business plan for property maintenance company

How to Start a Property Maintenance Business

If you're a property maintenance expert looking to take the next leap, you might want to start a business of your own. We've put together this detailed guide to walk you through the process from start to finish.

Start a Property Maintenance Business — Checklist Download

Use our free checklist in PDF format as a guide to starting your property maintenance business.

The property maintenance industry is booming. In 2024, the U.S. property management market is worth an estimated $81.52 billion. Forecasts suggest that the industry will grow by 3.94% per year by 2029 to become a $98.88 billion market. Maintenance and repairs account for a substantial proportion of property management services.

Considering the demand for property maintenance services, you may be wondering how to get your own business up and running within the industry. Read through the steps below to discover how to establish a successful property maintenance business.

Property Maintenance Business Plan — Free Template

Use our free template in Microsoft Word format to generate a property maintenance business plan.

How to Start a Property Maintenance Business:

If you're passionate about property maintenance and looking to turn your trade into a profitable business, you may want to branch out as a solopreneur or even a company with employees. Here's how to do just that.

• Decide whether starting a property maintenance business is for you.

Familiarize yourself with the industry, if needed.

Residential and nonresidential properties need a range of upkeep services to function optimally. These include interior and exterior cleaning, groundskeeping, painting, carpentry, locksmith services, drywall repair, as well as HVAC, electrical, and plumbing work, and much more.

Evaluate your training and experience.

Training requirements depend on the types of services you'll offer and whether you'll conduct these yourself. Cleaning and groundskeeping, for example, do not require the completion of formal training. However, you'll need formal training to render HVAC, electrical, and plumbing services.

Those who lack the requisite educational requirements may need to hold off on starting a property maintenance business until they have received formal preparation. Alternatively, it may be possible to delegate these tasks to suitably qualified individuals.

Consider the risks and challenges.

Property maintenance often requires intense physical labor as well as exposure to potentially harmful environmental conditions . Both of these will render you and/or your employees vulnerable to a host of short-term and sustained bodily injuries, or worse.

In addition, you may need to conduct after-hours work . This is particularly important during the initial stages of establishing a property maintenance business; it gives companies a competitive edge. This may even be necessary if the demand for property maintenance shrinks, as was the case during the recession.

If you're willing to face these challenges, then a property management business could be the right fit for you.

• Define the scope of your business.

Think about your interests and expertise.

By now, you should have a good sense of what you're qualified to do and where your passions lie. Use these insights to inform the type(s) of services you'll be offering.

Consider whether you'd like to work alone or in a team.

Perhaps you don't have the skills or capacity needed to perform the range of property maintenance services you'd like to conduct. If this is the case, consider whether you'd be opening to hiring one or more employees.

• Choose a business name.

Consider your offerings.

Foregrounding your services will help convey information about your business, which could attract clients. Start by jotting down all the ideas that spring to mind when you think about your offerings.

Try using synonyms, where possible — particularly if you don't want your business's name to be too on the nose. Online resources such as thesaurus.com can help with this.

If you get stuck, use NameSnack to find thousands of property maintenance business name ideas.

Discard ill-fitting names.

Among other things, your business's name should be easy to spell and pronounce, and congruent with your desired brand identity. Go ahead and weed out any ideas that don't fit these criteria.

See what your target market thinks of the remaining names.

Potential clients should be able to give you a sense of which names are informative and, brandable. They'll also be able to indicate which options are easy to spell and pronounce.

Create and share an online poll via social media to reach potential clients.

If you intend to offer residential property maintenance services, you should consider targeting home improvement groups.

Check trademark availability.

Once you have a sense of which name is a crowd favorite, you should check for existing trademarks . If there are none, consider filing a trademark application of your own.

Secure a domain name.

Visit the website of an ICANN-accredited provider such as Namecheap to check if your preferred domain name is available. If it is, proceed to register it.

• Form your property maintenance business.

Formulate a business plan.

Your business plan should outline the core objectives of your company, as well as measurable steps you will take to achieve these aims. The document will serve as both a roadmap and a tool to hold you accountable to yourself. It could also help you to articulate your ideas to others and to secure financial backing.

Your business plan should contain the following:

• Executive summary.
• Company overview.
• Market analysis.
• Marketing strategy.
• Financial summary.
• Future goals.

We've created a free property maintenance business plan template to help. You'll find it near the start of this page.

Choose a legal structure.

Property maintenance businesses can be structured in various ways. Key options include sole proprietorships, partnerships, corporations, and limited liability corporations (LLCs).

Given the litigious nature of the industry, it may be worth forming an LLC or a corporation. These options ensure limited to no personal liability. Unsurprisingly, many U.S. property maintenance companies have opted for one of these structures.

Obtain an Employer Identification Number (EIN).

Some businesses are not required to have an Employer Identification Number (EIN). However, if you decide to operate as a corporation or partnership, or if you intend to hire employees, then an EIN is mandatory.

Having an EIN is a sign of legitimacy in the industry. It often makes it easier to open a business bank account and to secure financing. You'll also be able to use your EIN in lieu of your Social Security number when conducting business, which could prevent identity theft.

Open a business bank account.

A business bank account will allow you to easily distinguish between personal and professional finances. It'll also be a sign of professionalism when dealing with clients and vendors.

For some, a business bank account is more than just a nice-to-have. The IRS requires that all incorporated businesses have a dedicated business bank account.

Purchase insurance.

Property maintenance businesses are susceptible to a range of risks. These include theft, accusations of negligence, and even accidental bodily harm to others. Thus, many business owners purchase general liability insurance, professional liability insurance, and commercial property insurance, at the very least. State regulations may require you to have workers' compensation coverage, even if you aren't an employer.

Obtain your licenses and permits.

Licensing requirements are contingent upon a number of factors. Typically, these include the region in which you intend to work, as well as the types of property maintenance activities that you will conduct.

View our list of the most salient, state-specific licensing information .

You'll notice that many states offer a minor work exemption — the ability to render services without a license if you don't exceed a specified dollar amount. Remember to inquire about this.

Note that the table doesn't account for local requirements. You should check in with your county clerk's office to obtain information about these.

For more detailed licensing information at the state level, be sure to contact your state's department of business regulation.

• Outline your funding requirements.

Calculate vehicle and related expenses.

Regardless of whether you're a sole proprietor or aiming to employ others, you'll likely need a vehicle to travel between work sites. This might mean using your own vehicle or leasing one, to begin with. Either way, you must be able to cover all associated costs.

Consider location-related costs.

Smaller businesses may be able to use a spare room, garage, or shed to store their supplies. Alternatively, you may wish to lease a warehouse with adequate storage space. While you don't need to sign any agreements just yet, it's important to have an idea of the applicable costs, if any, before attempting to secure funding for your business.

Determine the cost of supplies.

Regardless of which specific property maintenance services you intend to offer, you'll need a range of tools and equipment. We've rounded up some of the common ones for you.

Consider the nature of your work, as well as the guidelines prescribed by the Occupational Safety and Health Administration (OSHA) , when deciding what you'll need.

• Obtain funding.
• Ask family and friends.

Having formed your business and outlined your finding requirements, you'll need to get some cash. Consider asking loved ones, who might be personally invested in your success and thus, willing to back you financially. Loans from family and friends often present flexible payment terms as well as little to no interest.

• Try crowdfunding.

You'll be able to reach many potential investors by harnessing your friends' and family's networks.

Perhaps offer free maintenance services to donors who make sizable contributions to your campaign.

• Search for angel investors.

In addition to financing, they'll be able to offer you guidance on establishing a successful business within the industry. Though this avenue presents an opportunity for flexible terms, you may need to relinquish some control of your business.

Apply for a loan.

Small Business Administration (SBA) loans are federally-backed lending options that include longer repayment periods, capped interest rates, and smaller down payments. However, they can be difficult to qualify for.

Another option is to apply for a conventional bank loan , which should be processed fairly quickly. Note, however, that the repayment terms tend to be shorter and you'll likely need to provide collateral.

• Use a business credit card.

Business credit cards are fairly easy to obtain, and many providers offer a 0% annual percentage rate (APR) plus no annual fees during the first year. However, business credit cards can turn out to be costly in the long haul.

• Select and set up your location.

Find the perfect location.

At this point, you'll have decided whether to establish a base station at home or if you'd prefer to lease a warehouse. If you choose to do the latter, consider enlisting the services of a real estate agent. Ultimately, your chosen space should have ample storage for your equipment and supplies, as well as sufficient parking space (for yourself and your employees, if applicable).

Purchase your equipment and tools.

Having obtained funding, you can go ahead and purchase the supplies you'll need to get started.

You don't have to purchase the most expensive supplies, but be sure to weigh the initial cost of each item against its projected lifespan when deciding what to buy.

Search for bundled deals, particularly for power tools and common supplies (screws, nuts, bolts, etc.).

Be sure to review shipping-related restrictions when shopping online. Items such as hacksaws may not be eligible for delivery.

Clients who require specialized materials may be billed separately for these. However, you should discuss payment-related expectations before commencing each project.

Observe all pertinent storage regulations.

The OSHA has promulgated many regulations that apply to the stowing of certain maintenance and construction-related supplies. These are outlined in 29 CFR Part 1910 and in 29 CFR Part 1926 . Be sure to review them along with local guidelines to ascertain how they may dictate the layout of your space.

Remain guided by safety considerations.

You should always be mindful of safety, even in the absence of industry-specific regulations. For example, even nonhazardous materials should be stored in a manner that prevents toppling, rolling, and the obstruction of spaces where people may walk. If you intend to store your supplies at home, be sure that the garage, shed, or room from which you work remains locked when it isn't in use.

Keep your space well-organized.

Supplies should be stored intuitively from the outset. Consider creating labels and maintaining an updated inventory management system to promote easy access to your gear. Not only will this spare time, but you'll have a good idea of when to replenish your items.

• Hire staff, if needed.

Determine how many employees you need.

Having thought about the services you'd like to offer, you should have a good idea of how many staff members you'll need, and the functions they ought to perform.

Revisit your business plan if you need a refresher, but don't feel pressured to stay bound to your initial intentions. It's completely normal for these to change over time.

Advertise your vacancies.

You'll want to attract as many suitably qualified candidates as possible to ensure that you find the best fit for each position.

Consider posting your advert(s) on free job boards and across all of your social media platforms.

It could be useful to use an applicant tracking system if you end up receiving a large volume of interest.

Review candidates' resumes.

Once applications have closed, you'll need to review candidates' resumes and other supporting documentation to narrow your pool of applicants.

Many applicant tracking systems include a resume parsing tool that can help you do just this. Go ahead and use it if you're dealing with a large group of candidates.

Remember to ensure that shortlisted candidates comply with the requisite state and local licensing requirements.

Schedule interviews.

Having identified the top candidates, you can go ahead and arrange interview times with each of them.

Appoint the best candidate(s).

Once you've worked through each of the applicants' resumes and met with them, you should have sufficient information to extend job offers.

• Market your business.

Create and display your logo strategically.

In most instances, your logo will be the first point of contact between your business and prospective clients. Kick-off your marketing process by creating a visually interesting logo that encapsulates the purpose of your business. It should be displayed on all marketing materials including bumper stickers, uniforms, leaflets, etc.

If you need a hand, consider writing down (and possibly even sketching) your initial ideas and then taking these to a professional.

Create some leaflets.

Be sure to note the range of services that you offer, as well as important contact details. You could also include a few before and after photos of your best work.

Distribute your leaflets.

Be sure to focus on the neighborhood in which you'll be working. With permission, you could also leave these at local hardware and furniture stores.

• Build and maintain an updated website.

At this point, you should create a website that contains detailed information about your offerings. Also include contact information, as well as links to your social media accounts. As work comes in, you'll be able to include a photo gallery of completed projects.

Harness social media.

Both Facebook and Instagram are great platforms for sharing visual content, which you'll want to do. These also offer opportunities for direct engagement with prospective and existing clients.

Remember to include a link to your business's website wherever possible.

Forge strategic partnerships.

Perhaps your neighborhood supermarket or restaurant is in need of maintenance. Consider offering your services in exchange for advertising.

Use local SEO.

Many searches have local intent. That is, searches are often made with the aim of yielding location-specific information. In your case, clients are going to want to know about nearby property maintenance businesses — and you'll want to pop up in their search results.

Start by registering for Google My Business.

Next, create a Yelp Business Page.

Urge clients to post reviews of your work.

Continue to study and implement other techniques.

It might help to enlist the services of an experienced professional.

Take stock of your supplies.

Before you start tackling projects, you'll want to make sure that you've purchased everything you need. Property maintenance software can help you do just this.

If your preferred solution lacks the appropriate features, perhaps opt for dedicated inventory management software. There are free and paid options.

Prepare your schedule.

As maintenance requests roll in, you'll want to keep track of these.

Be sure to do the same for your employees, if applicable.

Try using scheduling software if a standard, online calendar doesn't suffice.

Shop for job-specific supplies.

Highly specific projects might require specialized supplies. Be sure to purchase these in anticipation of upcoming projects once they've been scheduled.

Review directions to worksites ahead of time.

This is something you'll want to do as a matter of course, particularly when you aren't familiar with the area you'll be working in. However, it's especially important when you're starting out and wanting to form a great reputation for your business.

Gather all the pertinent tools before seeing your first clients.

Finally, you'll want to round up all the supplies you'll need for your first week of operations. This should help avoid a last-minute scramble while also ensuring that you don't forget important supplies.

Tips from Property Maintenance Business Owners:

Source	Quote
	"Part of the time it is listening to what they want and then asking the right questions or repeating it back so everyone is on the same page. Consider taking notes instead of just thinking [that you remember] which picture goes where, which towel bar goes where, etc. If you have to constantly ask the client over and over about things that does not look good.Having just about everything in the trailer is important also."
	"Tools are all organized by trades; even though it means I have doubles (and triples) of a lot of things. Life's just a lot easier when you can grab the right toolbag & just go. Discovering that you forgot a tool, once you're there, can cost more than you're making on these little jobs."
	"I'm learning that when you develop your business in whatever way, it is a full on steep learning curve until things settle down and then you wonder what all the fuss was about."

State-Specific Licensing Information:

State	Salient Licensing Information
Alabama	Need to be licensed for swimming pool projects worth more than $5,000, residential projects worth more than $10,000, as well as commercial and industrial projects worth more than $50,000.
Alaska	(residential/commercial projects up to $10,000). (commercial work/residential remodel services worth less than 25% of the structure's value). (can do residential work that costs more than 25% of the structure's value). (allows use of up to 3 specified trades).
Arizona	None for projects worth less than $1,000 unless a permit is required. There are for residential and commercial work, plus dual licenses that allow residential and commercial work.
Arkansas	None for residential projects worth less than $2,000. Home Improvement Specialty License, Residential Remodelers License, Residential Builders License. Restricted (only projects up to $750,000) and Unrestricted (no limit).
California	None for projects under $500. Otherwise, you will likely need at least one license that falls within the or categories.
Colorado	None.
Connecticut	Those who intend to make any permanent alterations to residential property must register as Home Improvement Contractors.
Delaware	No trade license. Need a (for revenue purposes) in order to bid on jobs worth $50,000 or more.
Florida	No specific Handyman license, but the scope of work is restricted. Otherwise, licenses typically fall under : (lets you work throughout the state) and (limits holders to a specific jurisdiction). You can pick which type to apply for.
Georgia	Four types of contractor licenses for projects exceeding $2,500: (selected one-and-two-family residences); (family residences + light commercial buildings/structures); (all general contracting duties; max. $500,000 projects); (all general contracting duties; unlimited dollar amount).
Hawaii	None for jobs under $1,000 that don't require permits. Otherwise, there are two pertinent licensing classifications: and
Idaho	None. However, those who engage in construction jobs worth $2,000 or more must register with the Idaho Contractors Board.
Illinois	None.
Indiana	None.
Iowa	None. However, construction contractors who earn $2,000 or more per year must be registered with the Iowa Division of Labor.
Kansas	None.
Kentucky	None.
Louisiana	for most projects worth $75,000 or more. for most projects worth $50,000 or more. those working on home improvement contracts valued between $7,500.01 and $75,000 must register with the Louisiana State Licensing Board for Contractors.
Maine	None.
Maryland	if performing common alterations. No other state-issued licenses for general contract work.
Massachusetts	if performing common alterations. Common licenses: (limited to a specified trade); (can supervise construction, etc. on max. two-family units + accessories); (can supervise construction, etc. on any type of building under 35,000 cubic ft.).
Michigan	Applicable to projects worth $600 or more: (e.g., carpentry, tiling, insulation work), (construction on residential residential + commercial structures).
Minnesota	For those with an annual income of $15,000 or more: (can work on existing structures); (can work on existing structures + build new ones).
Mississippi	License not needed for smaller projects. Noteworthy licenses: (required for jobs over $10,000) and (required for projects over $50,000, although rules differ when work is related to fire protection systems).
Missouri	None.
Montana	None, but construction contractors who have employees have to register with the Department of Labor and Industry.
Nebraska	None.
Nevada	Can conduct many projects worth $1,000 or less without a license. Two pertinent licensing classifications: (includes 36 options) and (for remodeling and construction that requires the use of 2+ unrelated building trades).
New Hampshire	None.
New Jersey	You'll need a if you offer clients financing. All Home Repair Contractors must register with the New Jersey Division of Consumer Affairs.
New Mexico	Classifications include, inter alia, and There are many more. Submit a for further information.
New York	None.
North Carolina	Generally, you'll only need to obtain a license to work on projects worth more than $30,000. Pertinent classifications: (designated trades/activities); (residential construction and demolition work + other selected activities); (can perform construction and demolition work).
North Dakota	Generally, you only need a license for projects that cost more than $4,000. (max. $100,000 per job); (max. $300,000 per job); (max. $500,000 per job); (over $500,000 per job).
Ohio	None.
Oklahoma	None.
Oregon	You'll need a contractor license for . There are
Pennsylvania	None, but Home Improvement Contractors who earn between $5,000 and $50,000,000 per year must register with the Office of Attorney General.
Rhode Island	None, but you must register with the Contractors’ Registration and Licensing Board if you perform home improvement projects valued at over $500 each.
South Carolina	You'll need a license to conduct residential projects worth over $200 and commercial projects worth over $5,000. Pertinent categories: (residential work that necessitates the use of specialized trades or crafts); (residential projects between $200 and $5,000); (selected residential, commercial, and industrial work); (selected residential, commercial, and industrial work).
South Dakota	None.
Tennessee	You'll need a for projects worth $25,000 or more. . All licenses are assigned a .
Texas	None.
Utah	No license needed for projects up to $3,000. License classifications: (residential and commercial work of a limited scope); (any type of structure); (industrial settings).
Vermont	None.
Virginia	You'll need a license for projects worth over $1,000. Three license classifications: (no maximum dollar amount); (max. $120,000 per project; max. total of $750,000 per year); (max. $10,000 per project; max. total of $150,000 per year). You'll need to choose your specialty for each.
Washington	None, but you must register with the Washington State Department of Labor & Industries.
West Virginia	No license needed for projects that cost $2,500 or less (must count work by others). Otherwise, you'll likely need a . .
Wisconsin	No universal General Contractor's license. You may need .
Wyoming	None.

Note that those who hold a particular license in one state may be eligible for the equivalent license in another state without having to pass an examination. This is called licensure by reciprocity. Be sure to inquire about existing reciprocity agreements if you hold a license that was not awarded by the state in which you intend to work.

As highlighted, the aforementioned table does not present an exhaustive account of state-level licensing requirements. Moreover, it does not account for local regulations. To learn more about all the applicable licensing and permitting requirements, be sure to contact your state's department of business regulation, as well as your county clerk's office. For peace of mind, you may even want to consult an attorney.

