One problem with starting property management company, could use some advice...
So I posted some of this over in the RealEstate subreddit to get property management advice, but thought I would see if Entrepreneur could help me with a business related issue I can't figure out how to handle. I currently work full time as an analyst/software developer (average 50-60 hr weeks) and make a decent buck, so this would be a side job for me. This is where the problem lies.
To spare the boring details, the large majority of the administrative portion of the business will be automated/outsourced. I have everything planned for/covered except for how I will get a human to deal with physical problems at units because I cannot figure out how to hire somebody to do the work without paying someone to sit on their ass while I build up a client base. I'll need somebody to meet with clients to sign contracts/leases, rent units when they become vacant, stop by properties to pick up any garbage, deal with lock outs, and maybe handle small repairs. In the beginning, this will be an independent contractor and the work will be very infrequent. Maybe a few hours a week. How would you guys find someone to fill this role? How would you pay them (% of units managed, hourly, flat fee)? I wouldn't have an office to start with, so where would you keep keys etc so the employee could access them but they were still secure?
Posted Jul 10, 2012, 4:24 AM UTC