Property management is a booming industry, and there are many different types of property management businesses that entrepreneurs can start. In this article, we will outline 10 property management business ideas to help you get started.
Residential Property Management
The most common type of property management business is residential property management. In this type of business, you will be responsible for managing the day-to-day operations of a residential property, such as an apartment complex or condominium. You will be responsible for tasks such as marketing and leasing units, collecting rent, and maintaining the property.
You will typically interact with tenants on a daily basis, so it is important that you have good customer service skills. It is also important to be familiar with the Fair Housing Act and other laws that govern the rental industry.
Commercial Property Management
Another type of property management business is commercial property management. In this type of business, you will be responsible for managing the day-to-day operations of a commercial property, such as an office building or retail center. You will be responsible for tasks such as marketing and leasing space, collecting rent, and maintaining the property.
You will typically interact with tenants and property owners on a daily basis, so it is important that you have good communication skills. It is also important to be familiar with commercial lease agreements and other laws that govern the commercial rental industry.
Industrial Property Management
Another type of property management business is industrial property management. In this type of business, you will be responsible for managing the day-to-day operations of an industrial property, such as a factory or warehouse. You will be responsible for tasks such as marketing and leasing space, collecting rent, and maintaining the property.
You will typically interact with tenants and property owners on a daily basis, so it is important that you have good communication skills. It is also important to be familiar with industrial lease agreements and other laws that govern the industrial rental industry.
Special-Purpose Property Management
Another type of property management business is special-purpose property management. In this type of business, you will be responsible for managing the day-to-day operations of a special-purpose property, such as a church or school. You will be responsible for tasks such as marketing and leasing space, collecting rent, and maintaining the property.
Depending on the property, you may also be responsible for managing staff and volunteers. It is important to have good communication and organizational skills if you want to start a special-purpose property management business.
Offer A Full-Service Property Management Package
One way to stand out in the property management industry is to offer a full-service package. In this type of business, you will be responsible for all aspects of property management, from marketing and leasing units to collecting rent and maintaining the property.
Offer Unique Services
Another way to stand out in the property management industry is to offer unique services. Research your competitors and see what services they are not offering. Then, develop a business plan to offer those services to your clients.
Specialize In Green And Sustainable Housing
Another way to stand out in the property management industry is to specialize in green and sustainable housing. In this type of business, you will be responsible for managing properties that are specifically designed to be environmentally friendly. This is a growing trend in the property management industry, so it is important to be familiar with green building practices and LEED certification.
Invest In Student Housing
Another way to stand out in the property management industry is to invest in student housing. In this type of business, you will be responsible for managing properties that are specifically designed for students.
You will need to be familiar with the laws and regulations that govern student housing development. You will also need to have a good understanding of the needs and wants of students.
Specialize In Pet-Friendly Homes
Another way to stand out in the property management industry is to specialize in pet-friendly homes. In this type of business, you will be responsible for managing properties that allow tenants to have pets. This is an often desired service as it allows people to live with their pets without having to worry about finding a pet-friendly property.
You will need to be familiar with the laws and regulations that govern pet-friendly housing. You will also need to have a good understanding of the needs and wants of pet owners.
Become A Consultant
If you have extensive experience in the property management industry, you may want to consider becoming a consultant. In this type of business, you will provide advice and guidance to property owners and managers. You can also offer training services to property management professionals.
Final Thoughts
Starting a property management business can be a great way to become your own boss. There are many different types of property management businesses you can start, so be sure to choose the one that best suits your skills and interests.
If you offer unique services or specialize in a specific type of property, you will be more likely to succeed in the property management industry.