Common Supplies for Property Maintenance:

Product	Price Range
Toolbox	$16.76-$541.84
Carpenter pencils	$0.51-$5.43 ea.
Black permanent markers	$1.84-$5.16 (2 pk.)
Flashlights	$8.89-$100.00+
Headlamp	$9.47-$168.98
Work light	$5.86-$67.45
Spirit level	$5.86-$67.45
Heavy-duty scissors	$6.02-$52.50
Heavy-duty scraper set	$5.99-$68.37
Hex key set	$2.84-$55.69
Screwdriver set (incl. Torx and flat head screwdrivers)	$12.87-$235.23
Wrench set	$12.87-$400.00+
Ratchet and socket set	$9.68-$300.00+
Multipurpose plier set	$16.99-$300.00+
Utility knife	$0.99-$139.99+
Rip hammer	$7.97-$319.88
Corded drill	$24.48-$409.97
Cordless drill	$26.99-$660.00
Hacksaw (10+ in.)	$5.79-$68.44
Circular saw	$28.64-$599.99
Reciprocating saw	$37.26-$426.44
Detail sander	$19.83-$381.54
Shovel	$9.99-$145.13
50 ft. extension cord	$12.99-$202.38
Power strip	$1.99-$109.00
3-step folding step stool	$23.99-$89.99
8 ft. step ladder	$82.99-$405.99
GPS navigation device	$50.00-$250.00+

Property Maintenance Logos

What is a property maintenance company?

Property maintenance companies work to preserve and improve the condition of residential and/or nonresidential premises, including buildings and the grounds on which they are situated. Some companies cover all aspects of property maintenance , while others specialize in one or more services.

How do I start my own property maintenance business?

• Get ready to open.

What does property maintenance include?

• Interior and exterior cleaning.
• Groundskeeping.
• Locksmith services.
• Drywall repair.
• Window replacement.
• Roof repair.
• Concrete patching.
• Pest control.
• HVAC services.
• Electrical work.
• Plumbing activities.

How much does it cost to start a property maintenance business?

Startup costs depend on factors like equipment and licensing needs, as well as business formation, banking, and insurance requirements. Some suggest that handymen can start a one-person business for $1,000 or less. However, many will likely pay between $2,000 and $4,000. Those who lease commercial premises and vehicles, and who hire staff, need significantly more funding; likely $15,000 or more.

How much do property maintenance companies make per year?

It depends on the type of business. Self-employed handymen, for example, tend to earn between $16.34 and $58.72 per hour , which roughly equates to between $34,00 and $123,00 per year. Businesses that offer more specialized services, and those who hire employees, likely have a much greater earning potential.

How can I fund my property maintenance business?

• Apply for an SBA loan.
• Apply for a conventional bank loan.

How can I market my property maintenance business?

• Design a logo and display it prominently on promotional materials.
• Create and disseminate leaflets.
• Harness social media platforms like Facebook and Instagram.
• Offer your services to established companies in exchange for free advertising.
• Register for Google My Business and Yelp.
• Ask clients to post reviews of your services once you get started.

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Property Management Business Plan Template

If you want to start a property management business or expand your current one, you need a business plan.

Over the past 20+ years, we have helped over 7,000 entrepreneurs and business owners create business plans to start and grow their property management companies.

Below are links to each section of your property management business plan template:

Next Section: Executive Summary >

Property Management Business Plan FAQs

What is the easiest way to complete my property management business plan, what is a property management business plan, why do you need a business plan for a property management company, what are the sources of funding for a property management business.

With regards to funding, the main sources of funding for a property management business are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable. But they will want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.

The second most common form of funding for a property management business is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding, or, like a bank, they will give you a loan.

Where can I download a Property Management Business Plan PDF?

PROPERTY MANAGEMENT BUSINESS PLAN OUTLINE

• Property Mgmt Business Plan Home
• 1. Executive Summary
• 2. Company Overview
• 3. Industry Analysis
• 4. Customer Analysis
• 5. Competitive Analysis
• 6. Marketing Plan
• 7. Operations Plan
• 8. Management Team
• 9. Financial Plan
• 10. Appendix
• Property Mgmt Business Plan Summary

Other Helpful Business Plan Articles & Templates

Property Management Business Plan Template & PDF Example

• August 26, 2024
• Business Plan

Creating a comprehensive business plan is crucial for launching and running a successful property management business. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your property management business’s identity, navigate the competitive market, and secure funding for growth.

This article not only breaks down the critical components of a property management business plan, but also provides an example of a business plan to help you craft your own.

Whether you’re an experienced entrepreneur or new to the real estate industry, this guide, complete with a business plan example, lays the groundwork for turning your property management business concept into reality. Let’s dive in!

Our property management business plan is designed to cover all essential aspects needed for a comprehensive strategy. It outlines the property management operations, marketing strategy, market environment, competitors, management team, and financial forecasts.

• Executive Summary : Offers an overview of the property management business concept, market analysis , management, and financial strategy.
• Services & Fees: Details the range of property management services offered, including tenant placement, maintenance coordination, and financial administration, along with a clear breakdown of the fee structure for each service.
• Key Stats: Shares industry size , growth trends, and relevant statistics for the property management market.
• Key Trends: Highlights recent trends affecting the property management sector, such as technological advancements and urbanization.
• Key Competitors: Analyzes main competitors in the area and how the business differentiates from them in terms of service quality and technological innovation.
• SWOT: Strengths, weaknesses, opportunities, and threats analysis.
• Marketing Plan : Strategies for promoting the property management services to attract and retain property owners and investors.
• Timeline : Key milestones and objectives from start-up through the first year of operation.
• Management: Information on who manages the property management business and their roles.
• Financial Plan: Projects the business’s financial performance, including revenue, profits, and expected expenses.

Property Management Business Plan

Fully editable 30+ slides Powerpoint presentation business plan template.

Download an expert-built 30+ slides Powerpoint business plan template

Executive Summary

The Executive Summary introduces your property management business plan, providing a succinct overview of your company and its services. It should detail your market positioning, the range of property management services you offer, including residential, commercial, or specialized properties you manage, its location, size, and an outline of day-to-day operations.

This section should also discuss how your property management business will integrate into the local real estate market, including the number of direct competitors within the area, identifying who they are, along with your company’s unique selling points that differentiate it from these competitors. This could include specialized services, exceptional customer service, innovative technology use, or strong community ties.

Furthermore, you should include information about the management and co-founding team, detailing their roles and contributions to the company’s success. Experience in real estate, business management, or specific property management skills could be highlighted here.

Additionally, a summary of your financial projections, including revenue and profits over the next five years, should be presented here to provide a clear picture of your company’s financial plan. This may include growth strategies, potential market expansion, and plans for scaling operations to meet market demands.

Property Management Business Plan Executive Summary Example

Business Overview

The  business overview  of Prime Property Managers should detail the company’s operational structure, including the range of property management services offered and the number of agents. It’s important to emphasize the diverse revenue streams and how the company caters to the needs of its  target market  in the Austin area.

Example: Prime Property Managers, headquartered in Austin, Texas, boasts a team of 5 certified property management agents. The company offers comprehensive services like tenant screening, maintenance, and legal compliance. Its revenue streams include management fees and various service charges, catering to urban residential and commercial properties in Travis County.

Market Overview

A  market analysis  for the property management industry should include an evaluation of the industry’s size, growth trajectory, and emerging trends. This analysis positions your business within the broader industry and identifies key areas where you can capitalize on current market demands and shifts.

Example: Prime Property Managers is part of a U.S. property management market valued at $99.5 billion. With 326,000 companies managing properties nationwide, the market offers  opportunities  for differentiation through quality service and technological advancements. The company’s focus on tech-enabled services and eco-friendly solutions aligns with current industry trends.

Management Team

This section should outline the background and expertise of the management team, highlighting how their experience in real estate and operational management contributes to the strategic direction and operational success of Prime Property Managers.

Example: The CEO, with 15 years in real estate management, leads the company’s strategic initiatives and client relations. The COO, experienced in operational management and technology, oversees the integration of innovative solutions to enhance service efficiency.

Financial Plan

The financial plan overview should include revenue targets and profit margin goals. This section provides a clear picture of the financial aspirations of Prime Property Managers and its projected financial health and growth.

Example: Prime Property Managers aims to achieve $2.4 million in annual revenue with a 16%  EBITDA  margin by 2028. This ambitious yet achievable target is underpinned by a strategic approach to market positioning, operational efficiency, and a focus on leveraging technology in property management.

Services & Fees

Detail the range of property management services offered, from tenant screening and leasing to maintenance, repairs, and financial reporting. Outline your pricing strategy , ensuring it reflects the quality and comprehensiveness of services provided and aligns with the market you’re targeting.

Highlight any value-added services, such as 24/7 emergency response, online tenant and owner portals, or energy efficiency programs, that differentiate your business from competitors, encouraging long-term contracts and client loyalty.

Industry size & growth

In the Market Overview of your property management business plan, start by examining the size of the property management industry and its growth potential.

This analysis is crucial for understanding the market’s scope and identifying expansion opportunities, such as emerging real estate markets, shifts in residential and commercial property ownership, and the increasing demand for professional property management services due to the complexity of managing properties.

Key market trends

Proceed to discuss recent market trends , such as the growing importance of technology in property management, including the use of property management software for efficiency, the rise of smart home technology in residential properties, and the emphasis on sustainable and green building practices.

For example, highlight the demand for services that cater to energy-efficient buildings, the integration of smart home devices in property management, and the increasing expectation for online tenant services and communications.

Competitive Landscape

A  competitive analysis  is not just a tool for gauging the position of your property management service in the market and its key competitors; it’s also a fundamental component of your business plan.

This analysis helps in identifying your property management service’s unique selling points, essential for differentiating your business in a competitive market.

In addition, competitive analysis is integral in laying a solid foundation for your business plan. By examining various operational aspects of your competitors, you gain valuable information that ensures your business plan is robust, informed, and tailored to succeed in the current market environment.

Identifying Your Competitors in Property Management

The initial phase of a competitive analysis involves identifying and comprehending the landscape of your competitors in the property management sector. Begin by delineating local property management firms, real estate agencies, and freelance property managers operating within your targeted areas.

For instance, if your service specializes in residential property management, your direct competitors might include established property management companies known for their expertise in maintaining residential properties. However, don’t disregard indirect competitors like real estate agencies that offer property management services as part of their comprehensive real estate solutions.

Online resources like industry directories, property management association listings, and real estate platforms can aid in mapping out the competition. Additionally, platforms such as Yelp or Google Reviews might offer valuable insights through client feedback, highlighting competitors’  strengths , like prompt maintenance services or exceptional tenant relations.

Property Management Competitors’ Strategies

Examining the strategies employed by competitors involves a multifaceted approach:

• Service Offerings:  Scrutinize the array of services provided by competitors. For instance, if a rival company, “Efficient Property Management,” is gaining traction due to its integrated smart home solutions, it signifies a trend towards technology-driven property management services.
• Management Approach:  Consider the management style adopted by competitors. A firm like “Community Care Properties,” known for its personalized approach and community engagement, might attract a different clientele compared to a larger-scale company focused on efficient and scalable operations.
• Pricing Structure :  Compare pricing models offered by competitors. Assess whether your service aligns with budget-friendly options akin to “Value Estate Management” or caters to premium clientele similar to “Elite Property Services.”
• Marketing Strategies :  Analyze competitors’ marketing tactics. Are they leveraging digital marketing extensively or relying more on traditional advertising methods? Understanding their  marketing channels  helps shape your promotional strategies.
• Client Experience:  Evaluate the customer experience provided by competitors. Perhaps “Reliable Rentals Management” excels in tenant satisfaction through quick issue resolution, while “Eco Living Properties” prioritizes eco-friendly practices, appealing to environmentally conscious landlords and tenants.
• Operational Efficiency:  Observe if competitors are leveraging technology for streamlined property maintenance and client communication, such as “Tech-Savvy Estates,” utilizing advanced property management software.

What’s Your Property Management Service’s Value Proposition?

Delve into your property management service’s  unique value proposition . It could be your specialization in managing luxury properties, a focus on sustainable property maintenance practices, or an emphasis on fostering strong landlord-tenant relationships.

Identify market gaps through tenant and landlord feedback, industry trends, and unmet demands. For instance, the rising interest in eco-friendly properties could represent an opportunity if competitors have not tapped into this niche.

Consider your  target market  and location. Tailor your property management services to suit the specific needs of landlords and tenants in your area, whether it’s catering to upscale neighborhoods with personalized services or catering to student housing areas with cost-effective solutions.

First, conduct a SWOT analysis for the property management business, highlighting Strengths (such as experienced management team and comprehensive property management solutions), Weaknesses (including potential scalability issues or limited market presence), Opportunities (for example, expanding real estate markets and increasing demand for rental properties), and Threats (such as regulatory changes affecting property management or economic factors impacting real estate investments).

Marketing Plan

Next, develop a marketing strategy that outlines how to attract and retain property owners and investors through targeted advertising, competitive service offerings, an engaging online presence, and involvement in local real estate communities. Focus on demonstrating your company’s value proposition , such as reducing property owners’ operational burdens, maximizing rental income, and maintaining high tenant satisfaction levels.

Marketing Channels

Utilize various marketing channels to establish brand awareness, engage with property owners, and attract new clients.

Digital Marketing

• Website and SEO:  Develop a user-friendly website showcasing your services, client testimonials, and educational content about property management. Optimize it for local SEO to rank higher in search engine results.
• Content Marketing:  Produce informative blog posts, guides, or videos addressing property management challenges, investment tips, and  market trends  to position your business as an industry authority.
• Email Marketing:  Build an email list and send newsletters with updates on the real estate market, new property listings, and management strategies.

Local Advertising

• Networking and Events:  Attend local real estate meetups, industry conferences, and property investment seminars to network with potential clients and establish credibility.
• Sponsorships and Partnerships:  Collaborate with real estate agencies, home improvement businesses, or local chambers of commerce to sponsor events or offer joint promotional deals.

Promotional Activities

• Free Consultations:  Offering complimentary property management consultations allows prospective clients to experience the quality of your services firsthand. These consultations are an opportunity to showcase your expertise, address their concerns, and propose tailored solutions, thereby increasing the likelihood of acquiring new clients.
• Referral Programs:  Implementing referral programs incentivizes existing clients to refer your services to other property owners. Rewards, such as discounts on management fees or additional services, motivate clients to advocate for your business within their networks, driving referrals and expanding your client base.

Sales Channels

Implement effective sales strategies to convert leads into clients and maximize revenue streams.

Consultative Sales

• Personalized Proposals:  Tailoring personalized proposals addressing the unique needs of property owners demonstrates your understanding of their concerns. Offering solutions that align with their property management requirements strengthens your position as a trusted partner.
• Client Education:  Client education is key; providing valuable information on regulatory updates, rental market trends, and how your management services can optimize their property’s performance adds value and enhances the client’s understanding of the benefits your services offer.

Online Booking and Sales

• Client Portals:  User-friendly client portals offering comprehensive access to property-related information, financial reports, maintenance updates, and tenant information streamline communication and foster transparency. This convenience enhances the client’s experience and facilitates effective decision-making.
• E-Signatures and Contracts:  E-signatures and digital contracts simplify the process of onboarding new clients. Implementing secure online platforms for contract signing minimizes administrative hurdles, expediting the client acquisition process.

Subscription-Based Services

• Tiered Service Packages:  Offering tiered service packages allows property owners to choose services that align with their needs. Options ranging from basic maintenance to comprehensive tenant management cater to diverse client preferences, increasing the appeal of your services.
• Retainer Agreements:  Long-term retainer agreements with discounted rates for bundled services incentivize property owners to commit to your services for an extended period, ensuring stable revenue streams and fostering long-term relationships.

Strategy Timeline

Finally, create a detailed timeline that outlines critical milestones for the property management business’s establishment, marketing initiatives, client portfolio growth, and service expansion objectives. This timeline should ensure the business progresses with clear direction and purpose, setting achievable goals for short-term wins and long-term growth.

The Management section focuses on the property management business’s management and their direct roles in daily operations and strategic direction. This part is crucial for understanding who is responsible for making key decisions and driving the property management business towards its financial and operational goals.

For your property management business plan, list the core team members, their specific responsibilities, and how their expertise supports the business.

The Financial Plan section is a comprehensive analysis of your financial projections for revenue, expenses, and profitability. It lays out your property management business’s approach to securing funding, managing cash flow, and achieving breakeven.

This section typically includes detailed forecasts for the first 5 years of operation, highlighting expected revenue, operating costs and capital expenditures.

For your property management business plan, provide a snapshot of your financial statement (profit and loss, balance sheet, cash flow statement), as well as your key assumptions (e.g. number of customers and prices, expenses, etc.).

Make sure to cover here _ Profit and Loss _ Cash Flow Statement _ Balance Sheet _ Use of Funds

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How To Start A Maintenance Business

If you’re thinking about starting your own maintenance or handyman business, you’re on the right track. Maintenance businesses are always in high demand, and with a little hard work and some planning, you can make your business a success. Here are a few tips to help get you started. First, be sure to target your market carefully. Identify who needs your services and figure out how to reach them. You’ll also need to have a strong branding strategy in place so that potential customers know what sets you apart from the competition. And finally, don’t forget to invest in good marketing materials that highlight your services and attract attention. With these tips in mind, you’re ready to start building your own successful maintenance business!

Learn property maintenance industry

The market for property upkeep is exploding. In 2012, the outsourced services industry was worth $143.1 billion in the United States, according to Statista. The market was predicted to rise to a $176.5 billion market in 2017 and would continue growing until at least 2022, according to forecasts at the time.

The housekeeping industry encompasses a wide range of employment. Residential maintenance work is one of the most significant revenue-generating tasks in the field. The average cost to maintain a home in 2018 was $3,067 per year. Portland, OR, and Fort Lauderdale, FL had the highest and lowest expenditures, respectively.

Non-residential property maintenance services are also in high demand. In 2012, these goods made up 55% of the overall industry income. Residential property maintenance income has most likely exceeded this figure, but nonresidential services continue to propel the market forward.

If you’re starting a business that provides property maintenance services, there are a few things you need to know about the industry. This includes understanding the different types of services that are commonly provided, the equipment and tools that are typically used, and the target market for this type of business.

When it comes to providing property maintenance services, there are two main types of businesses: those that focus on residential properties and those that focus on commercial properties. There are also businesses that provide both types of services.

The most common type of property maintenance service is lawn care. This can involve anything from mowing the lawn to trimming hedges and trees. Other common services include power washing, painting, and repairs.

To provide these services, businesses will need to invest in some basic equipment, such as lawnmowers, trimmers, and power washers. They may also need to purchase insurance to protect themselves from liability.

The target market for a property maintenance business is typically homeowners or businesses. Homeowners are often looking for someone to help them with yard work or minor repairs around the house. Businesses, on the other hand, may need someone to maintain their landscaping or handle any repair needs they have.

Choose the scope of your business

To get started in the maintenance business, you’ll first need to decide on the scope of your services. Will you be providing general maintenance and repairs, or will you specialize in a particular area like HVAC or electrical work? Consider your skill set and experience when making this decision.

Once you’ve decided on the scope of your business, you’ll need to create a business plan. This will help you map out the steps you’ll need to take to get your business up and running. Be sure to include information on your target market, pricing, and how you’ll promote your services.

Create a home maintenance business plan

If you’re thinking of starting your own home maintenance business, then you’ll need to create a solid business plan. This document will outline your business goals, strategies, and how you plan on achieving them. It’s important to have a detailed property maintenance business plan when starting any new business, as it will help keep you on track and ensure that your business is successful.

When creating your home maintenance business plan, there are a few key points to keep in mind:

1. Define your business goals and objectives. What do you want to achieve with your business? What are your long-term and short-term goals? Having a clear understanding of your goals will help you create a more focused and effective business plan.

2. Research your industry and target market. It’s important to have a good understanding of the home maintenance industry and who your target market is. This information will help you create marketing strategies that are more likely to be successful.

3. Create a detailed marketing plan. Once you know who your target market is, you can start creating a marketing plan that will reach them. Be sure to include both online and offline marketing techniques in your plan.

4. Develop a pricing strategy. Knowing how much to charge for your services is crucial to your success. Be sure to research your competition and develop a pricing strategy that will allow you to be competitive while still making a profit.

5. Create a financial plan. In order to make your home maintenance business successful, you’ll need to have a solid financial plan in place. This plan should include your start-up costs, operating expenses, and how you plan on generating revenue.

