Where would I begin to look for information on getting into property management? I understand it can be lucrative.
First, you’ll need to be a licensed Agent. Then I would contact your state’s real estate board and ask what is required.
My wife is a Realtor, so we have that part licked. Now, we’ll do our homework.
Thanks for the reply.
Your wife may need to be a licensed Real Estate BROKER rather than just an agent. A “Realtor” is a member of the National Board of Realtors, and subscribes to their Code of Ethics, but it is not a license.
In the two states I am familiar with a trust fund is required for holding owners’ rent and deposits. Only a licensed broker can have a trust fund.
Please check the rules in your state with your state Real estate commissioner as trust fund accounts are strictly regulated.
Furnishedowner
I can see how commercial would be far more profitable than residential property management, with an exception to that being higher end residential rentals ($2000+ per month rental rates, which are rare in my area) which would be worth it if you took 1 month’s rent up front for leasing out the property & took 10% per month.
Based on talking with agents and analyzing the different markets, commercial tenants require a lot less attention and maintenance - and the rental rates are higher per square foot in most cases.
In Texas in particular, this is a relativity “pro-landlord” state when it comes to residential real estate law. It’s EXTREMELY “pro-landlord” when it comes to commercial real estate law though. E.G. If a commercial tenant doesn’t pay the rent, all you have to do is slap a notice on the door, change the locks and you can legally keep EVERYTHING inside their store - even if the inventory is worth hundreds of thousands - if you do it right and they owe you enough money. Not to mention commercial leases here can be written to really mess over the tenant in other ways…e.g. NNN leases with lots of good clauses. Anyway, that only makes the commercial landlord AND owner’s life easier.
Thanks for the replies. We will be checking it out soon. Meanwhile, we have to figure out what to do with a tenant that is violating the lease. Just bought Propertymanager’s book and will read it cover to cover and then I may have some more questions. Thanks again.