Property Management: Starting a Business Who's Afraid
Property management business is defined as the task of individuals, groups, or institutions to manage assets in the form of physical and non-physical goods owned by government agencies or private institutions for certain purposes. Property management of existing assets is a very good idea for someone who wants to earn income without a very big risk.
Property Management: Starting a Business Who's Afraid
My foray into property management was my pure wish by chance. I have about 19 flats in Dundee and employ full-time workers to collect rent and complete small repairs and it's a very enjoyable job. My friend Gabriela knew that my property was well managed and she asked if I would keep her mother's flat.
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I know that he is unwell and because of his health, in the last half-year, his flat has been empty. I reluctantly agreed and started renting out the property to him. A few months on I've managed to get more than 94% occupancy, an achievement that I think is good.
My charging structure is very simple because I keep 14% of his rent and he also pays all the fees. He was very happy with my service and told his friends who approached me to do the same for them, subconsciously he had advertised my services and this was very important. Being busy but not wanting to immediately refuse, I offered to provide the same service but at a 16% discount on the monthly rent. What surprised me was that they agreed.
From then on my property business by word of mouth spread and soon I had to start rejecting people because I was too busy managing my packaging company to do full-time property management!. Had this business not gone well, I could easily have started managing the property full-time.
From the proceeds of my property business management, I even managed to buy some apartments at low prices when one of my clients wanted a quick sale after the tenant left and this was a stroke of luck. They offered me the property for the same price they bought a few years ago.
I know the market has improved substantially since then and bought it right away. I spent a few weeks working on it and renting it out in no time. When property prices started to rise strongly, I immediately sold both, making decent money only to miss out on the actual price spike!
If you have time for this, why don't you consider managing someone else's property? Be aware that you are always on 24/7 alert in case of an emergency at any of the properties.
That's the article about Property Management: Starting a Fearful Business, I hope it's useful
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