Calculate the necessary costs for your property maintenance business

In order to calculate the necessary costs for your property maintenance business, you will first need to determine how much money you will need to start and operate your business. To do this, you will need to consider the following factors:

• The cost of your equipment
• The cost of your supplies
• The cost of your labor
• The cost of your overhead

After you have considered all of these factors, you will then be able to determine how much money you will need to start and operate your business. Once you have this information, you can then begin to create a business plan and budget for your new venture.

If you need help getting started, there are many resources available to assist you. The Small Business Administration (SBA) is a great place to start. They offer counseling, training, and financing assistance to small businesses. In addition, your local chamber of commerce or economic development organization can also provide you with information and resources. Finally, don’t forget to speak with your accountant or financial advisor to get their input on how to start and operate your new business. With their help, you will be well on your way to success!

Register process for your maintenance business

First, you will need to decide on the business structure of your company. You can choose to be a sole proprietor, partnership, or corporation. Each type of business has its own advantages and disadvantages. Once you have chosen the business structure, you will need to obtain the necessary licenses and permits from the government. You will also need to open a business bank account and get insurance for your company.

Next, you will need to create a business plan. This document will outline your company’s goals, strategies, and how you plan on achieving them. The business plan should also include a marketing strategy. This is how you will let potential customers know about your company and what services you offer.

Once you have everything in place, you can start marketing your company and looking for customers. You can use various marketing channels such as online advertising, print ads, or even word-of-mouth.

It is important to always provide excellent customer service. This will ensure that your customers are happy and will continue to use your services. If you provide good value for their money, they will also be more likely to refer you to their friends and family.

Building a successful maintenance business takes time and effort. However, if you are organized and have a good business plan, it is definitely achievable. Just make sure to always put your customers first and deliver quality services.

Get the necessary permits and licenses

A property maintenance company requires a business license, as well as any additional permits and licenses that may be required by the state or local municipality. The business owner should check with their state’s Department of Business Regulation to determine what is required. In addition, the company will need insurance coverage for its employees and any vehicles used in the course of business. Finally, the company will need to have a solid business plan in place detailing how it plans to generate revenue and profit. With these key components in place, a property maintenance company can be up and running quickly and efficiently.

Employer identification number

You will need to obtain an Employer Identification Number (EIN) from the IRS in order to hire staff for your company.

You can apply for an EIN online, by mail, or by fax.

Open a business bank account

Opening a business bank account is a key step in starting any business, but it’s especially important for businesses that will be dealing with large amounts of cash, such as maintenance businesses. A business bank account can help you track your expenses and income, which is essential for tax purposes. It can also help you build business credit and establish a relationship with a financial institution that can provide funding for your business in the future. You’ll need to provide your business name, address, contact information, and tax identification number when you open the account. Sole proprietorships and partnerships can use their personal Social Security number as a tax ID.

While choosing a bank account for your own business, you should also decide how you will accept payments. You can use field complete property maintenance software for accepting your payments on site. This will save you time and money as you don’t have to go to the bank to deposit checks.

How to fund your own property maintenance business

You will need some start-up capital to get your property maintenance business off the ground. You can either save up the money yourself or apply for a loan from a bank. The amount of money you will need will depend on the size and scope of your business.

To start a small property maintenance business, you will need around $5,000. This will cover the cost of tools, equipment, and marketing. If you are starting a larger business, you will need more money to cover the costs of hiring staff and renting office space.

Purchasing your first piece of equipment

If you’re starting a maintenance business, there are some key pieces of equipment you’ll need to get started.

First, you’ll need a truck or van to transport your equipment and supplies. You’ll also need ladders, tools, and other equipment necessary for the type of maintenance work you’ll be doing.

Insurance for your property maintenance business

Another important consideration when starting a maintenance business is insurance. You’ll need to make sure you have the right insurance in place to protect your business from any potential risks.

You should speak with an insurance agent to determine the type of coverage you need for your business.

Getting the word out about your property maintenance business

Once you have your equipment and insurance in place, you’ll need to start marketing your business. There are a number of ways to market a property maintenance business, including online and offline methods.

Some offline marketing methods include distributing flyers and door hangers in neighborhoods where you’d like to work. You can also offer discounts or special promotions to attract new customers.

Choose a brand name

Your brand is how your customers will perceive you, so it’s important to choose a name that reflects the image you want to project.

You’ll also need to make sure the name you choose is available as a domain name (for your website) and as a business name with your state’s Secretary of State office.

Make the website

While you can start taking customers without a website, it’s important to have one as soon as possible so you can start building your brand online.

You can create a simple website yourself using a platform like WordPress, or you can hire a web designer to create something more sophisticated.

Hire staff for your property maintenance company

A successful property maintenance business consists of a team of professionals who can provide quality services to customers. When hiring staff , be sure to look for individuals who have experience in the field and who are knowledgeable about the latest trends in maintenance.

It’s also important to find employees who are reliable and trustworthy, as they will be working in people’s homes and businesses.

Perform background checks on all potential employees and make sure to verify references.

It’s also a good idea to have new hires sign a contract that outlines your expectations for their job performance.

Determine how many employees you need

The number of employees you need will depend on the size and scope of your business. A small business may only need two or three employees, while a larger operation may need ten or more.

Be sure to consider how much work you can realistically handle and how much you can afford to pay in wages.

Offer employee benefits

In order to attract and retain good employees, it’s important to offer competitive wages and benefits. Some benefits you may want to offer include health insurance paid vacation, and 401(k) plans.

If you can’t afford to offer all of these benefits, try to at least offer some type of health insurance plan. This will help you attract and retain quality employees.

Develop systems and procedures

In order to run a successful property maintenance business, you’ll need to develop systems and procedures for how things are done. This will help ensure that your employees are providing quality services and that work is being completed in a timely manner.

Some things you’ll need to develop procedures for include scheduling appointments, handling customer inquiries, and performing maintenance tasks.

Get a skilled manager for your projects

A skilled project manager is essential for any size property maintenance business. He or she will be responsible for coordinating the work of the staff, ensuring that projects are completed on time and within budget, and keeping customers updated on the status of their projects. He should also have a strong understanding of how to market the business and generate new leads.

Advertise your vacancies

There are a few key ways to get the word out about your maintenance business and to hire the best staff. Start by advertising your vacancies online and in local newspapers or job boards. You can also post flyers in public places or hand out business cards to people you meet. Make sure to list all of the requirements for the position and what the ideal candidate would be like.

Another great way to find qualified candidates is to ask for referrals from people you know and trust. If someone you know has a background in maintenance or running a business, they may be able to recommend someone who would be perfect for the job. You can also look for candidates through online job postings and websites like Indeed or LinkedIn. Once you’ve found a few candidates, take the time to interview them and see if they’re a good fit for your company.

By taking the time to hire the right staff, you’ll be setting your maintenance business up for success.

Market your business

Starting a maintenance business can be a great way to become your own boss and earn a good income. However, as with any business, there is a lot of work involved in getting started. The first step is to market your business. You will need to create a brand that potential customers can trust and feel confident using. This can be done by creating a strong online presence and developing marketing materials that highlight the benefits of your services.

In addition to marketing, you will also need to develop a business plan. This should include an overview of your business goals, how you intend to achieve them, and what expenses you anticipate incurring along the way. Maintenance businesses require significant start-up costs, so it is important to have a clear understanding of your financial needs before getting started.

Once you have a plan in place, the next step is to find customers. This can be done by networking with other businesses in your industry, or by advertising your services online or in local publications. You may also want to offer discounts or special promotions to attract new customers.

By taking the time to develop a strong business foundation, you will be well on your way to success as a maintenance business owner.

Use local SEO

As a maintenance business, one of the best ways to market your services is through local SEO. This involves optimizing your website and online content for relevant keywords related to your business. For example, if you are a plumbing company in Los Angeles, you would want to optimize your site for keywords such as “plumbing Los Angeles” or “Los Angeles plumbing.” By doing this, you will make it easier for potential customers to find you when they search for these terms online.

In addition to optimizing your website, you should also create profiles on popular directories and review sites. This will give you another platform to promote your business and attract new customers. Be sure to include accurate contact information and customer reviews on these profiles to give potential customers the most accurate picture of your business.

By taking advantage of local SEO, you can significantly increase your chances of success as a maintenance business.

Develop a social media presence

In today’s digital world, it is essential for businesses to have a strong social media presence. This is especially true for maintenance businesses, as potential customers are likely to search for these services online. As such, you should create profiles on popular social media sites and regularly post content that showcases your business. You should also make it easy for customers to contact you by including your contact information on your social media profiles.

In addition to creating a social media presence, you should also consider creating a blog. This can be a great way to share information about your business and attract new customers. Be sure to include keyword-rich content that is relevant to your business, as this will help you attract more visitors from search engines.

By taking advantage of social media and blogging, you can reach a wider audience of potential customers and significantly grow your maintenance business.

Consider using field service management software

There are a number of software programs available that can help you manage your property maintenance business. These programs can be used to schedule appointments, track invoices, and keep track of customer information.

By using field service management software, you can free up your time to focus on other aspects of running your business.

Create a free Field Complete account for on-site estimates, invoicing, dispatching, and payments. Automate your business with GPS-powered scheduling, automatic customer notifications, and online payments.

Get started today and see how Field Complete can help you grow your business!

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Property Management Business Plan Template

Written by Dave Lavinsky

Business Plan Outline

• 1. Executive Summary
• 2. Company Overview
• 3. Industry Analysis
• 4. Customer Analysis
• 5. Competitive Analysis
• 6. Marketing Plan
• 7. Operations Plan
• 8. Management Team
• 9. Financial Plan

Start Your Property Management Plan Here

Property Management Business Plan

You’ve come to the right place to create your property management company business plan.

We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their property management companies.

Sample Property Management Business Plan

Below are links to an example of each section of your property management business plan template:

• Executive Summary – In the Executive Summary, you will provide a brief overview of your business plan including your target market, business model, business goals, and how you plan to make your business successful.
• Company Overview – The Company Overview section will provide a business overview, company history, legal business structure (Limited Liability Company, C Corporation, etc.), property management services, and any other specialized services offered.
• Industry Analysis – The Industry Analysis will include an overview of the property management market, key trends in the local real estate market, and issues expected in the residential and commercial property management industry.
• Customer Analysis – The Customer Analysis is where you will outline your target market. This includes information on demographics, psychographics, and behaviors of property owners who may be in need of property management services.
• Competitive Analysis – The Competitive Analysis includes an overview of your direct and indirect competitors, their market share, your competitive advantage, and how you plan to compete against them.
• Marketing Plan – The Marketing Plan will describe your marketing strategies, fee structure and pricing strategy, and promotional activities such as paid advertising, social media marketing, print advertising, and more.
• Operations Plan – This section describes your day-to-day operations including communication with property owners and potential clients, managing properties, rent collection, property inspections, tenant screening, and maintenance requests. This section should also include any property management software solutions or automated tools used in your own property management business.
• Management Team – The Management Team section will provide information on the members of your management team including property managers and their experience, education, and skills.
• Financial Plan – In the Financial Plan, you will provide the financial model and financial statements for your business. This includes your profit and loss statement, balance sheet, and cash flow statement.

Next Section: Executive Summary >

Property Management Business Plan FAQs

What is a property management business plan.

A property management business plan is a plan to start and/or grow your property management business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can  easily complete your property management business plan using our Property Management Business Plan Template here .

What Are the Main Sources of Revenues and Expenses for a Property Management Company?

The main source of revenue for property management companies are management fees and maintenance markups. Revenue is also generated from commissions, lease-ups , and upcharges.

The key expenses are payroll and contractor fees, rent, supplies, and utilities.

How Do You Get Funding for Your Property Management Business?

Property management companies typically secure funding through small business loans, personal savings and credit card financing.

Where Can I Get Property Management Business Plan PDF?

You can download our free property management business plan template PDF . This is a property management business plan template you can use in PDF format.

How to Start a Property Maintenance Business: A Step-by-Step Guide

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Are you considering starting a property maintenance and repair services business but unsure where to begin? Look no further! In this comprehensive guide, we will provide you with a 9-step checklist to successfully launch your venture in this thriving industry.

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According to recent statistics, the demand for property maintenance and repair services is on the rise, with the market expected to grow steadily in the coming years. By tapping into this lucrative sector, you have the opportunity to establish a profitable and sustainable business.

From conducting market research to securing investors , obtaining permits and licenses , and creating a solid marketing strategy , this guide covers all the essential steps you need to take to turn your vision of owning a successful property maintenance business into a reality.

• Conduct in-depth market research.
• Create a comprehensive business plan.
• Develop accurate financial models.
• Secure necessary funding.
• Choose the appropriate legal structure.
• Obtain required permits and licenses.
• Recruit key team members.
• Invest in the right technology and tools.
• Implement effective marketing strategies for launch.

9-Steps To Start a Business

Step	Description	Average Time	Cost (USD)
Market Research	Conduct an in-depth analysis of the demand for property maintenance and repair services	1-2 months	500-1000
Business Planning	Develop a comprehensive business plan outlining services offered and market strategy	2-3 weeks	1000-2000
Financial Modeling	Create a financial model projecting revenues, costs, and profitability	1-2 months	2000-3000
Funding Acquisition	Identify potential funding sources and prepare pitches	2-4 months	500-10000
Legal Structure	Choose a legal structure for the business	2-4 weeks	500-1000
Permits and Licenses	Obtain all necessary permits and licenses	1-3 months	1000-2000
Recruitment	Develop a hiring plan and secure skilled labor	1-2 months	1000-3000
Technology and Tools	Invest in relevant technology and purchase necessary tools	1-2 weeks	2000-5000
Marketing and Launch	Create a marketing plan and plan a launch event	1-2 months	1000-3000

Market Research

Before diving headfirst into starting your Property Maintenance and Repair Services business, it is crucial to conduct thorough market research to understand the demand, competition, and potential gaps in the market. By conducting in-depth analysis, you can identify the major players in the industry, customer needs, and areas where you can differentiate your services.

Identify Demand: Begin your market research by analyzing the demand for Property Maintenance and Repair Services in your targeted locations. Look at trends in the real estate market, the number of residential and commercial properties, and the overall need for maintenance and repair services. Understanding the demand will help you tailor your services to meet the specific needs of your target customers.

Research Major Players: Take the time to research the major players in the Property Maintenance and Repair Services market. Understand their service offerings, pricing strategies, and target markets. By studying your competitors, you can identify areas where you can differentiate your business and carve out a niche for yourself.

Identify Customer Needs: Conduct surveys or interviews with potential customers to understand their specific needs when it comes to property maintenance and repair services. By gaining insights into what customers are looking for, you can tailor your services to meet those needs effectively.

Identify Potential Gaps: Look for areas where the market may be underserved or where there are gaps in the services being offered. These gaps present opportunities for you to fill a need and differentiate your Property Maintenance and Repair Services business from the competition.

Tips for Conducting Market Research:

• Utilize online surveys and questionnaires to gather feedback from potential customers.
• Attend industry events and trade shows to network with professionals in the property maintenance and repair industry.
• Consider hiring a market research firm to conduct a comprehensive analysis of the market landscape.

Property Maintenance and Repair Services Business Plan Get Template

Business Planning

Developing a comprehensive business plan is a critical step in laying the foundation for your Property Maintenance and Repair Services business. This document will serve as a roadmap for your company's future and is crucial for securing investors or loans .

Your business plan should outline the mission of your property maintenance business, the services offered , the organizational structure , and a detailed market strategy . This plan will provide a clear vision for your company and help you navigate the competitive landscape of the property repair services market.

Tips for Developing a Comprehensive Business Plan:

• Define your target market and customer demographics to tailor your services accordingly.
• Conduct a thorough analysis of your competitors to identify unique selling points and market opportunities.
• Include a detailed financial forecast, including revenue projections and expenses, to demonstrate the viability of your business.

When outlining the mission of your property maintenance and repair services business, consider what sets your company apart from competitors. Highlight your core values, commitment to quality service, and dedication to customer satisfaction.

Clearly define the services offered by your business, including both maintenance and repair services for commercial and residential properties. Provide a detailed description of each service, pricing structure, and any unique offerings that differentiate your business from others in the market.

Establishing the organizational structure of your property maintenance business is crucial for defining roles and responsibilities within your company. Outline the hierarchy of your team, including key personnel such as project managers, technicians, and administrative staff.

Develop a detailed market strategy that outlines how you will attract and retain customers in the competitive property repair services market. Identify channels for reaching your target audience, such as online marketing, referrals, and partnerships with real estate agencies or property management companies.

By thoroughly planning and documenting your business strategy in a comprehensive business plan, you will be well-positioned to secure investors or loans to fuel the growth of your Property Maintenance and Repair Services business.

Financial Modeling

Creating a robust financial model is essential for the success of your Property Maintenance and Repair Services business. This model will project revenues, costs, and profitability over the next 3-5 years, helping you make informed decisions and plan for the future.

Start by outlining your startup costs, which will include expenses such as equipment, tools, vehicles, insurance, and initial marketing efforts. These costs are crucial to get your business off the ground and should be carefully estimated to avoid any financial surprises.

Next, consider your operational expenses, which will include recurring costs like employee salaries, maintenance supplies, utilities, and any other overhead expenses. These costs will need to be factored into your financial model on a monthly or annual basis to ensure that your business remains sustainable.

• Tip: When estimating your startup and operational costs, it's important to be thorough and realistic. Consider all potential expenses, even those that may seem minor, as they can add up quickly and impact your bottom line.

Additionally, conducting a break-even analysis is crucial to understanding at what point your Property Maintenance and Repair Services business will become profitable. This analysis will help you determine the volume of business you need to generate in order to cover all your costs and start making a profit.

By creating a detailed financial model that includes startup costs, operational expenses, and a break-even analysis, you'll be better equipped to manage your finances and steer your Property Maintenance and Repair Services business towards long-term success.

Property Maintenance and Repair Services Financial Model Get Template

Funding Acquisition

Securing funding is a critical step in launching your Property Maintenance and Repair Services business. Identifying potential funding sources such as small business loans, angel investors, or venture capital can provide the necessary capital to get your business off the ground.

Here are some tips to help you navigate the funding acquisition process:

Tip: Be Prepared and Professional

• Prepare a detailed business plan: Potential investors will want to see a comprehensive business plan that outlines your business model, target market, competitive analysis, and financial projections. A well-crafted business plan can instill confidence in investors about the viability of your Property Maintenance and Repair Services business.
• Create a compelling pitch: Craft a strong elevator pitch that clearly communicates your business idea, value proposition, and growth potential. Practice your pitch until it is polished and concise.
• Gather necessary documentation: Be prepared to provide any documentation that potential investors may request, such as financial statements, legal documents, and marketing materials. Having these documents ready can streamline the funding process.

Once you have your business plan, pitch, and documentation in place, you can start exploring different funding sources:

• Small Business Loans: Banks, credit unions, and online lenders offer small business loans that can provide the capital you need to launch your Property Maintenance and Repair Services business. Be prepared to demonstrate your business's creditworthiness and repayment ability.
• Angel Investors: Angel investors are individuals who provide capital in exchange for ownership equity or convertible debt. Seek out angel investors who have experience in the property maintenance industry and can offer valuable insights and connections.
• Venture Capital: Venture capital firms invest in early-stage companies with high growth potential. Pitch your business to venture capital firms that specialize in the construction or property services sector to secure the funding needed to scale your Property Maintenance and Repair Services business.

By proactively identifying potential funding sources, preparing a compelling pitch, and gathering the necessary documentation, you can increase your chances of securing the capital needed to launch your Property Maintenance and Repair Services business successfully.

Legal Structure

Choosing the right legal structure for your Property Maintenance and Repair Services business is a crucial decision that will impact various aspects of your operations, tax obligations, and liability. Here are some common legal structures to consider:

• Limited Liability Company (LLC): An LLC offers liability protection for its owners, known as members. This means that your personal assets are separate from the business's liabilities. Additionally, an LLC provides flexibility in terms of management and taxation.
• S-Corporation (S-Corp): An S-Corp is a type of corporation that allows for pass-through taxation, where business profits are passed onto the owners' personal tax returns. This structure can help you avoid double taxation on your business income.
• C-Corporation (C-Corp): A C-Corp is a separate legal entity from its owners, providing limited liability protection. However, C-Corps are subject to double taxation, where the corporation is taxed on its profits, and then shareholders are taxed on dividends received.

