According to expert research, the property management market is expected to eclipse $22 billion by 2023, with a compound annual growth rate (CAGR) of 8.8%.
This type of growth makes it really appealing for entrepreneurs to start a rental property management business.
But managing properties at scale isn’t easy—dealing with tenants, landlords, maintenance, leasing, vacancies, and a seemingly never-ending list of tasks is a huge project to take on.
Starting your rental property management business the right way will put you on a path to success and growth.
With help from this guide, you can eventually get to the point where your properties manage themselves on autopilot while you can sit back and count your profits.
The Easy Parts of Starting a Rental Property Management Business
The easiest part of starting a rental property management business is the actual business formation process. Lots of new property managers are intimidated by this step because it involves lengthy paperwork and filing applications with the secretary of state’s office.
But you can just use an online business formation service to handle everything for you, eliminating the time and headaches associated with creating a legal entity for your management company.
There’s also a high demand for property managers nationwide. Most investors and property owners don’t want to be hands-on managing their properties, especially if they own multiple units. That’s where you…