion. During this phase, positive economic indicators such as employment, income, production, wages, profits, demand and supply of goods and services increase. Debtors tend to pay their debts on time, the speed of the money supply is high, and investments are high. This process will continue as long as economic conditions are favorable for expansion.
The economy then reaches a saturation point or climax, which is the second stage of the business cycle. Maximum growth limit is reached. Economic indicators have stopped growing and are at their highest level. Prices are at their peak. This phase marks the turning point in the trend of economic growth. Consumers tend to restructure their budgets at this point.
The recession is the stage that follows the peak phase. The demand for goods and services begins to decline rapidly and steadily in this phase. Producers do not notice the drop in demand immediately and continue to produce, leading to an oversupply in the market. Prices tend to go down. As a result, all positive economic indicators, such as income, production, wages, etc., start to fall.
Unemployment increases accordingly. Economic growth continues to decline, and since it is below the constant growth line, the stage is called a depression.
In the depression phase, the economic growth rate turns negative. There is a further decline until factor prices, as well as the demand and supply of goods and services, reach their lowest point. The economy finally bottomed out. It is the negative saturation point of an economy. National income and expenditures are largely depleted.
After this phase, the economy is in a recovery phase. At this stage there is a trend reversal and the economy begins to recover from the negative growth rate. Demand starts to rise due to lower prices and, consequently, so does supply. The economy develops a positive attitude towards investment and employment, and increases production.
Employment is starting to rise and due to accumulated cash balances with bankers, loans are also showing positive signs. In this phase, depreciated capital is replaced by producers, which leads to new investments in the production process.
The recovery will continue until the economy returns to sustained growth levels. Complete a full boom and bust business cycle. The extreme points are the high point and the low point.
Who measures the business cycle?
The National Bureau of Economic Research uses quarterly GDP growth rates to determine the phases of the business cycle and also uses monthly economic indicators such as employment, real personal income, industrial production, and retail sales. It takes time to analyze this data, so the NBER will not inform you of the phase until it has started.8 You can check the indicators yourself to see where we are in the business cycle.
Who manages the economic cycle?
The government manages the business cycle. Lawmakers use fiscal policy to influence the economy. They use expansionary fiscal policies if they want to end a recession, and they should use contractionary fiscal policies to prevent the economy from overheating. However, this rarely happens because they are thrown out of office when taxes are raised or popular shows cut.
The central bank of the nation uses monetary policy. It cuts interest rates to end a contraction or bottom out called expansionary monetary policy. The central bank raises interest rates to manage an expansion so that it does not peak. That is a contractionary monetary policy
Causes of business cycles
The cyclical pattern of changes in the economy is caused by many factors combined. There are internal factors within the economy that can cause these changes. And there are also external factors that can lead to an economy boom or bust. Let’s take a look at all the causes of business cycles.
Internal causes of business cycles
These endogenous factors can cause changes in the stages of the business and the economy in general. Let’s take a look at the internal causes of business cycles.
1] Changes in demand
Keynes economists believe that a change in demand causes a change in economic activity. When demand increases in an economy, companies produce more goods to meet the demand.
There is more production, more employment, more income and higher profits. This will lead to an economic boom. However, excessive demand can also lead to inflation.
On the other hand, when demand falls, so does economic activity. This can lead to bankruptcy which, if held for an extended period of time, can even lead to a downturn in the economy.
2] investment fluctuations
Fluctuations in investment, such as fluctuations in demand, are one of the main causes of business cycles. Investments will fluctuate based on many factors, such as the economy’s interest rate, business interests, profit expectations, etc.
An increase in investment will lead to an increase in economic activity and will lead to expansion. A decrease in investment has the opposite effect and can cause a bottom or even a depression. Apply Business ethics.
3] Macroeconomic policy
The monetary and economic policies of a nation will also lead to changes in the phases of an economic cycle. So when monetary policy tries to expand economic activity by encouraging investment, the economy will skyrocket. On the other hand, if taxes or interest rates go up, there will be a slowdown or recession in the economy.
4] Money supply
There is another belief that business cycles are purely monetary phenomena. So changes in the money supply will cause business cycles. An increase in money on the market will lead to growth and expansion.
However, too much money can also cause adverse inflation. And the decrease in the money supply will cause a recession in the economy. Learn financial management!
External causes of business cycles
In times of war and unrest, economic resources are used to make special goods such as weapons, weapons, and other similar war goods. The focus is shifting from consumer goods and capital goods. This will lead to a decrease in income, employment and economic activity. Then the economy will experience a wartime recession.
And later, after the war, the focus will be on rebuilding. It is necessary to rebuild the infrastructure (houses, roads, bridges, etc.). This will help the economy recover if progress is made. Economic activity will increase as effective demand increases.
2] technological shocks
New and exciting technology is always a boom for business. New technologies mean new investments, more jobs and, as a result, higher income and profits. For example, the invention of the modern cell phone was the reason for a huge boom in the telecommunications industry.
3] Natural factors
Natural disasters such as floods, droughts, hurricanes, etc. they can damage crops and seriously damage the agricultural sector. Food shortages will lead to higher prices and high inflation. Capital goods can also experience a decline in demand.
4] population growth
If population growth gets out of control, it could be a problem for the economy. Basically, the total savings of an economy decrease when population growth is greater than economic growth. Then investment will also fall and the economy will experience depression or slowdown.
To get a full understanding of the business cycle, you have to know what business is, the concepts and characteristics
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