Tips for Choosing a Legal Structure:

• Consider consulting with a legal advisor or accountant to determine the best legal structure for your specific business needs.
• Think about the long-term goals of your Property Maintenance and Repair Services business and how different legal structures may align with those goals.
• Research the tax implications and compliance requirements associated with each legal structure before making a decision.

Ultimately, the legal structure you choose for your Property Maintenance and Repair Services business will have far-reaching implications, so it's essential to carefully consider your options and select the one that best fits your unique circumstances.

Permits And Licenses

Obtaining all necessary permits and licenses is a crucial step in starting your Property Maintenance and Repair Services business. This ensures that you are legally allowed to operate and protects you from any potential legal issues in the future. Here are the key permits and licenses you may need:

• Contractor’s License: Depending on your location, you may need a contractor’s license to perform certain types of property maintenance and repair work. Check with your local licensing board to determine the requirements.
• Business License: You will likely need a general business license to operate your Property Maintenance and Repair Services business. This license is typically obtained from your city or county government.
• Insurance: It is essential to have the right insurance coverage for your business. This may include general liability insurance, property insurance, and worker’s compensation insurance. Insurance requirements can vary depending on the type of work you do and your location.

Tips for Obtaining Permits and Licenses:

• Research the specific requirements in your area: Different states and cities may have varying regulations when it comes to permits and licenses for property maintenance businesses.
• Start the process early: Obtaining permits and licenses can take time, so make sure to begin the application process well in advance of launching your business.
• Consult with a legal professional: If you are unsure about the permits and licenses you need, consider seeking advice from a legal expert who specializes in small business regulations.

Recruitment

One of the most critical aspects of starting a Property Maintenance and Repair Services business is recruiting the right talent. Your success in this industry will heavily depend on the quality of your technicians, customer service agents, and management staff. Here are some key steps to develop a hiring plan to secure skilled labor:

1. Identify Necessary Positions: Before you start recruiting, make a list of all the positions you need to fill in your Property Maintenance and Repair Services business. This may include technicians for different specialties, customer service agents for client interactions, and management staff to oversee operations.

2. Define Qualifications and Training: Clearly outline the qualifications and training requirements for each position. For technicians, consider certifications or licenses required for specific tasks. Customer service agents should have strong communication skills and problem-solving abilities. Management staff should have experience in the industry and leadership qualities.

• Offer on-the-job training and career development opportunities to attract top talent.
• Consider hiring a mix of experienced professionals and entry-level employees to balance skill levels within your team.
• Utilize referrals from industry contacts or employees to find qualified candidates.

3. Develop Recruitment Strategies: Create a plan to attract candidates for your Property Maintenance and Repair Services business. Utilize job posting websites, social media, industry events, and networking to reach potential hires. Consider partnering with trade schools or technical programs to access a pool of skilled labor.

4. Conduct Interviews: Once you receive applications, conduct thorough interviews to assess candidates' skills, experience, and fit with your company culture. Ask specific questions related to the job role and assess their problem-solving abilities in real-world scenarios.

5. Offer Competitive Compensation: To attract and retain top talent in the competitive property maintenance industry, offer competitive salaries, benefits, and growth opportunities. Consider bonus structures, performance incentives, and employee recognition programs to keep your team motivated.

6. Provide Ongoing Training and Support: Invest in training programs to enhance the skills of your employees and keep them updated on industry trends and best practices. Provide ongoing support and mentorship to help them succeed in their roles within your Property Maintenance and Repair Services business.

Technology And Tools

Investing in the right technology and tools is crucial for the success of your Property Maintenance and Repair Services business. When it comes to property maintenance tasks, having the right tools and technology can streamline your operations, increase efficiency, and ultimately lead to satisfied customers.

Job Scheduling: Utilize software or applications that allow you to efficiently schedule jobs, assign tasks to your team members, and keep track of progress. This will help you stay organized and ensure timely completion of projects.

Invoicing: Implement an invoicing system that allows you to easily create and send invoices to your clients. This will help you keep track of payments and manage your finances effectively.

Customer Relationship Management (CRM): Invest in a CRM system that helps you manage your interactions with customers, keep track of customer preferences, and provide personalized service. Building strong relationships with your clients is key to repeat business and referrals.

Other Logistics: Consider tools and technology that can help with inventory management, equipment tracking, and reporting. These systems can help you monitor your resources and make informed decisions to optimize your operations.

Tips for Technology and Tools:

• Research different software options and choose ones that are tailored to the needs of your Property Maintenance and Repair Services business.
• Provide training to your team on how to use the technology and tools effectively to maximize their benefits.
• Regularly update your technology and tools to stay current with industry trends and maintain a competitive edge.

Marketing And Launch

Once you have completed all the necessary steps to start your Property Maintenance and Repair Services business, it's time to focus on creating a solid marketing plan and planning a successful launch event. Your marketing efforts will play a crucial role in attracting customers and establishing your brand in the market.

Developing a comprehensive marketing plan is essential for the success of your Property Maintenance and Repair Services business. Your plan should include strategies for branding, online presence, and traditional advertising methods. Here are some key components to consider:

Tips for Creating a Marketing Plan:

• Identify your target market and tailor your marketing efforts to reach them effectively.
• Utilize a mix of online and offline marketing channels to maximize your reach.
• Monitor the performance of your marketing strategies and adjust them as needed to optimize results.

Building a strong brand identity is crucial for standing out in the competitive Property Maintenance and Repair Services market. Your brand should reflect your core values, mission, and the unique services you offer. Consider creating a memorable logo, consistent visual elements, and a compelling brand story to resonate with your target audience.

In today's digital age, having a strong online presence is non-negotiable. Create a professional website that showcases your services, company information, and contact details. Utilize social media platforms such as Facebook, Instagram, and LinkedIn to engage with your audience, share updates, and promote your business.

While online marketing is essential, don't underestimate the power of traditional advertising methods. Consider investing in print ads, radio spots, and local community events to reach a broader audience and establish a presence in your target market.

To create buzz and attract initial customers, consider hosting a launch event for your Property Maintenance and Repair Services business. Whether it's a grand opening party, a networking event, or a workshop showcasing your services, a launch event can generate excitement and build momentum for your business.

Remember to promote your launch event through your marketing channels, collaborate with local businesses or influencers, and offer special promotions or discounts to incentivize attendance. Don't forget to capture photos and testimonials from attendees to use in your future marketing efforts.

Starting a property maintenance and repair services business requires careful planning, strategic decision-making, and a strong commitment to customer satisfaction. By following the 9 steps outlined in this checklist, you can establish a successful business that meets the needs of both commercial and residential property owners.

• Conduct thorough market research to understand the demand and competition in the industry.
• Develop a comprehensive business plan to guide your operations and attract investors.
• Create a solid financial model to project revenues and expenses.
• Secure funding through various sources to support your business growth.
• Choose the right legal structure and obtain necessary permits and licenses.
• Hire skilled labor and invest in technology and tools to streamline operations.
• Develop a marketing plan to promote your services and attract customers.

With dedication and perseverance, your property maintenance and repair services business can thrive and become a go-to provider in your target market.

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• Sample Business Plans
• Real Estate & Rentals

Property Management Business Plan

People buy multiple properties these days, it can be for investment or to act as a future home, office space, some dream project, or whatnot.

And as they have so many properties, they’ll surely need someone to manage them and deal with all aspects of having a property. Also, most people are running short of time more often than not. Hence, they hire property managers to help them deal with their property efficiently and effectively.

So, it comes as no surprise that the property management business is growing. And if you are planning to get into it, all you need is a few tips and a property management business plan.

If you are planning to start a new property management business, the first thing you will need is a business plan. Use our sample property management business plan  to start writing your business plan in no time.

Before you start writing your business plan for your new property management business, spend as much time as you can reading through some examples of real estate-related business plans .

Industry Overview

The global property management market stood at a whopping market value of 13.88 billion US dollars in 2020 and isn’t going to slow down anytime soon.

The major reason for the growth in this industry is the requirement for mobility management as companies are promoting remote work due to the pandemic.

The other factors that have affected the property market are the adoption of technology, software services, and other such things which have brought about a change in trends in the real estate market.

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Things to Consider Before Writing a Property Management Business Plan

Build relevant skills.

Having skills relevant to your business, be it foundational skills for managing property soft skills for dealing with the people in your business, or the deals and exchanges aspect of your business would always act as an added advantage for you. Hence, before getting started, it would be good to develop some basic skills and have a method to keep updating them as you work. Your skills alone can also become your business’s unique selling point.

Join Associations and Build Your Network

Networking is a crucial aspect in every field related to real estate, hence it is essential for your property management business too. Your network should be good and diverse and consist of a variety of people, even if they are your competitors. You’ll never know who might get you your next deal.

You can easily do so by building strong connections and joining relevant associations which give you more opportunities to network.

Use Technology

We owe the speed and efficiency of our work to technology. The same holds for the property management business too. You no longer need to work traditionally and laboriously of managing your properties, and use technology instead to make your work of maintaining all those details easier and more organized.

Build your Website

Building your website early gives you a head start on promoting your business and makes reaching out to your potential clients easier. Hence, if you plan on starting a business, build your website today to help you promote as much as you can.

Chalking out Your Business Plan

Reading sample business plans will give you a good idea of what you’re aiming for and also it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.

We have created this sample property management business plan for you to get a good idea about how perfect a property management business plan should look and what details you will need to include in your stunning business plan.

Property Management Business Plan Outline

This is the standard property management business plan outline which will cover all important sections that you should include in your business plan.

• Mission statement
• Vision Statement
• Customer Focus
• Success Factors
• Financial Summary
• 3 Year profit forecast
• Business Structure
• Startup cost
• Products and services
• Market Analysis
• Industry Analysis
• Market Trends
• Target Market
• SWOT Analysis
• Targeted Cold Calls
• Online Marketing
• Publications
• Community Events/Organizations
• Pricing Strategy
• Financial Plan
• Important Assumptions
• Brake-even Analysis
• Profit Yearly
• Gross Margin Yearly
• Projected Cash Flow
• Projected Balance Sheet
• Business Ratios

After getting started with Upmetrics , you can copy this sample property management business plan into your business plan and modify the required information and download your property management business plan pdf or doc file.

It’s the fastest and easiest way to start writing your business plan.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.

Download a sample property management business plan

Need help writing your business plan from scratch? Here you go;  download our free property management business plan pdf  to start.

It’s a modern business plan template specifically designed for your property management business. Use the example business plan as a guide for writing your own.

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Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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6. Outline financial requirements

One of the central factors in every business is indeed the financial means required to get the company started, especially in the initial stages. This is why we recommend you have a clear financial plan that will include all the costs. Break down your business plan and try to determine where exactly you will need financial resources and how much. This will typically include expenses for vehicles, supplies as well as location expenses. Once you determine the financial resources required for your business, try to understand how you can obtain them. Do you have enough savings to take care of all expenses? If yes, then this will make everything much faster and easier to take care of. However, like many others, you may not have enough financial resources and need external financing. In this case, consider seeking funding or applying for a loan. Consider the pros and cons of both options and choose the one that will be more beneficial and realistic for you.  

7. Location and team

Once you have taken care of the most essential aspects of formulating your property maintenance company, it is time to choose the location and hire team members to get the business started. Also, make sure you obtain all the basic equipment needed to deliver your services. 

8. Find a property maintenance partner

Once you have taken care of all the steps mentioned above, your company is ready to operate. Now is the time to market your services and find projects to work on. However, in the current market with many players out there, it can be challenging to prove your credibility and build trust quickly. Keep in mind that it takes time to build up your reputation, however, you also need to gain as much experience as possible, including positive reviews from your clients. However, you can simplify all of this by finding a property maintenance partner company that will help you find many local projects and develop your portfolio. A reliable partner will find all the projects for the services you offer and match you with the right clients, making sure you always have enough projects to work on. This is why consider seeking external help by finding a reliable partner to help you grow your business quickly. 

All in all, like any other business out there, creating a property maintenance company from scratch is a challenge that can be successfully achieved with enough motivation and dedication. Even though it requires time and effort in the beginning, having your own maintenance company will open up many doors and opportunities if you prioritize high-quality and accountability every step of the way. Make sure you deliver excellent services and show responsibility if you want to avoid being considered an unreliable and bad contractor . And once you have formed your property maintenance company and are ready to provide high-quality solutions, you can cooperate with a maintenance partner and elevate your business to the next level.

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How to Create Property Management Business Plan [Free Template]

Andrew Smallwood

Chief Customer Officer - Second Nature

What we'll cover

Creating a Property Management Business Plan

What should a property management business plan include?

Beyond the business plan: Focus on retention with the Second Nature RBP

There are as many different perspectives on property management business plans as there are different PM businesses. But one thing holds true – in the classic adage usually attributed to Dwight D. Eisenhower – it’s not the plan that matters so much as the planning . 

Outlining a detailed business plan isn’t just important for defining your own goals, it’s key to communicating those to potential clients and investors. It also requires deep insight into what residents want and are willing to pay for.

Whether you’re new to property management, have been managing properties for years and are ready to start your own business, or own property management business but are looking for greater investment, we’ll cover important topics to address business plan creation.

We’ll explain why business planning can be so important, as well as who to target with your plan. We’ll also share a free template to get you started.

Key Learning Objectives:

• How to identify and find your ideal clients
• How to articulate your value proposition
• What to include in your business plan
• How to outline your business plan
• A free property management business plan template

Meet the Expert: Peter Lohmann , CEO RL Property Management

What to Know before Creating a Property Management Business Plan  

Not to get too deep down the rabbit hole, but the first step to creating a high-quality business plan is – you guessed it – to make a plan for the plan. For entrepreneurs, planning is the key to success.

Going through the following steps first will make the process much easier and more effective in the long run. Here’s what you need to get clear at the outset.

State Laws governing property management business 

As you know, each property management company’s approach is very dependent on regional or state regulations. Before taking any steps to either start or change your business, you need to have a clear understanding of the local laws governing your business venture.

We highly recommend hiring an attorney who can help you navigate those laws and regulations. 

Who are your ideal clients  

Lohmann lays out three critical steps to crystalizing a successful business plan:

• Identify your ideal clients.
• Articulate your unique value proposition for those clients.
• Go out and find leads.

So, first: Who are your ideal new clients? 

“Get really clear on who your ideal customer is,” Lohmann says. “Are you managing associations, office buildings, big apartments, single-family rentals, etc.? The narrower and more specific you can be, the better your life is going to be and the more money you’re going to make.”

In other words, anything outside of this target market is going to be a waste of your time. That’s why this is the first step.

“The more narrow and specific you can be here, the more directly you can speak to your prospects in a way that’s compelling,” Lohmann says. “Everything becomes easier – content strategy, sales conversations, even operations become easier – if you know who you want to manage for and what types of properties you want to manage.”

What type of property management company you are 

The next step is to identify your unique value proposition. There are tons of property management companies out there. Why should your ideal client choose you?

In Lohmann’s words: “Your second step is to ask, ‘Why should anyone care?’ Property management isn’t a new concept; there are tons of property managers. So, identify what your unique value proposition is.”

This is key to figuring out not just who to pitch to but how to pitch to them.

“What are you going to talk about?” Lohmann says. “You can’t just say, ‘Oh, hire us, we’re the best!’ You need clear examples that say, ‘Our company does something a little different.’”

For RL Property Management, that started as a promise that they would never charge a leasing fee. 

“Sure, it’s kind of crazy, and I don’t know anyone else who doesn’t charge that, but it worked,” Lohmann says. “We were trying to figure out why everyone hated their property manager. And we decided that it might be an incentive problem where the property manager’s incentive is to fill the unit as quickly as possible so they can get that big leasing fee, and that was creating bad outcomes for property owners. So we decided that we weren't going to charge a leasing fee, and we've stuck with it ever since.”

How to find your ideal clients 

The third and final step of preparation is to identify where you need to go out and find leads and engage property management marketing .

“Given what you know about how you defined your ideal prospect and your company and what they offer, the next question is where you go and get these leads,” Lohmann says.

“A lot of property managers start with this third step. They just say, ‘How can I get more leads?’ But that’s the wrong question. Why do you deserve those leads? Answer that first. Downstream of that is ‘Where are those people hanging out, and how can I get this to them?’”

Getting this step right involves researching property management and real estate property in your area and getting familiar with industry news, conferences, and listings.

Now, let’s talk about the actual outline of your PM business plan. If you’re starting a new business and aiming to present a business plan to investors, or even business partners, you should outline each section below as a presentation deck. The information presented in this section needs to read like it is designed for investors and should highlight key terms and concepts they care about. 

Here’s a sample property management business plan outline, followed by a detailed explanation:

Executive Summary

Company overview, market analysis (industry, customer, and competitive analysis).

• Marketing Plan & Sales Strategy

Operations Management 

Management team, financial plan .

• Growth Opportunities 

This is a high-level overview of your entire presentation. As such, it should be the last section that you write. You want to be concise but interesting and hook the reader quickly. Outline the following in broad strokes:

• The type of property management company you are operating
• Your target market
• Your objectives
• Your plan for meeting these objectives 

The company overview will dive deeper into your property management niche and business model. Explain what types of properties you manage and how you operate. Options include single-family residential property management (SFR), multi-family property management (MFR) or residential apartments, HOA management, and commercial property management.

Give a brief history of your company and your legal business structure. Other important information might include: 

• Your key competitive differentiators and core competencies
• Your metrics for success
• Your management team
• Financial details
• Mission and vision statements

This section benefits you almost as much as it does your audience. Researching for this section will help you more deeply understand the industry, customers, and competition. 

• Industry analysis should include details on the trajectory of the market, its size, and key trends, along with challenges and opportunities.
• Customer analysis should include details about your target customers, their wants and needs, etc.
• Competitive analysis should outline direct competitors (PMCs in your area) and indirect competitors like in-house managers, automated tools, etc. Explain why your value proposition is unique. Ideally, present a thorough SWOT (strengths, weaknesses, opportunities, threats) analysis.

This section should describe the property management services the company plans to offer, such as leasing, maintenance, and rent collection. Depending on the jurisdiction, legal compliance and documentation services may be relevant as well. This section should also discuss the pricing strategy for these services.

This section should describe the company's marketing plan and sales strategy, including how it plans to attract and retain clients. It should also discuss any advertising or promotional campaigns the company plans to undertake. Promotions could include paid advertising in print and on websites, social media marketing, radio advertising, SEO marketing, and more.

Here, it’s important to document your marketing channels (organic online, targeted online, print advertising, professional networking) as well as ongoing sales and marketing programs.

Outline your short-term processes and long-term business goals, as well as estimate day-to-day operations. What property management software are you using in the business? What bottlenecks slow down work that’s moving through the organization? How will you structure your company and your teams? 

It may also be helpful to include details on critical process workflows, risk mitigation strategies, and technology integrations and updates.

Outline your management structure and the skills and experience of your management team. You’ll particularly want to highlight property management and real estate experience. This is a key moment for you to consider who you have in the company, who is a right fit, and who needs to be looked at as not a great fit.

This is where you give your financial projections and approach. Outline your major cost centers and revenue drivers. What management fees are you going to charge? You should include a profit and loss statement, balance sheets, and a cash flow statement.

Growth Opportunities  

Identify and outline the most targeted growth opportunities for your business right now and over the next five and ten years. Knowing your long-term goals requires you to gain a deep understanding of the real estate and property management market in your area and to understand clearly where you fit in and how you can generate growth and value for years to come. 

Typically, in this section you might include:

• Expansion plans
• Strategic alliances
• Technology upgrades
• Emerging market trends

Property Management Business Plan Free Template

Although you may prefer to draft your own property management business plan from scratch, there are a couple of options for short-cutting the process. 

You can use the checklist below to organize your plan, or else simply download our free PMC business plan template to customize as you see fit. 

• Your property management niche and business model
• How you operate
• Company history 
• Your legal business structure
• Financial overview

Market Analysis 

• Industry assessment
• Customer analysis
• Competitive analysis
• Outline of sales and marketing plans
• Marketing channels
• Ongoing sales and marketing programs
• Long-term business goals
• Current processes
• Critical process workflows
• Risk mitigation strategies
• Technology integrations and updates
• Management structure
• Skills and experience
• Financial projections
• Cost centers and revenue drivers
• P&L statement
• Balance sheet
• Cash flow statement
• Targeted growth opportunities

Get your free PMC business plan template here.

