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[hrafn]

Hey, I am a 19-year-old with an interest in starting a property management business. I have a few questions for those of you in this field of work. I have done some research and it looks like I need a few things. The following is required: Consistency, The willingness to work hard, the drive to make my business succeed, dedication, time, money (at least 2000 dollars or so to start up), and prospective clients. In my state you are not required to attend college classes to start a property management business, so I am thinking about taking a class that the police department offers to tell you some of the laws and rules regarding property management, and then getting a business title and emblem for my image. What I need is some tips to make clients interested in paying a percentage to me over other business owners. Any help is appreciated. My business plan is as follows, 1. Get business started, 2. Offer free maintenance and cleaning for a slightly higher rate, 3. Get clients, 4. Start bringing in funds to pay for business expenses, 5. Bring on a business partner to increase number of properties managed, 6. Bring in more funds and rent/buy office building, 7. Continue to increase funds and number of clients. 8. Successful business which offers services that clients want at a price clients will pay...

Please be as critical as possible. Is there anything wrong with my business plan that could be done better? Is there anything I am overlooking? How can I make prospective clients discard my age as a factor in doing business with me? I have everything mentioned in the requirements except the 2000 dollars, I should have that in a matter of months though. Thank you for your time.

[wahchintonka48]

Shop your competitors and see what they're offering. Your state may or may not require you to have a real estate license to broker property rentals, but you'll will definitely be competing against licensed Realtors. Clients will also expect you to provide detailed financial reports about the property and follow proper accounting practices, so you'll need to know how to provide financial reports and have access to a CPA. How will you screen applicants? Who are your licensed contractors?

It's not just your age that prospective clients will discount, but your inexperience. What properties have you managed previously? Who trained you? Most importantly, why would someone risk their lifetime investment with you versus an experienced firm?