Beyond the business plan: Focus on retention with the Second Nature RBP    

At Second Nature, we work with property managers around the country to develop better resident experiences that will generate more value for their clients and more profit for their companies. 

The product we have found most helpful to property managers at every stage of their company’s growth is a fully managed resident benefits package or RBP. Each product in this package aims to deliver something residents want or need and a service that helps set your PMC apart. We want to help make running your business as easy as second nature.

Related : Property Management Startup Checklist  

Operational Efficiency

Keep learning

Three Property Management Companies that are Winning on Social Media

How would you say your social media marketing is performing? As a constantly changing medium beholden to trends that can peak and die in a heartbeat, it can be a tough area to win. Truthfully though, it's underused in the property management space. Content creation for social media doesn't have to be super intense, and it doesn't have to be super polished. It just has to have intent and understanding of who you're marketing to. If you're looking to develop a more robust social media program for your PMC, you're in the right place. Here we break down three companies with three distinct strategies, all of which are unique in the PM space. These companies are crushing it, and learning from their successes can help you develop a strategy that works for you. Home Ladder Home Ladder’s “Chaos and Disorder” video series is a hit and a great example of creativity that can sometimes be lacking in property management marketing. Co-founders Travis Bohling and Brandon Graham are among the most creative content marketers in the property management space. While they may be relatively new to the content side of things (Chaos and Disorder is less than a year old), they've hit the ground running with a unique video series that's both relevant and genuinely entertaining in addition to leaning hard into Facebook reels. Short video content has been trending up in social media marketing since the rise of TikTok, although it's not heavily used in the SFR property management space. Home Ladder has taken this on with sets of short, straight-to-the-point thought-leadership content. The Chaos and Disorder video series is really fun, though. Home Ladder is starting to spearhead a creative approach to content marketing that the industry could really use more of. The idea here is really to engage the inability of self-managers to be effective tenant screeners, and they've told this story with two destructive characters affably named Chaos and Disorder. A constant battle in professional property management is trying to keep ahead of the self-managing landlord as self-management tech expands their capacity. Home Ladder is keyed in on that messaging here as a play to position their professional services as more reliable and thorough, and they've done it in a way that's genuinely entertaining and relatable to anyone who has ever had a bad tenant, which is anyone who has ever managed a property. RL Property Management RL Property Management CEO Peter Lohmann is crushing it on Twitter. Executives being active in the content creation space can be a big win for companies, and RL Property Management’s Peter Lohmann is a prime example. While this is a popular LinkedIn approach, Lohmann is one of very few who has taken ownership of the property management discussion on Twitter. A tougher nut to crack than Facebook and LinkedIn, Lohmann has found success and amassed over 21,000 followers via a content strategy that seamlessly blends an authentic connection to the property management space with expertise Lohmann has acquired over years in the industry. The word relatability gets thrown around a lot when it comes to any kind of content-based marketing, but being relatable isn’t a goal so much as a strategy. The power of relatability is that it establishes trust, a challenging thing to create in many online spaces. If you can establish a familiarity with what affects the people you’re speaking to on a daily basis, that establishes a trust that helps build interest in what you have to say. Lohmann’s 21K follower count didn’t come purely from expository property management tips. There's a relatability to his content that helps create that trust, which adds value to his thought-leadership content. He’s naturally an authentic person and a master communicator, and while the expertise is valuable, that lies downstream of a personal connection to other industry professionals. Property management in a nutshell: Owners with 40 units: "call me if it burns down" Owners with 1 duplex: "why did you pay $45 to cut grass? My guy only charges $30 please call me asap" — Peter Lohmann (@pslohmann) March 11, 2024 When Lohmann does get into thought-leadership content, he's an open book, which also helps establish trust. Lohmann, like many leading property managers, believes that propelling the whole industry forward is more important than holding any kind of trade secrets. He does not shy away from granular details of his company, including sharing the what and why of his entire tech stack. Cheat code for starting & growing a property management business. This is a complete list of our software stack. This is how the magic happens & how we can calmly and effectively manage ~600 units. pic.twitter.com/aTHYAp9MwH — Peter Lohmann (@pslohmann) December 23, 2021 Grace Property Management Marc Cunningham is the YouTube king. Cunningham has been in property management for over 30 years, and his YouTube strategy is arguably the best in the game. The CEO of Grace Property Management is approaching 5,000 YouTube subscribers. Part of the value of Cunningham's channel is that you know exactly what you're going to get when you go there. His content is built with a very consistent format and length. He has over 100 videos, almost all of which are between five and ten minutes long, and address a very specific issue or question in single-family property management. Cunningham's approach is expert-forward, demonstrating that there is more than one way to win in social media and property management marketing. He provides a combination of content that addresses specific questions and issues in the PM space and offers windows into his own operations and the decisions he's made. His channel's most popular videos, often having thousands of views, cover management topics like how to explain a rent increase to a resident and why you should never charge a pet deposit as well as industry trends like average rent trends and predictions for the coming years. Because YouTube content is indexed by Google, Cunningham's strategy is built more around capturing search engine traffic than the above two strategies. It's self-sustaining to a degree now because of the size of Cunningham's following, but YouTube is an excellent way to capture search traffic, something Cunningham has leveraged well.

What is a Resident Benefits Package?

What is a Resident Benefits Package? A Resident Benefits Package (RBP) is a selection of services provided by property managers to residents of rental properties. Sometimes referred to as a “tenant benefits package,” these benefits are usually included in the lease agreement and are designed to make residents’ lives easier by meeting their wants and needs. Some examples of these services could include filter delivery, credit building, and 24/7 maintenance. At Second Nature, we pioneered the only fully managed resident benefits package. If you’re ready to get started, you can start building your own Resident Benefits Package today! Note: We chose the term “resident” because the “tenant benefit package” sounded too impersonal for the value we’re driving. Continue reading to find out the benefits of a resident benefit package, how it can generate revenue, and how to implement one to give your residents, investors, and business a win. What Are the Benefits of a Resident Benefits Package? The resident benefits package adds value to residents by anticipating their needs and providing them with services that make life easier and better. It adds value to investors by preventing maintenance, vacancy, and delinquency. And, of course, it adds value to property managers because it differentiates them from the competition. Let’s take a deeper look at how the RBP creates a Triple Win – for residents, for investors, and for you, the property manager. 1. Attracting and retaining residents through better experiences Offering a comprehensive benefits package can make a property more appealing to potential residents. By providing desirable perks such as exclusive discounts, concierge services, or access to credit reporting and other financial benefits, the property management company can attract a larger pool of prospective residents and increase occupancy rates. Retaining residents is also crucial for profitability, as turnover costs can be significant. A benefits package can enhance resident satisfaction and loyalty, reducing turnover and associated expenses. 2. Higher rental rates for higher value A well-curated tenant benefit package makes properties more valuable. When residents perceive additional value in the form of amenities, services, or discounts, they are often willing to pay more for their living experience. This allows the property management company to command premium prices for their units, leading to increased revenue and improved profitability. 3. Differentiation and competitive advantage In a crowded real estate market, a distinct resident benefits package can set a property apart from competitors. It becomes a unique selling proposition that highlights the property management company's commitment to providing an exceptional living experience. By offering a package that exceeds what other properties in the area provide, the company gains a competitive advantage and attracts residents who value the added benefits. 4. Ancillary revenue opportunities A tenant benefits package can create opportunities for generating additional revenue streams tied to specific benefits in the package. Resident Benefit Fee: How Much Does a Resident Benefit Package Cost? Most resident benefits packages cost between $20 and $100, which is often included in the lease and added as a monthly fee for the resident. Prices vary depending on a few key factors, chief among them being the mix of benefits selected by the property manager. What Does a Resident Benefits Package Include? Here’s what the Second Nature Resident Benefit Package includes. Filter delivery service Air filter delivery was the first service Second Nature offered to scattered-site and single-family property managers. It is a cornerstone of the RBP, and over 1M residents have shown that a physical, tangible product is key to their ongoing perception of value. One of the most common causes of HVAC maintenance requests is a failure to change the home’s air filters on time. Air filter delivery from Second Nature solves the problem by delivering the correct-sized high-quality HVAC filters directly to each home’s front door on a predetermined schedule. The delivery serves as a reminder for the resident to change the filter, and voila – problem solved. The resident breathes clean air, the PM has fewer HVAC tickets to deal with, and the investor has their asset protected. That’s a triple win. Our message to residents: “Changing filters is as easy as opening the front door.” Phil Owen, founder of OnSight PROS, says of the delivery system: “Last year OnSight PROS performed third-party property condition reports at almost 18k single-family rental properties on behalf of property managers. The number of filters that we have to replace or mark as ‘needs attention’ becomes almost zero when a PM implements the Second Nature program. I cannot imagine how a property manager could justify not protecting their landlords with this program. The difference between those using the program and those who simply hope that their tenants go to the store to purchase and install a new filter is staggering.” Our filter delivery service has proven to reduce total HVAC maintenance requests by 38% and save up to $250 per year per property. $1 million identity protection One in four Americans will be victims of identity theft. In 2021, digital theft incidence surpassed home burglary incidents for the first time – and is rapidly rising. With identity protection as part of your RBP, every adult on the lease automatically gets the peace of mind you can expect from professional-level identity protection. Backed by AIG and monitored through IBM’s Watson, Aura Identity Guard works proactively on behalf of the resident to identify fraudulent use of their identity and alert them. In the event of an actual identity theft case, the resident receives a dedicated case manager and is covered up to $1,000,000 for most resulting damages. This protects the resident's ability to pay rent, which makes it a win for the investor. And it keeps property managers out of the middle of another difficult situation and decision. Credit building With RBP’s credit building service, on-time rental payments improve the credit score of your residents. It may seem crazy that people are building credit by paying for Netflix and other small subscriptions, but not their largest monthly payment... rent! But that's the truth for most residents. We asked, how is it even possible that someone's largest monthly expense is the only one they aren't getting credit or rewards for? This credit reporting program reports positive-impact, on-time rent payments automatically to all three credit bureaus, helping residents build their credit simply for paying their rent on time. Residents also get an immediate boost with 24 months of back reporting included. This service directly impacts rates on credit cards, auto loans, and future mortgages, incentivizing residents to get rent in on time and helping set them up for home buying in the future. The property manager and the investor both reap the benefit of the extra incentive to get rent on time and the resident gets to see their credit score rise as a result of something they have to do anyway. It’s a big-time triple win here. Resident rewards program Rental rewards are a favorite among residents and another powerful and positive incentive for on-time rent payments. Rental rewards programs deliver automatic benefits at move-in. Then, residents can unlock even more rewards by paying rent on the day it's due. At Second Nature, all on-time payment tracking is done through the app. Like other services in your RBP, it’s managed for you. Gifts include: $30 gift card for national and local brands $25 restaurant card $40 rewards cash on rent day each month rent is paid on time And more The value of rewards is covered in the cost of the RBP, so the property manager isn’t seeing any additional liabilities. The PM and investor only see a benefit, which is the increase in on-time rent payments. For the resident, rent day is now rewards day. Another triple win. Move-in concierge Setting up utilities can be a massive headache for a new resident. Residents aren’t sure who to call and who provides utilities and home services like internet and TV for their new address. Moreover, the research for discounts/promotions/coupons available takes more time. Most times, the process is clunky, with lots of friction that gets in the way of it getting 100% done. And it is too easy to overlook fine print in the lease about installing satellite dishes. Move-in Concierge changes all of that for professional property managers. In one phone call, residents find out what their best options are and can even get help simplifying setup. An experienced concierge confidently guides multiple people every day to properly set up their utilities. Renters insurance program Nearly all property managers require a renters insurance policy in their lease agreements. As part of our RBP, Second Nature offers price-competitive insurance coverage options through a Renters Insurance Program that property managers can apply to all their residents locked in with one group rate. Residents who have their own renters insurance can receive a waiver on RBP's insurance program, but the current list of enrolled residents is tracked for you by Second Nature, and any resident who drops off of their own insurance is automatically enrolled. No more hassle for you, quality asset coverage for the investor, and immediate and comprehensive liability coverage for the resident – another triple win you can create with your Resident Benefits Package. Additional benefits At Second Nature, we help property managers deliver all their services to residents. If you’re already offering perks and are ready to level up to a resident benefits package, we can help you bundle the above benefits with other services. We’ve worked with PMs to bundle in their existing property management services, including: 24/7 maintenance coordination: A huge benefit to residents and PMs is a service that provides after-hours support without dragging the property manager out of bed. This type of program makes reporting pesky maintenance issues easy and fast for the resident. It also helps prioritize emergency maintenance. Online portal: With a simplified online resident portal, residents can access all of their documents, messages, and more through an app. Residents can also pay rent and receive reminders to pay rent online. Home buying assistance: For residents who are building up toward home ownership, some PMs offer assistance in building credit and savings. We help them get there. Vetted vendor network: A vetted network ensures that vendors who service your properties are screened to exceed your standards for insurance, licensing, and professionalism on the job. Property managers, residents, and investors can rest easy knowing that they have the best vendors working on their assets. Washer/dryer rental: Some properties may have these appliances installed or the residents come with their own, but we’ve seen the impact on prospective applicants choosing homes due to the convenience of having the washer/dryer available. Security deposit alternatives: Security deposit alternatives come in different packages, but all serve to provide residents ways to be financially liable for damages without having to pay a significant lump sum upfront. Pure insurance, surety bonds, and ACH authorization programs are all versions of deposit alternatives that seek to lower the barriers to rental, which in turn keeps days-on-market low and turnover costs down. Pest control services: Property managers can partner with pest control companies to provide routine or property management pest control services to the homes they manage. Bugs are one of the most common complaints from renters, and having services available to prevent infestation issues is a big win for resident experience. When implementing a full-service, fully managed resident benefits package, you don’t have to lose the benefits you already offer. A great service can integrate all of these benefits together – delivering more impact to residents, investors, and property managers. How Much Revenue Can I Create Per Unit With a Resident Benefits Package? The amount of ROI on a resident benefits package will vary depending on the property class type, market, and number and type of services offered. Generally speaking, resident benefits packages are often in the $25-75/mo range for residents, but could be more or less. It depends primarily on the amount and type of products and services. To go back to our concept of the experience economy: a resident benefits package gives residents the kind of incredible experience that they will pay and stay for. In short, keeping residents happy can reduce turnover and lead to lower costs and higher ROI for you and your investor. According to Eric Wetherington, VP of Strategic Initiatives at PURE Property Management, “Revenue is all about providing a service. The younger generations we’re dealing with in property management – they want convenience, they want experiences, and they want things to be simple, and they’re willing to pay to have things taken care of for them.” A fully managed resident benefits package can generate revenue in two key ways: Increasing services to improve resident retention Decreasing costs by increasing efficiency A resident benefits package can help to accomplish both. Routine filter delivery cuts down on HVAC and maintenance costs. A move-in concierge helps cut down time and cost as residents get settled in their new home. Credit building services keep residents invested in paying on time, sending online payments, and delivering incredible value. The list goes on. A resident benefits program creates a huge win for you as a property manager, and your investor, by driving higher ROI over time. How Can Property Managers Implement a Resident Benefits Package? If a resident benefits package is new to your company, you may wonder how best to implement it. Should you roll out a resident benefits package as part of your base service – ensuring the maximum benefits for your investor – or allow residents to opt in or out? What is legal or not? We do recommend including this as a part of the base package for all residents. Offering optional RBPs creates potential for headache, and the theoretical benefits almost never materialize. According to Second Nature's Head of Sales, Bob Hansen, “You have to look at the value that a resident benefits package brings to the investor and the resident, not just you as the property manager.” At Second Nature, we’ve seen incredibly low pushback from residents when an RBP was introduced. After all, it benefits residents, and most are delighted to have the extra service. How Can Property Managers Reduce Costs With a Resident Benefits package? The answer is: in several ways! Implementing a comprehensive residential benefits package can provide property managers with opportunities to reduce costs and increase operational efficiency. Let’s look at examples from the product above. By including air filter delivery as part of the package, property managers can ensure that residents have regular access to clean air filters, reducing the need for costly maintenance and repairs caused by poor air quality. Offering identity protection and credit-building services can help mitigate the financial risks associated with identity theft and delinquent payments, potentially reducing costs related to collections and legal procedures. They also improve retention and encourage on-time payments. Including a resident rewards program can also incentivize desirable behaviors such as timely rent payments or positive referrals, fostering resident satisfaction and reducing turnover costs. By partnering with a renter's insurance program, property managers can transfer potential liability and property damage expenses to the insurance provider, minimizing their own financial risks. A move-in concierge service can streamline the onboarding process for new residents, reducing administrative costs and improving operational efficiency. By providing these benefits, property managers can enhance resident satisfaction and retention, ultimately reducing expenses associated with turnover, repairs, and legal issues. Common Mistakes Property Managers Make in Implementing Resident Benefits Packages In our experience helping property managers implement RBPs, we’ve heard our share of concerns or even horror stories from PMs who had bad implementations with other products. Here are some of the most common mistakes in RBP implementations – and how to avoid them! 1. Overpromising and underdelivering Property managers may advertise extravagant benefits that they cannot consistently provide or fulfill, leading to disappointment and resident or investor dissatisfaction. Property managers should accurately represent the benefits package, ensuring that the offered perks are realistically achievable and consistently provided to residents. 2. Lack of communication Failing to effectively communicate the details and availability of the benefits package to residents can result in confusion and missed opportunities for using the offered perks. Property managers should effectively communicate the details, availability, and utilization process of the benefits package to residents through multiple channels, such as newsletters and online platforms. 3. Inadequate research and selection Property managers may choose benefits that do not align with the residents' preferences or needs, leading to a lack of interest and underutilization of the package. Property managers should conduct thorough market research and engage with residents to understand their preferences and needs, ensuring that the benefits selected align with their expectations. 4. Failure to evaluate cost-effectiveness Neglecting to assess the costs and benefits of the package can result in offering benefits that are financially unsustainable or fail to provide a satisfactory return on investment. Property managers should regularly assess the costs and benefits of the package, considering factors such as resident utilization, return on investment, and overall financial sustainability to make informed adjustments as needed. 5. Lack of flexibility and adaptability Not regularly reviewing and updating the benefits package based on resident feedback and changing market trends can make it less competitive and less appealing over time. Property managers should actively seek resident feedback, monitor market trends, and periodically review and update the benefits package to ensure it remains competitive and relevant to residents' changing needs. 6. Insufficient staff training Failing to train property management staff on the benefits package and its administration can lead to ineffective communication, missed opportunities, and difficulty addressing resident inquiries or issues. Property managers should provide comprehensive training to their staff on the benefits package, including its features, administration processes, and effective communication strategies, enabling them to effectively support and engage with residents. 7. Neglecting legal and regulatory considerations Property managers must ensure that the benefits package complies with all relevant laws and regulations, such as data protection requirements or fair housing laws, to avoid legal repercussions. Property managers should consult legal experts or advisors to ensure that the benefits package complies with all applicable laws and regulations, protecting both the company and residents. 8. Ineffective marketing and promotion Inadequate marketing efforts to promote the benefits package can result in low resident awareness and limited participation, reducing the overall effectiveness of the package. Property managers should develop a strategic marketing plan that utilizes various channels to promote the benefits package, highlighting its value proposition and actively engaging residents in participating and utilizing the offered perks. 9. Ignoring resident feedback Neglecting to seek and incorporate resident feedback can hinder the improvement and optimization of the benefits package, missing opportunities for enhancing resident satisfaction and retention. Property managers should establish channels for residents to provide feedback on the benefits package, actively listen to their suggestions and concerns, and make necessary adjustments to enhance resident satisfaction. 10. Lack of coordination with vendors Failing to establish clear communication and expectations with vendors offering benefits can lead to subpar service delivery, difficulty resolving issues, or missed opportunities for cost savings. Property managers should establish clear expectations, contracts, and regular communication channels with vendors offering benefits, ensuring a seamless and satisfactory service delivery process for residents and promptly resolving any issues that may arise. This is A LOT to keep in mind, and avoiding these mistakes might feel like it will cost too much or simply take too much work. But that’s why opting for a fully managed RBP is a solution so many PMCs are turning to. You can rely on a partner to manage all aspects of your RBP, and ensure it's delivering on its promises to your residents. More on that in the next section. How 1,000+ Property Managers Are Creating Triple Wins With a Resident Benefits Package Rolling out a resident benefits package is a powerful way for property managers to create a Triple Win – for residents, investors, and themselves. An RBP like Second Nature’s is designed to be simple to use and easy to implement. All the services included within it are managed externally by Second Nature, meaning there is no day-to-day upkeep required from the manager. You plug it in and Second Nature keeps it running. The value creation an RBP generates – with such little work required from the PM – is an incredibly easy way to grow your business and create great experiences that residents will pay and stay for. Don't get left behind in the evolving world of resident experience. Learn more about our fully-managed Resident Benefits Package and how we can build ease for you, your investors, and your residents. Learn More About RBP from Second Nature

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Free Property Maintenance Business Plan Template

A successful property maintenance business is based on a solid business plan. To help you out, we've designed a business plan template PDF specifically for property maintenance business owners. Get your copy today!

How can a property maintenance business plan help you?

A solid business plan acts as your strategy guide for building a successful property maintenance business.

Whether you're an existing property maintenance business or just starting out, a business plan helps you get organised.

Use a business plan to help secure funding for your property maintenance business.

Get your free property maintenance business plan template:

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Tradify is the best property maintenance business management software that runs all your jobs from start to finish.

Bring together all your enquiries, estimates, quotes, jobs, staff, invoices, and more — all in one place, across every device.

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• Resources for Entrepreneurs > Become an Entrepreneur > How Do I Start a Business

Starting a Property Maintenance Business

How Do I Start a Business

Starting a property maintenance business can get you on the path to a secure financial future if you have the creativity and tenacity necessary to be a successful entrepreneur. This article contains tips and advice that may be key to your ultimate success.

Thinking about opening a property maintenance business? We tell you what you need to know to get started.

Planning a Property Maintenance Startup

The most successful property maintenance business startups use deliberate planning to create a sustainable business model. If you aren't careful, your new property maintenance company can spiral out of control, leaving you with inadequate resources to live up to the obligations you've made to your customers.

For starters, understand that property maintenance can be performed on either a one-off or contract basis. Long-term contracts are preferable because they produce reliable revenue streams and minimize the amount of time you'll need to spend finding new customers.

But one-off customers are also important because they can potentially be converted to long-term accounts.

Entrepreneurs who find themselves overwhelmed during the early stages of their maintenance property business are probably trying to do too much with too little. A one- or two-man operation can't possibly keep up with the full range of maintenance requirements for dozens of commercial properties. So in the beginning, it's helpful to limit your services to one or two core competencies. Light residential and commercial repair will likely be enough to keep a single employee busy.

As the business grows, you can expand your business model by offering additional property maintenance services like cleaning and landscaping. A full-service maintenance model can be attractive to clients looking for a no-hassle approach to property maintenance -- but it will only be profitable if your business has become large enough to handle multiple services for an extensive client list.

Tips for Creating a Great Property Maintenance Company Business Plan

Your property maintenance company's business plan is a blueprint that describes your company and the strategy you will execute to achieve specific goals.

In contemporary business culture, business plans are also litmus tests used by external interests to assess real world viability and marketability.

For the sake of accuracy, you'll want to educate yourself about how to write the market analysis section of a business plan . It includes the identification of your target market and in many cases, the inclusion of supporting research to back up your claims and sales forecasts.

Investigate the Competition

Prior to launching a property maintenance business in your town, it's worthwhile to see how strong the competition is. We've provided the link below to help you find competitors nearby. After clicking on the link, type in your city, state and zip code to get a list of property maintenance businesses near you.

• Locate Property Maintenance Businesses Near You

Gain a knowledge of how existing firms have positioned themselves in the marketplace, and then design your business in a way that sets you apart from the others.

Getting Advice from Experienced Entrepreneurs

As part of your due diligence on opening a property maintenance business, it's a wise move to speak with somebody who is already in the business. If you think owners of nearby property maintenance businesses will give you advice, think again. The last thing they want to do is help you to be a better competitor.

On the other hand, an individual who has a property maintenance business in a location that is not competitive to you may be more than happy to give you a few tips, as long as they don't view you as a competitive threat. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you.

What's the process for finding a property maintenance business owner in another community?

Here's one way to do it. Just use our link below, find somebody and call them.

• Research Property Maintenance Business Owners In Other Cities

Getting Started in Property Maintenance Business Ownership

Would-be property maintenance business business owners can either launch a new business or acquire an existing operation.

Startup property maintenance businesses can be attractive because they allow the entrepreneur to have more control and greater influence. Yet startups are also more difficult to finance because their nature is inherently risky.

Acquired property maintenance businesses are known quantities - and are less risky for lenders. Buying a business means that you'll have access to a documented financial history, an established business model and other factors that are unknowns in a startup � and that makes the ownership opportunity less of a risk to both you and your property maintenance business's key stakeholders.

Is Franchising the Right Option?

If you don't want to have to do everything on your own, it's smart to think through going with a franchise network.

Before opening a property maintenance business, you would be wise to check out whether buying a franchise could make it easy to get started.

The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.

• Learn About Franchises

Related Articles on Starting a Company

These additional resources regarding getting started as an entrepreneur may be of interest to you.

Free Business Plan Templates

Naming My Business

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Sample Property Maintenance and Renovation Business Plan Template PDF

Property maintenance business plan sample.

Whenever a building is constructed, it starts to deteriorate in value and requires periodic renovation to put it back into shape.

Real estate maintenance and renovation industry is huge and highly rewarding if you follow the right procedure.

This article will provide tips on starting a property maintenance and renovation business.

Here is a sample business plan for starting a property renovation and maintenance business.

• One-off versus Long-Term Accounts

As a property manager, you will come in contact with clients who require a one-off maintenance solution and those who need a long-term maintenance contract. Most property managers prefer long-term contracts. This is because there is a steady income stream. Another reason is the fact that you do not need to spend a significant amount of time waiting for patronage.

One-off contracts on the other hand require one-time property maintenance. Under this arrangement, you will need to constantly be on the lookout for new clients. It is best if the two are combined. Also, one-off accounts can be converted to long-term accounts if your clients trust your service(s).

• Limit Your Scope of Operation for a Start

As a new property maintenance business, number of employees will be limited. Hence you need to adjust your services to what you can provide without overstretching yourself. As the business grows, more services can be added as more employees are hired.

Your new business will have a limited number of clientele. This will increase as more people get to know about your services. This is where marketing becomes vital to business growth.

What Tools are required?

Starting a property management business requires tools. It is expected that you already have prior knowledge in this area. If so, then you should have an idea of the tools required. If not, the following are some tools you must have;

• Property Maintenance Tools

They include screw drivers, locking pliers, shovel, different sizes of ladders including a six-foot stepladder, reversible drills, measuring tapes, adjustable wrench, hacksaw, chisels, combination square, four-in-hand file, post hole digger, wrecking bar, circular saw, mower, extension ladder, bow saw and many more. Most of these can be found in a standard tool box.

• Other Essential Items

Apart from those listed above, other things you need include a truck or van, cleaning equipments, business cards, business brochures, a dedicated business line, an insurance coverage and most important of all is a professional license.

Choose Only Maintenance & Renovation Services you are most comfortable with

When starting this business, you should choose only those services which you are most comfortable with. As your business expands and you employ more professionals, you can add more services. These added services would be those your new employees are highly competent in.

During the course of your business, you will gradually shift to more managerial roles. This becomes necessary as you find competent hands to get the job done.

Obtaining a Business License

A business license gives you the legal backing to provide property maintenance services. Clients are also interested in patronizing licensed property managers. How do you obtain this business license? Through the following steps;

• Register your Business Name

This may be handled by the Office of the Secretary of State, Department of treasury or the Depart of Licensing. This depends on your state.

• Under Training

To qualify for a property maintenance license, you need to enroll for training. This may be offered during apprenticeship programs, colleges or technical schools. The aim of such training is to obtain an official recognition that qualifies you for licensing.

• Liability Insurance

This is very important because during property renovation, damages may occur. Liability insurance covers such damages and compensates clients. It is necessary to find out insurance companies that offer the best liability insurance most suitable for your business.

• Submitting your Licensing Application

The licensing body receives your application for review. This process may take up to a month before a license is finally issued.

Your License should be Up to Date

It is necessary to ensure that your license as well as those of your workforce (if any) is up to date. Your employees will handle most of the jobs while you supervise and manage the business. Without having the required licensing, your business may be up for liability when things go south. You shouldn’t allow this happen. Diligently going through paperwork will keep your business safe.

Grow your Property Maintenance Business One Client at a Time

A satisfied client is always an asset. Most clients with one-off accounts are convinced to switch to long-term accounts once their expectations are met or exceeded. You should invest time and effort in ensuring your clients are fully satisfied.

By approaching this one client at a time, a buzz about your services will be created in no time.

Consider Putting in More Time

A new business requires more time during its formative years. You can commit more time in ensuring that your business kicks off with minimal interruptions. This is a key to growth. Marketing is an important component of any business including a property renovation business. Investing more time in for this will expand your client base.

Starting a property maintenance and renovation business has been our focus. We have discussed some of the basic requirements for running a successful maintenance business. It is necessary to have a strong desire for this. Without this, your business will experience slow growth.

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• How To Start A Property Management Company In 8 Steps
• Property Maintenance & Management

by Stephen Michael White

May 8, 2024

Property management is an essential business for many in the rental industry. Landlords and tenants work with property managers on both sides, making their role necessary. If you’re ready to learn how to start a property management company and get involved in this thriving market, today’s your day to know more.

Running a property management business challenges even experienced entrepreneurs. There are lots of moving parts to track. It takes time and detailed planning to get things right.

Follow along with our guide on how to open a property management company. Work through these eight steps to have your business structured in no time.

Table Of Contents On Starting A Property Management Company

Where do you begin when starting a company? Like all businesses, property management companies need to be built on a solid plan. Here’s how to start yours:

Property Manager Responsibilities

The cost of starting a property management company, step 1: research the job, area, and competitors, step 2: brand up and create a business plan.

• Step 3: Set Up Financials, Insurance, Licensing, And Registered Business Names
• Step 4: Find Locations Online And On-The-Ground

Step 5: Plan Payment Structures And Contacts

Step 6: accounting & management software, step 7: keep learning, is property management a good business to get into, do property managers have to be licensed in my state, how do you build a successful property management company, why do property managers quit, ready to start a property management company, what is property management.

Property management is the process of overseeing residential or commercial rental properties. Depending on the type of housing available, it may also include student housing or community associations.

Property managers can also be the owners of the property, or they can be separate individuals. A property management company, however, runs the properties for rentals when the owner doesn’t have the time or skillset to do so. Instead, a property management company is hired to handle the necessary responsibilities.

What do those responsibilities include?

A property manager’s main goal is to take care of rental buildings and properties for their clients, the owners. They connect tenants to the owner by managing day-to-day activities, applications and leases, rent payments, and more, to ensure that everything runs smoothly throughout and between tenancy periods.

A property management company’s responsibilities may include the following:

• Marketing rental units
• Running open houses and property tours
• Collecting and reviewing tenant applications
• Signing leases
• Collecting rent
• Managing on-site maintenance
• Managing on-site landscaping and common area cleaning
• Conducting inspections
• Ensuring move-in/move-out dates
• Sending notices to tenants as needed
• … and so much more!

If you’ve worked as a landlord, you already know the wide variety of things that can pop up when managing rental properties. From burst pipes to tenants consistently late on rent, many problems must be solved.

When moving into property management, you’ll want to consider the financial backing needed to support an entire company. Even if you start working independently, you can expect startup costs to be at least $2,000. This amount will cover insurance, licensing, equipment, and other essential expenses necessary to run the business.

As you grow your business, you can expect initial startup costs to maintain a property management company to range from $10,000 to $20,000, depending on the size of your starting operation.

How To Start A Property Management Company?

Setting up a property management company has a lot of overlap with starting any other company. From establishing a legal business entity to creating business plans, there are steps that every business owner needs to take. Beyond those basics, there are systematic steps that property managers can take to ensure their company is set up for success.

It’s important to get to know your local industry before you get too far into starting your company. If you’ve worked as a real estate agent or a landlord in the area, you’re likely already familiar with the rental companies and property management companies working nearby.

Still, in-depth research into how businesses function and succeed near you is a great idea. Start with the following:

• Who is hiring property managers
• What each property management company offers
• What type of pricing schedules are used

These factors will help you gain perspective on what to do, what to expect, and how to fill open niches in your local market.

Start with your branding. Think about a name that leaves a good impression without being too complicated, and build strong branding around that name. Register it with your state to ensure the name is available before moving forward.

Create a business plan for your company. Solid plans guide success, and you can set goals more appropriately when you know what the future may look like. Include your business structure, short- and long-term goals, and resources on hand in this document. Consider your business plan a living document that you will keep growing over time.

Step 3: Set Up Financials, Insurance, Licensing, And Registered Business Name

If you haven’t registered your business yet, it’s time to do so. Whether you set up a sole proprietorship, partnership, LLC , or corporation, you’ll need to complete the appropriate forms and registrations in your state and municipality before beginning to do business.

Set up a bank account for your business. Choose a bank that offers the most needed features, like a business credit card or separate accounts for security deposits.

Find out if you need to be licensed as a property manager in your state. Real estate licenses or broker licenses are often required. Ensure you are permitted before taking on any clients, to avoid legal troubles and fees.

Step 4: Find Locations Online And On The Ground

Find out where you will host your business online and on the ground. Find a location for your office or a shared workspace where you can operate from. Online, ensure you get the URLs and web hosting needed to advertise your business , connect with clients, and otherwise manage your company.

Work out your payment schedule.

How much money needs to come in to cover the cost of running your business? What are fair prices for your services, and how do your estimates compare with other property management companies in the area?

There are several fees to consider as you implement your business payment plan:

• Management fees: monthly fees charged to clients for management services; can be a flat rate or percentage-based
• Lease renewal fees: how much it will cost to renew tenancies
• Additional costs for advertising, special marketing deals, maintenance requests, and other services, which should also have specific pricing if they aren’t included in general management

Can you ensure these costs balance out in a profitable way? Your revenue depends on a blend of competitive pricing and profitable management. Run through scenarios, and remember that these can be adjusted.

Investing in accounting and property management software, such as tenant screening options and rent collection management systems, will help your business function more effectively and efficiently. Don’t waste time doing everything by hand or recreating existing software.

The property management industry is booming, with many software options to try out. Consider where support will be helpful and utilize those services. Try maintenance portals and rent collection software as your starting tools.

To avoid combining too many systems, looking for an all-in-one solution may be a good choice.

Now that your business is ready to launch, it’s time to settle into the learning phase of running a property management business.

As a landlord or property manager, success in the rental market relies heavily on your ability to keep learning. Learning the latest trends, the best software, and the most valuable documents to have on hand will make your work more efficient.

Here at RentPrep, we know just how important this is. That’s why we’ve created a blog full of resources, including a complete bundle of template forms for property managers like you. Check it out today – and keep learning.

Property Management Business FAQs

Even after you’ve reviewed how to start a property management company or started your own, you will have questions. Here are the answers to the most commonly asked questions about property management.

Property management is a rapidly growing industry, and projections show that it will continue on this path for years to come . This means that getting into the business now is still a great move in the rental business. Even if local players already in the field have been there for years, there’s constant growth and more than enough business to go around.

Take this opportunity to get involved in a new market. Landlords with experience managing properties but ready to have less property ownership, in particular, can find success in this area. You already have the skills needed to get started in property management . Try it out, see how it goes, and move forward with this great career chance.

States require different types of licensure to work as a property manager. Here is the key breakdown of those requirements as of the time of writing.

• Massachusetts
• Kansas (residential only)
• District of Columbia
• Oregon (property management OR broker’s license required)
• South Carolina
• South Dakota
• Connecticut
• Mississippi
• New Hampshire
• North Carolina
• North Dakota
• Pennsylvania
• Rhode Island
• West Virginia

Thankfully, there are many programs available in the United States, both in person and online, where you can learn the foundations of being a property manager. These courses will cover critical topics including compliance and legal considerations.

Building a successful property management company primarily revolves around setting up the right foundations, which means you need to be a skilled property manager to succeed. There are specific skills that you must have or cultivate to find and guide success:

• Be proactive
• Stay involved
• Keep current on the latest industry knowledge
• Listen and communicate effectively
• Be resourceful

In addition to having these characteristics, you also need to be able to guide your team to hold the same standards. With talented individuals working on your side, it will be easier to create a successful property management company. Ideally, your staff (both full-time and contracted) will consist of the following individuals:

• Real estate attorney
• Contractors (HVAC, landscaping, locksmiths, etc.)

Depending on the size of your operation, you may also bring in more property managers, on-site security and staff, and others. When you’re first starting, however, your focus should be on building relationships with these three types of specialists, to ensure you have the support system needed to generate profit.

Another key point of success lies in the tools you have at your disposal. Software, in particular, can make or break your business. Think carefully about your needs as you develop your plan and invest in the following software if it will make your processes more efficient:

• Marketing tools
• Tenant screening tools
• Rent trackers
• Record-keeping tools
• Financial tools
• Maintenance request management tools

Burnout is the biggest reason property managers decide to get out of the field.

Property managers are often under immense amounts of stress. There are many moving parts to handle, and you can expect to be on call at nearly all hours of the day. This is particularly true when you start the business and rely primarily on your own abilities to succeed.

As your team grows, you may have more free time, but there will still be stress associated with your job. Problems are to be expected, and you must always be ready to handle them.

Regardless of the stress, many property managers who have been in the field for decades find the constant movement of the job engaging and exciting. If you enjoy learning new tasks, delegating work, and finding ways to solve problems on the fly, this is a great profession to pursue.

Building your property management company with the right tools will set you up to grow successfully as you gain experience. Work through essential steps to ensure you have the best chance at succeeding:

• Check what licensure, fees, insurance, and other documentation are needed to do business as a property management company in your area.
• Utilize staff, third-party services, and software to support your work.
• Create strong relationships with tenants, landlords, and contractors in your area to build your business’s network.

You can succeed in property management, but it will take work. With the information gathered today, you can focus on overcoming obstacles rather than figuring out what to do next. Good luck – you’ll have your first client in no time.

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6 Tips For Starting A Successful Property Maintenance Business

Do you happen to be someone who is contemplating the idea of starting a property maintenance business? Well if you do, then chances are you’re already in a state of chaos. A lot of companies have drowned overnight due to the lack of careful planning. It is imperative for you to precisely curate your business plan to ensure no aspects of your model go overlooked.

Here are 6 tips to help you start your own property maintenance business:

1. Research 

This is without a doubt, the most critical aspect that you need to attend. In fact, research is the single most important thing that you need to do before you pick up that piece of paper to implement your business idea. Visit properties near the location where you are planning to set up your business. Meet the tenants and see what their primary concerns regarding the properties are.

2. Investigate the competition

Your research does not end at tenants. You will also need to spend significant time learning about your competition. Study their business plan and find out what made them successful. See what services they offer and how the consumers have been benefiting from their solutions. This will help you understand the market well so you can set your business apart from the competition.

3. Seek advice from other entrepreneurs

Another great way to seek inside information of the business is by talking to people with similar trades. However, do not confuse your competitors to be your well-wishers. A business owner in the same city is unlikely to root for your best interests. Try looking for someone who runs the same business in a different city. These entrepreneurs can suggest some tips and tricks that can help you run the business smoothly.

4. Consider buying an existing business

When you’re contemplating the idea of starting a Property Maintenance Business, you probably want more control over the firm. However, the risks of investing in a startup are significantly high. You need to curate the plan, consider what facilities you will provide and hire men for your firm. An alternative to this can be buying a business that has already established itself in the market. Although it can demand some significant cash, the risks will be considerably lower than that in a startup. 

5. Is franchising the solution?

Another alternative solution to business ownership like we discussed above is seeking a Franchise. There are a plethora of businesses that have successfully struck a chord with the masses. The ‘brand name’ will help you connect with a broader customer base and establish trust with them. People are more likely to seek your services if you represent a name that is synonymous with Property Maintenance in other parts of the world.

6. Embrace technology

Are you keeping up with the technology to compete with other business owners? There are hundreds of tools on the web that can help you monitor your business and even streamline your purchase processes. Online platforms like Bricks+Agent can help you keep a tab on potential customers and offer them your services.

Before you put your money into the business, ensure that all these points mentioned above are taken care of. A lot of businesses enter the market with game plans just as everybody else’s. This leaves them little room to breathe since they did not focus on a USP.

Topics: Insider , Tradie Advice

Written by Rafael Niesten

In his early 20s, Perth local Rafael Niesten, won a scholarship to study in Canada, with that came the opportunity to volunteer at a local radio station. That spawned his entrepreneurial streak, returning to Perth in 2001 he set up community radio Groove FM. More by luck than design, they became successful, too successful as they took a significant chunk of the Perth Market. This sent up the red flag with his commercial competitors who saw to it that he came before the Australian Broadcasting Authority and on technicalities such as the number of volunteers he was forced to move on. He received the citizen of the year award for Western Australia (youth) and was a finalist in the Australian of the year awards (Youth). Falling on his sword he turned to running small and large scale events, all the while buying, renovating and selling properties. Buying and selling land and renovated houses provided a grounding in the property industry. He founded a cloud based medical grade voice recognition company, followed by co founding the first true cloud application for private practice in the health sector. He successfully exited these ventures at the end of 2016 and began building Bricks+Agent.

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Home > Business > Business Startup

A Step-by-Step Guide on How to Start a Property Management Company

We are committed to sharing unbiased reviews. Some of the links on our site are from our partners who compensate us. Read our editorial guidelines and advertising disclosure .

Are you passionate about real estate and have a knack for organization and customer service?

If so, starting a property management company might be the perfect business venture for you. Property management companies are responsible for overseeing the daily operations of rental properties on behalf of property owners, ensuring that everything runs smoothly and tenants are happy.

If you're ready to dive into this unique industry, this in-depth guide on how to start a property management company will walk you through the process.

By signing up I agree to the Terms of Use and Privacy Policy .

How to start a property management company in 6 steps

Starting a property management company shares many similarities with starting any other business. You’ll need to choose a legal structure and create a business plan — essential steps for any budding entrepreneur.

However, there are unique aspects of starting a property management business, too. You’ll need to draft tenant agreements, maintain strong relationships with owners and collect rent payments.

There’s a lot to cover, so let’s get started.

Step 1: Research and plan your property management business

This isn’t the sort of business you can delve into without much real estate management experience or prior knowledge.

To successfully start a property management company, you’ll need a solid understanding of the real estate industry.

Study the local real estate market to identify areas with high rental demand and a potential shortage of property management services.

Explore rental prices, vacancy rates, and tenant preferences to gauge the profit potential of your venture.

Finally, decide what types of properties you want to manage, such as residential, commercial, or vacation rentals.

Define your business model

Determine the type of property management services you want to offer. Will you specialize in a particular niche, such as small office buildings, coworking spaces, or manufactured homes?

Consider whether you'll manage properties on behalf of individual owners, real estate investors or homeowner associations. Some companies even own the properties they manage, and slowly add to their real estate holdings over time.

Create a property management business plan

A comprehensive business plan will guide your company's growth and operations.

Include sections on your target market, marketing strategies, organizational structure, financial projections and growth plans.

SCORE, a nonprofit organization focused on small business growth, offers free business plan templates you can use. We can walk you through writing your business plan .

Step 2: Setting up your property management business

Once you’ve established a clear plan for your property management company and conducted your research, it’s time to lay the groundwork for your new business.

Pick a legal structure

You’ll need to determine the legal entity for your property management company , such as a limited liability company (LLC) or a corporation.

• LLC: An LLC provides you with the flexibility of a partnership or sole proprietorship while offering limited liability protection like a corporation. This protects your personal assets from business debts and liabilities. An LLC also offers simplified management with fewer formalities and less paperwork than a corporation.
• S Corporation: An S corp combines the benefits of limited liability protection with pass-through taxation. This means that business profits and losses pass through to individual shareholders, avoiding double taxation at the corporate level.
• C Corporation: A C corp might be a good fit if you have plans for substantial growth, attracting investors or going public. C corps are separate legal entities and provide limited liability protection. They offer the ability to issue different classes of stock, making it easier to raise capital. However, C corps are subject to corporate income tax. If dividends are distributed to shareholders, they may face individual income tax as well.

To make the best decision for your own property management company, consult with a real estate attorney or business accountant. They can provide guidance based on your specific circumstances and long-term goals.

Figure out your taxes

As a business owner, you’ll need to pay a host of new taxes, including federal taxes, sales taxes and payroll taxes .

Consulting with an accountant is a smart move. A tax professional can advise you on how to structure your property management company to minimize your tax bill and help you file your tax returns.

You’ll also need an employer identification number (EIN) , a unique identifier assigned by the Internal Revenue Service. You can apply for an EIN on the IRS website for free.

Get licensed

Before diving in, make sure you have the necessary up-to-date licensing to operate legally in your state.

One of the main licenses to consider is a real estate broker's license. It demonstrates your expertise in areas like insurance, taxes, and contracts. To get a real estate broker’s license, you’ll need to complete specific courses and pass a comprehensive exam.

Some states may also require a property manager’s license. This too requires coursework and an exam.

Step 3: Accounting and financial management

Next, it’s time to set up a bookkeeping and accounting system to monitor cash flow and maintain accurate financial records.

There are many accounting software programs to choose from, including Freshbooks , Zoho and Xero . They all have tools to help you keep track of income and monitor expenses.

It’s also vital to set up a streamlined rent collection process — including online payment options.

On a tight budget? Check out our top picks for the best free accounting software for small businesses .

Research property management software

Investing in property management software and automation tools can help streamline your operations.

Buildium and Yardi are two popular options. Both offer a suite of integrated services including accounting, marketing, and lease execution.

Using these programs can also make renting easier for tenants because it allows them to make payments, sign leases, request support, and manage their accounts online.

Property management software usually offers different pricing tiers, and services can be customized to fit your needs. Buildium, for example, offers three package options, ranging from $52 to $479 a month.

Open a business bank account

You may be required by law to open a separate business bank account for tax purposes, depending on which state you live in. Either way, it’s a good idea to have dedicated accounts in your business’ name. Many banks and credit unions offer business checking and savings accounts .

You may want to consider opening a small business credit card , too. It can help you rack up points and cash back on business expenses, while keeping your personal and business finances separate.

Top banks for small businesses

	Best small-business bank overall	$0
	Best for freelancers	$0
	Best for solopreneurs	$0
	Best integrations and discounts	$0
	Best full-service online bank	$10 (waivable)

Data effective 4/20/23. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

Create a pricing structure

Figuring out how much to charge owners is vital to operating a successful property management company.

First, consider the type of fee structure you want to implement. There are several options to choose from.

• Flat fee model: This simple and transparent pricing structure charges a fixed fee per property or unit, regardless of its rental value or size. Flat fees are often appealing to clients because they’re predictable. Ensure that the flat fee adequately covers your costs and allows for a decent profit margin.
• Percentage of rent: Another popular pricing model is charging a percentage of the monthly rent collected from each property. Most property management companies charge anywhere from 8% to 12% of the monthly rent.
• Hybrid model: If you want to offer flexibility and cater to different client needs, consider a hybrid pricing structure. This approach combines elements of both the flat fee and percentage of rent models. For example, you could charge a lower flat fee along with a small percentage of the collected rent.
• Value-based pricing: As your property management company grows and establishes a strong reputation, you may consider adopting a value-based pricing strategy. With this approach, you charge a premium fee based on the unique value you bring to your clients. This model is best suited for companies that offer specialized services or cater to high-end properties.

To figure out how much to charge property owners, pay attention to what other property management companies in your area charge. This helps you benchmark your prices.

You should also consider the type and size of properties you'll manage. A single-family home requires different services and effort than a multifamily apartment building, so adjust your prices accordingly.

Step 4: Create property management contracts and hire staff

There are numerous laws and regulations surrounding real estate and rental properties. Requirements vary by state, but here’s an overview of the essentials.

Lease agreements and contracts

Developing comprehensive lease agreements and management contracts will help protect both your clients' interests and your own.

Consult with a real estate attorney to ensure these documents comply with local laws and regulations governing rental agreements.

Fair housing laws

It’s important to familiarize yourself with the Fair Housing Act to ensure you treat all prospective tenants equally and avoid any form of discrimination.

Be aware of federal, state, and local fair housing laws and stay up to date with any changes.

Tenant screening and eviction procedures

Establish a screening process that adheres to fair housing regulations and effectively assesses prospective tenants. You might decide to conduct credit checks or criminal background checks as part of the process.

Software programs like Rent Spree can help you with the tenant screening and rental application process.

Work with an attorney to develop clear eviction procedures in compliance with local laws so that you follow proper legal protocols when removing tenants who violate their lease agreements.

Hiring staff for maintenance and repairs

Establishing a system for handling maintenance requests promptly is key.

You might be able to handle some basic repairs yourself, assuming you’re as handy with a toolbox as you are with a spreadsheet.

Still, as your property management company grows, you’ll need to develop relationships with trusted contractors and vendors. Build a reliable maintenance crew of plumbers, electricians, septic companies, waste companies, and landscapers.

Negotiate favorable rates so you can resolve maintenance issues in a timely manner.

And make sure to calculate how much revenue you need to hire an employee .

Step 5: Market your property management business and find clients

You’ve got the skills and laid the foundation for a successful property management company.

Now that your business is up and running, it’s time to start finding clients.

But adding new properties to your portfolio is only part of the process. You’ll need to keep and retain them, too.

Create a professional brand

Develop a visually appealing logo, website, and marketing materials to establish credibility and attract potential clients.

You’ll also need to pick a business name for your property management company if you haven’t done so already.

Your secretary of state’s website should have an online database where you can find out if your proposed business name is already taken.

PRO TIP: Need help picking out a name? Here are some tips on how to come up with a business name .

Establish an online presence

A lot of business happens online, so make sure to create a user-friendly website and active social media profiles. (Hint: Wix is a great option for websites.)

Attract more potential clients by following search engine optimization (SEO) best practices and utilize keywords relevant to your services.

You should also advertise your available properties on reputable listing sites like Zillow and Apartments.com. Ensure your listings are detailed and include high-quality photos.

Social media is another great way to connect with potential clients. Check out these ways to engage customers with social media marketing .

Explore local advertising and partnerships

Consider advertising in local newspapers, magazines, and websites frequented by your target audience.

Partner with local real estate agencies, property investment groups, or homeowners' associations to tap into their networks and gain referrals.

Great customer service goes a long way

Word-of-mouth referrals are essential for property management companies, so offer referral incentives to current clients who refer new business to you.

Keep clients informed about their properties by providing regular updates, financial statements, and property performance reports. Proactive communication fosters transparency and shows your dedication.

To keep business flowing in, focus on delivering outstanding customer service. Happy tenants and satisfied property owners are much more likely to recommend your services.

Tenant communication and retention

As a property manager, maintaining communication with tenants is essential. Respond promptly to questions and concerns to foster positive tenant relationships.

Consider implementing tenant retention strategies, such as renewal incentives or discounts on lease renewal fees.

Step 6: Expand your property management company

As your business grows, you may need to hire additional staff, including administrative personnel, maintenance workers, and other property managers.

Implement an efficient hiring process so you can recruit qualified employees without wasting time digging through dead-end resumes.

You should also consider outsourcing certain tasks, such as bookkeeping or marketing, to third-party providers.

Market research and adaptation

To stay at the top, you’ll need to continuously monitor the local real estate market and rental trends.

Regularly evaluate your service offerings and make necessary changes to stay ahead of other property managers.

Stay current in the property management industry

To grow your business, never stop learning.

Attend industry conferences, seminars, and workshops to stay updated on real estate industry trends, best practices and regulatory changes.

Networking with other property managers can also provide valuable insights and keep you ahead of the game.

Consider obtaining professional certifications, such as certified property manager (CPM) or residential management professional (RMP) to enhance your credentials.

Browse hundreds of loan options, custom-tailored to your business and budget needs, from a single, simple platform.

Final thoughts

Knowing how to start a property management company can be challenging, but with the right approach, it can be a profitable and fulfilling business.

By implementing the strategies and tips outlined in this guide, you'll be well on your way to building a successful property management empire.

Rachel Christian is a Certified Educator in Personal Finance and a senior writer at The Penny Hoarder. She focuses on small businesses, retirement, taxes and investing.

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How to Start a Property Maintenance and Renovation Business

By: Author Tony Martins Ajaero

Home » Business ideas » Real Estate Industry » Property Preservation Business

Do you want to start a property maintenance business? If YES, here is a complete guide to starting a property maintenance & renovation business with NO money and no experience plus a sample property maintenance business plan template.

As a property manager, your core business responsibility is to maintain and renovate building facilities and to liaise with landlords and tenants. In some cases, you will also have to mediate between various contractors to effectively conduct your business. 

Because of that, you are expected to have a full grasp of the law when it comes to landlord and tenant relationships. It is your responsibility to create efficient and effective protocols that will make you relate well with your clients (landlords, tenants and contractors).

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For example, you are going to be responsible for the full and proper screening or testing of an applicant’s credit, criminal history, rental history and ability to pay his or her rent when due. If you can get that aspect of your job right, you will surely enjoy your business.

Interestingly, the minimum educational requirement for any one that wants to start his or her own property management cum property maintenance and renovation business is a High School Diploma and hands-on-the-job experience.

It is one of the many businesses that an individual can start from his or her home and with just a business card. Since the property management business is all about managing property/properties on behalf of your clients, and then you may not need a huge financial base to be able to launch the business except you just want to start pretty big.

So, if you are serious about starting your own property maintenance and renovation company, all you need do is to read this article and you will be well equipped.

You can start your property maintenance and renovation company from a small town in the United States and if you are consistent and creative, it won’t be too long before your brand becomes a nationally recognized brand and your business network spread across the length and breadth of the United States of America.

Steps to Starting a Property Maintenance & Renovation Business

1. understand the industry.

The property maintenance and renovation line of business which is a subset of the real estate industry is perhaps one of the easiest and affordable real estate businesses to start.

It is basically about property preservation cum management, lease contracting or accepting rent using legal documents approved for the area in which the property is located. In a nutshell, property management companies are responsible for taking care of and managing buildings and other real estate properties for individuals (landlords) or for groups of owners.

Basically, companies in the property maintenance and renovation or property management industry help to keep vacant properties secure, safe and well-maintained inside and out and also manage residential and nonresidential real estate for property owners.

Property preservation or property management relates to the overall operation of a property which includes general maintenance, rent collection, trash removal, security and other renovation and preservation activities (lawn management, landscaping and painting et al).

Some well – equipped property preservation cum property management companies go as far as helping their clients manage their property’s accounting and related services.

Property maintenance and renovation cum property management companies are also involved in mitigation and remediation regarding any maintenance and preservation issues, generally within a budget, with prior or conveyed consent via a Limited Power of Attorney legally agreed to by the property owner.

In fact, there are numerous aspects of the profession and some of them include helping their clients in managing the accounts and finances of the real estate properties, and participating in or initiating litigation with tenants, contractors and insurance agencies.

Property maintenance and renovation is indeed a very large industry and pretty much thriving in all parts of the world especially in developed countries such as United States of America, Canada, United Kingdom, Germany, Australia and Italy et al.

Statistics has it that in the united states of America alone, there are about 231,051 licensed and registered property preservation companies responsible for employing about 774,021 employees and the industry rakes in a whooping sum of $75 billion annually with an annual growth rate projected at 4.8 percent. It is important to state that there is no establishment with a lion share of the available market in this industry.

Research shows that the industry operating conditions for the property maintenance and renovation cum property management industry are expected to remain positive in the coming years, though this will eventually slow. Going forward, the value of residential construction is expected to expand rapidly due to improved consumer confidence and low interest rates, causing an increase in the housing stock.

As a result, the US homeownership rate is projected to increase, and fewer consumers will therefore require property preservation or property management services. To combat this, firms are expected to offer more services such as long term maintenance contracts to attract renters and other related real estate services.

No doubt, if an aspiring entrepreneur who intends starting his or her own property maintenance and renovation or property management business has the right connections, networks, managerial skills, and takes delight in preserving and managing real estate for clients, then he or she is going to find the property maintenance and renovation cum property management business very rewarding and lucrative.

The property maintenance and renovation industry will continue to blossom because landlords and organizations will not relent in looking for professionals who will help them to effectively manage and preserve their properties. Despite the fact that the industry seems saturated, there is still room big enough to accommodate aspiring entrepreneurs who intend opening their own property maintenance and renovation company.

Over and above, property maintenance and renovation businesses all over the world are still enjoying good patronage particularly if they are well positioned and if they know how to network with stakeholders and reach out to their target market.

2. Conduct Market Research and Feasibility Studies

• Demographics and Psychographics

The demographic and psychographic composition of those who need the services of property maintenance and renovation companies cut across businesses, individuals and households who own properties hence the demographic composition for the property maintenance and renovation company is all encompassing.

The truth is that when it comes to purchasing and investing in properties, there is indeed a wide range of available customers. So, if you are thinking of starting a property maintenance and renovation company then you should make your target demographics all encompassing.

It should include families who are interested in renting/leasing or acquiring a property, corporate organizations who are interested in renting/leasing or acquiring their own property/properties, land owners and landlords who are interested in renting/leasing out their properties, corporate organizations ( real estate agencies, property development companies et al )

Who are interested in renting/leasing out their properties, foreign investors who are interested in owning properties or leasing properties in the United States of America, and managers of public facilities within and outside the location where your company is located.

3. Decide Which Niche to Concentrate On

Most property maintenance and renovation companies tend to carry out general business activities that a standard property maintenance and renovation company is expected to carry out, that is why it seem that there are no niche areas in the industry.

But on the other hand, some property maintenance and renovation companies may decide to major in some key areas or niche area such as;

• Collecting rent
• Managing facilities maintenance services
• Managing security
• Managing trash and recycling collection
• Property accounting
• Legally representing property owners
• Finding and screening tenancy applicants
• Coordinating repair contractors
• Residential property management
• Nonresidential property management
• Land management
• Real estate brokerage
• Construction
• Property Management Consultancy and Advisory Services

The Level of Competition in the Industry

The truth is that no matter the level of competition in an industry, if you have done your due diligence and you brand and promote your products or business properly, you will always make headway in the industry. Just ensure that you pay attention to details when carrying out your renovation job on properties and you know how to attract and reach out to your target market.

But over and above, there is several property maintenance and renovation companies scattered all around the United States of America.

So, if you choose to start your own property maintenance and renovation company in the United States, you will definitely meet stiff competition amongst property maintenance and renovation companies, real estate companies and property development companies who also carry out maintenance and renovation on facilities in your city or country.

4. Know Your Major Competitors in the Industry

In every industry there are always brands that perform better or are better regarded by customers and the general public than others. Some of these brands are those that have been in the industry for a long while and so are known for that, while others are best known for how they conduct their businesses and the results they have achieved over the years.

These are some of the leading property maintenance and renovation companies in the United States of America and in the globe;

• Sweyer Property Management Company
• USA Real Estate and Property Management Company
• American Property Management Company
• USA Service Property Management Company
• Collins Realty Services & Property Managers
• RE*USA Northwest LLC
• American Horizon Property Management Company
• American Heritage Property Management Company
• Royal American Management Inc.
• Wise Property Management Company
• Association Services of Florida
• Burlington Capital Properties
• PMI Clarksville Property Management Company
• First Service Residential Property Management Company
• Colliers Rems Property Management Company
• Progressive Management-America
• A1 Properties KC

Economic Analysis

The property maintenance and renovation business has been in existence for decades and it is indeed a competitive business; as a matter of fact, you will come across several property maintenance and renovation companies when you go out there sourcing for properties to buy or sell or the services of property maintenance and renovation companies.

So, if you are mapping out your economic analysis, you should carry out thorough market survey and costing of the required amount needed to maintain and renovate properties and also the running cost of the business.

Over and above, if you are considering starting a property maintenance and renovation company, then your concern should not be limited to the cost of registering the business and the working capital needed for maintaining and renovation of properties, but also on branding and on how to build a robust clientele base.

The truth is that if you are able to build a robust clientele base and a far reaching business network, you are sure going to maximize profit in the business.

5. Decide Whether to Buy a Franchise or Start from Scratch

If you are looking towards starting a property maintenance and renovation company, then you would have to start from the very scratch because you can hardly get a franchise of a property maintenance and renovation company to buy. It is a business that is open to all and sundry.

Besides starting a property maintenance and renovation company from the scratch is less stressful when compared to other small scale businesses which usually require detailed groundwork before launching the business.

With a property maintenance and renovation company, you should try as much as possible to secure your business license, pool your startup capital, build business relationship with key stakeholders and then leverage on every marketing tool within your disposal especially the internet when it comes to marketing your services.

Please note that most of the big and successful property maintenance and renovation companies and players in the real estate industry started from the scratch and they were able to build a solid business brand.

6. Know the Possible Threats and Challenges You Will Face

If you decide to start your own property maintenance and renovation company today, one of the major challenges you are likely to face is the presence of well – established property maintenance and renovation companies, real estate companies and property development companies who also maintain and renovate properties in your city or country. The only way to avoid this challenge is to create your own market.

Other challenges and threats that you are likely to face is economic downturn; if the economy is in bad shape, businesses such as property maintenance and renovation and the likes usually struggle to maintain their old customers or even welcome new customers. unfavorable government policies can also hamper the growth of your property maintenance and renovation company.

There is nothing you can do as regard these threats and challenges other than to stay positive that things will work well for you.

7. Choose the Most Suitable Legal Entity (LLC, C Corp, S Corp)

You have the option of either choosing a sole proprietorship , general partnership or limited liability company which is commonly called an LLC for a business such as property maintenance and renovation company.

Ordinarily, general partnership should have been the ideal business structure for a small scale property maintenance and renovation company especially if you are just starting out with a moderate startup capital and covering just a city. But people prefer limited liability Company for obvious reasons.

As a matter of fact, if your intention is to grow the business and manage properties for clients all across your state and throughout the United States of America and other countries of the world, then choosing sole proprietor is not an option for you. Limited Liability Company, LLC or even general partnership will cut it for you.

Setting up an LLC protects you from personal liability. If anything goes wrong in the business, it is only the money that you invested into the limited liability company that will be at risk. It is not so for sole proprietorships and general partnerships.

Limited liability companies are simpler and more flexible to operate and you don’t need a board of directors, shareholder meetings and other managerial formalities.

These are some of the factors you should consider before choosing a legal entity for your property maintenance and renovation company; limitation of personal liability, ease of transferability, admission of new owners, investors’ expectation and of course taxes.

You can start this type of business as limited liability company (LLC) and in future convert it to a ‘C’ corporation or an ‘S’ corporation especially when you have the plans of going public.  

8. Choose a Catchy Business Name

If you are considering starting your own property maintenance and renovation company, here are some catchy names that you can choose from;

• Hilary Tyson and Co Property Management Company
• Gritty Kitty Property Management Company, LLC
• Brown Bricks Property Management Company, Inc.
• Crystal Property Maintenance & Renovation Company
• Ariel Cone Property Flipping Company, Inc.
• Rodney Jeff & Sons Property Management Company, Inc.
• Octopus Property Management Company, Inc.
• Campbell Dowel & Sons Property Management Company, LLC
• Brain Tancredo Group Property Management Company, Inc.
• Corner Piece Property Management Company, Inc.

9. Discuss with an Agent to Know the Best Insurance Policies for You

In the United States and in most countries of the world, you can’t operate a business without having some of the basic insurance policy covers that are required by the industry you want to operate from.

Here is some of the basic insurance covers that you should consider purchasing if you want to start your own property maintenance and renovation company in the United States of America;

• General insurance
• Health insurance
• Liability insurance
• Risk insurance
• Property insurance
• Workers Compensation
• Overhead expense disability insurance
• Business owner’s policy group insurance
• Payment protection insurance

10. Protect your Intellectual Property With Trademark, Copyrights, Patents

If you are considering starting your own property maintenance and renovation company, usually you may not have any need to file for intellectual property protection/trademark. This is because the nature of the business makes it possible for you to successful run the business without having any cause to challenge anybody in court for illegally making use of your company’s intellectual properties.

11. Get the Necessary Professional Certification

Asides from your ability to manage, renovate and maintain properties, professional certification is one of the main reasons why some property maintenance and renovation companies stand out. If you want to make impact in the real estate industry as a property manager, you should work towards acquiring all the needed certifications in your area of specialization.

You are strongly encouraged to pursue professional certifications; it will go a long way to show your commitment towards the business. Certification validates your competency and shows that you are highly skilled, committed to your career and up-to-date in this competitive market.

These are some of the certifications you can work towards achieving if you want to run your own property maintenance and renovation company;

• Real Estate Professional Assistant (REPA) Certification
• Certified Commercial Real Estate Advisor (CCREA)
• Chartered Real Estate Professionals – CREP
• Degree/Diploma in Real Estate and Building Engineering Related Courses

Please note that you cannot successfully run a property maintenance and renovation company in the United States and in most countries of the world without necessarily acquiring professional certifications and business license even if you have adequate experience cum background in the real estate industry.

12. Get the Necessary Legal Documents You Need to Operate

The essence of having the necessary documentation in place before launching a business in the United States of America cannot be overemphasized. It is a fact that you cannot successfully run any business in the United States without the proper documentations.

These are some of the basic legal documents that you are expected to have in place if you want to legally run your own property maintenance and renovation company in the United States of America;

• Certificate of Incorporation
• Business License (Realtor License)
• Tax Payer’s ID / Tax Identification Number
• Business Plan
• Non – disclosure Agreement
• Employee Handbook
• Employment Agreement (offer letters)
• Operating Agreement for LLCs
• Insurance Policy
• Online Terms of Use
• Online Privacy Policy Document (basically for online payment portal)
• Company Bylaws
• Memorandum of Understanding (MoU)
• Contract Document
• Franchise or Trademark License (optional)

13. Raise the Needed Startup Capital

Starting a property maintenance and renovation company can be capital intensive even if you choose to start on a small scale, but if you choose to start the business on a large scale with standard office facility and over a handful of full – time employees, then you would need to go source for fund to finance the business because it is expensive to start a standard large property maintenance and renovation company.

Here are some of the options you can explore when sourcing for startup capital for your property maintenance and renovation company;

• Raising money from personal savings and sale of personal stocks and properties
• Raising money from investors and business partners
• Sell of shares to interested investors
• Applying for Loan from your Bank / banks
• Pitching your business idea and applying for business grants and seed funding from donor organizations and angel investors
• Source for soft loans from your family members and friends.

14. Choose a Suitable Location for your Business

It cannot be overemphasized that the location you chose to start your property maintenance and renovation company is key to the success of the business, hence entrepreneurs are willing to rent or lease a facility in a visible location; a location where the demography consists of people with the required purchasing power and investment lifestyle. If you make the mistake of starting your property maintenance and renovation company in an area where you will find it difficult to find properties that are put up for sale, you will struggle to grow the business.

It is important to note that a business facility in good location does not come cheap hence you should be able to allocate enough fund for leasing/renting in your budget. If you are new to the dynamics of choosing a location for a business such as property maintenance and renovation company, then you should feel free to talk to a business consultant or a realtor who has a full grasp of the city and perhaps country you intend starting your property maintenance and renovation company.

Most importantly, before choosing a location for your property maintenance and renovation company, ensure that you first conduct a thorough feasibility studies and market survey. The possibility of you coming across similar business that just closed shop in the location you want to open yours can’t be ruled out.

These are some of the key factors that you should consider before choosing a location for your property maintenance and renovation company;

• The demography of the location
• The demand for properties in the location
• The purchasing power of the residence of the location
• Accessibility of the location
• The number of property maintenance and renovation companies and related businesses that in the location
• The local laws and regulations in the community/state
• Traffic, parking and security

15. Hire Employees for your Technical and Manpower Needs

On the average, there is no special technology or equipment needed to run this type of business except for relevant software applications. But you will definitely need computers/laptops, internet facility, telephone, fax machine and office furniture (chairs, tables, and shelves) amongst others and all these can be gotten as fairly used.

As regard leasing or outright purchase of an office facility, the choice is dependent on your financial standing, but the truth is that to be on the safe side, it is advisable to start off with a short term rent/lease while test running the business in the location. If things work out as planned then you go on a long term lease or outright purchase of the property but if not, then move on and source for other ideal location/facility for such business. Besides, you can comfortably run a small scale property maintenance and renovation business from your home.

When it comes to hiring employees for a standard property maintenance and renovation company, you should make plans to hire a competent Chief Executive Officer/President (you can occupy this role), Admin and Human Resources Manager, Project Manager, Company’s Lawyer/Secretary, Head of Construction, Head of Assets Management, Head of Acquisition and Disposition, Sales and Marketing Officer, Accounting Clerk, and Front Desk Officer. These are some of the key employees that you can work with. On the average, you will need a minimum of 10 to 15 key staff members to run a medium scale but standard property maintenance and renovation company.

The Service Delivery Process of the Business

When it comes to the business process as it relates to a property maintenance and renovation company, there are no hard and fast rule about it. Basically, a property manager goes out there to source for landlords and organizations who own properties and are looking for a property maintenance and renovation company to help them manage their properties.

Before a deal is sealed, a property maintenance and renovation company is expected to carry out inspection on the location and the type of renovation or construction work that will be carried out on the property. This will enable them know the required amount needed for renovating the property and the current market value of same properties within the geographical location for charging their profession fee.

It is important to state that a property maintenance and renovation company may decide to improvise or adopt any business process and structure that will guarantee them good return on their services and investments.

16. Write a Marketing Plan Packed with ideas & Strategies

Generally, running a business requires that you should be proactive when it comes to marketing your goods or services. If you choose to launch a property maintenance and renovation company, then you must go all out to employ strategies that will help you attract customers or else you will likely struggle with the business because there are well – known brands determining the market direction for the real estate industry.

As a matter of fact, your marketing strategy should center on reliability, quality assurance, safety, pricing, secured payment platform, and above all excellent customer service. You should ensure that whenever your clients put their properties under your care that they will get great value for their investment. The truth is that if you are able to put the above stated in place, you won’t struggle to retain our old customers and at the same time win over new customers.

Businesses this days are aware of the power of the internet, which is why they will do all they can to maximize the internet to market their services. In other words, a greater percentage of your marketing efforts should be directed to internet users; your website should become your number one marketing tool.

Here are some of the platforms you can utilize to market your property maintenance and renovation company;

• Introduce your property maintenance and renovation company by sending introductory letters alongside your brochure to families who are interested in renting / leasing or acquiring a property, corporate organizations who are interested in renting / leasing or acquiring their own property / properties, land owners and landlords who are interested in renting / leasing out their properties, corporate organizations (real estate agencies, property development companies et al) who are interested in renting / leasing out their properties, foreign investors who are interested in owning properties or leasing properties in the United States of America, and managers of public facilities within and outside the location where your company is located
• Advertise your business in relevant real estate and property magazines, newspapers, TV and radio stations
• List your business on yellow pages ads (local directories)
• Attend relevant international and local expos, seminars, and business fairs et al
• Create different packages for different category of clients in order to work with their budgets and still meet their demands
• Leverage on the internet to promote your business
• Join local chambers of commerce around you with the main aim of networking and marketing your business; you are likely going to get referrals from such networks.
• Engage the services of marketing executives and business developers to carry out direct marketing.

17. Develop Strategies to Boost Brand Awareness and Create a Corporate Identity

If your intention of starting a property maintenance and renovation company is to grow the business beyond the city where you are going to be operating from to become a national and international brand, then you must be ready to spend money on promotion and advertisement of your brand.

No matter the industry you belong to, the truth is that the market is dynamic and it requires consistent brand awareness and boosting cum promotion to continue to appeal to your target market. Your corporate identity has a lot to do when it comes to building a business that is profitable.

Here are the platforms you can leverage on to boost your brand awareness and create corporate identity for your property maintenance and renovation company;

• Place adverts on both print (newspapers and magazines) and electronic media platforms
• Sponsor relevant community based events/programs
• Leverage on the internet and social media platforms like; Instagram, Facebook, Twitter, YouTube, Google + et al to promote your products
• Install your billboards in strategic locations all around your city or state
• Engage in roadshows from time to time in targeted neighborhoods to create awareness of your property maintenance and renovation company.
• Distribute your fliers and handbills in target areas
• Contact families who are interested in renting / leasing or acquiring a property, corporate organizations who are interested in renting / leasing or acquiring their own property / properties, land owners and landlords who are interested in renting / leasing out their properties, corporate organizations (real estate agencies, property development companies et al) who are interested in renting / leasing out their properties, foreign investors who are interested in owning properties or leasing properties in the United States of America, and managers of public facilities within and outside the location where your company is located informing them about your business and the services you offer
• List your property maintenance and renovation company in local directories/yellow pages
• Advertise your property maintenance and renovation company in your official website and employ strategies that will help you pull traffic to the site
• Position our Flexi Banners at strategic positions in the location where your property maintenance and renovation company is located
• Ensure that all your staff members wear your branded shirts and all your vehicles and trucks/vans are well branded with your company logo

How do I start a successful property maintenance company?

There’s always space for betterment whether you’re a new or seasoned property manager. Unexpected challenges are inevitable once your company for property management is up and running.

Managing HOA board members, contractors, landlords, unit owners, insurance providers, and tenants, etc.

As hard as property management can be, it could also be very rewarding. Property management is an affordable business with low requirements to enter. Real estate passion and eagerness to learn are all you need. Here are some property management tips.

Considering starting a property maintenance business? If so, you’re probably in chaos. Lack of planning has sunk many companies overnight. You must carefully craft your business plan to ensure nothing is missed.

Planning a Property Maintenance Startup

Successful property maintenance startups plan carefully to create a sustainable business model. If you’re not careful, your new property maintenance company can spiral out of control, leaving you unable to meet customer obligations.

Property maintenance can be one-time or ongoing. Long-term contracts produce reliable revenue streams and reduce customer acquisition time.

One-time customers can be converted to long-term accounts.

Early-stage property maintenance entrepreneurs who are overwhelmed are probably trying to do too much with too little. One or two people can’t maintain dozens of commercial properties. Start by focusing on one or two core services. Light residential and commercial repair should keep one worker busy.

As your business grows, you can offer cleaning and landscaping services. Full-service maintenance can be attractive to clients looking for no-hassle property maintenance, but it’s only profitable if your business is large enough to handle multiple services for a large client list.

Tips For Starting A Successful Property Maintenance Business

You can’t ignore this one little detail; it’s the single most important thing that needs your attention. Before you pick up that piece of paper to start putting your business idea into action, the one thing that is more important than anything else is for you to do some research. Pay a visit to the real estate in the neighbourhood of the location where you intend to establish your company. Get to know the tenants and find out what the most pressing issues are that they have with the properties.

Investigate the competition

Your investigation will not stop with the tenants. In addition to this, you will need to dedicate a significant amount of time to researching your rivals. Research their business plan and figure out what they did differently that led to their success. Examine the services that they provide and the ways in which customers have benefited from the solutions that they provide. Because of this, you will have a better understanding of the market, which will allow you to distinguish your company from that of your rivals.

Seek advice from other entrepreneurs

Talking to people who work in trades that are similar to your own is another excellent way to gather inside information about a company. However, you must be careful not to mistake your rivals for supporters of your cause. It is unlikely that a local business owner in the same city will look out for your best interests. You could try looking for someone in a different city who operates the same kind of business. These business owners may be able to offer some advice and suggestions that will make it easier for you to manage the company.

Consider buying an existing business.

When starting a Property Maintenance Business, you want more control. Startup investing is risky. Your firm needs a plan, facilities, and men. Buying a well-established business is another option. Although it can be expensive, the risks are lower than in a startup.

Is franchising the solution?

Looking into purchasing a franchise is yet another option available to business owners, similar to the one we covered earlier. Numerous companies have been able to successfully connect with the general public through their products and services. You will be able to connect with a more diverse group of customers and earn their trust with the assistance of the ‘brand name.’ If you represent a name that is widely recognised as being synonymous with Property Maintenance in other regions of the world, then people will be more likely to seek out your services.

Embrace technology

Are you using the latest technology to compete? Web tools can help you monitor your business and streamline purchase processes.

Small businesses that can’t afford full-time maintenance can hire you. Stay within your comfort zone for services. As your business grows, you can hire contractors to help serve clients. Once you have skilled employees or partners, offer painting, plumbing, electrical, cleaning, and repair services. Good work at low prices.

Choose client services. Start small and provide good service for ads and brochures. Get a licence and insurance. Consult a lawyer to write a contract clients must sign to use your services.

Gather service needs from each client. Negotiate hours per week per client and weekly fee. Offer hourly services. If clients request services outside your expertise, hire partners and subcontractors.

Block off time to serve predictable customers. Appoint employees or partners to specific time frames and roles to set expectations. Buy cleaning supplies, repair tools, and maintenance equipment. If you don’t want to work from home, rent storage or office space.

Stay licenced. Check electrical and plumbing licences too. Sending someone without a licence to do work creates liability issues. Keep your business paperwork in order.

Client-by-client, build your property maintenance business. Don’t take on new customers until your services are praised. To improve your business, get customer feedback.

Tips for Creating a Great Property Maintenance Company Business Plan

• The business plan for your property maintenance company is a blueprint that describes your company as well as the strategy you will put into action to achieve particular objectives.

In today’s modern culture of commerce, business plans also serve as litmus tests for outside interests to evaluate the viability and marketability of a product or service in the real world.

You are going to want to educate yourself on how to write the market analysis section of a business plan so that you can ensure that your work is accurate. It includes determining who your ideal customers are and, in many instances, incorporating research to back up your claims and sales projections. Additionally, it involves determining who your target market is.

Investigate the Competition

It is in your best interest to get a sense of the level of competition in your community before beginning operations as a property maintenance company. After clicking on the link we’ve provided for you below, all you need to do is enter your city, state, and zip code to get a list of property maintenance businesses in your area. We’ve done this to make it easier for you to find local competitors.

Looking for comprehensive services on property maintenance? Look no further! Hitch Property Constructions has you covered.

Locate Property Maintenance Businesses Near You

Acquire the knowledge necessary to understand how currently operating businesses have positioned themselves in the market. Then, using that information, structure your company to differentiate yourself from the competition.

Getting Advice from Experienced Entrepreneurs

As part of your due diligence, speak with a property maintenance professional. Property maintenance business owners won’t give you advice. They don’t want to help you compete.

A property maintenance business owner in a non-competitive location may be willing to give you tips if they don’t view you as a threat. Many experienced entrepreneurs enjoy advising startups. You may need to contact many business owners to find one willing to share advice.

Getting Started in Property Maintenance Business Ownership

Property maintenance business owners can start a new company or buy one.

Startup property maintenance businesses give entrepreneurs more control and influence. Startups are risky and, therefore, harder to finance.

Acquired property maintenance companies are less risky for lenders. Buying a business gives you access to financial records, an established business model, and other factors that are uncertain in a venture, reducing the risk of ownership for you and your property maintenance business’s key stakeholders.

Is Franchising the Right Option?

If you don’t want to be responsible for everything on your own, it is a good idea to seriously consider joining a franchise network.

You would be wise to investigate the possibility of purchasing a property maintenance franchise before beginning the process of launching your own independent property maintenance company.

The Level of Competition in the Property Maintenance and Renovation Industry

No matter how fierce the competition is in a given sector, if you do your due diligence and promote your products or business properly, you will always make headway. When renovating properties, pay attention to details and know how to attract your target market.

There are also many property maintenance and renovation companies. Start your maintenance and renovation business in the country. You’ll face stiff competition from property maintenance and renovation companies, real estate firms, and property developers in your city or country.

Economic Analysis

The property upkeep and remodelling industry has been around for decades, and it’s a competitive one. When looking for properties to buy or sell or property maintenance and renovation services, you’ll encounter several companies.

Suppose you’re planning your economic analysis. In that case, you should conduct a market survey and the cost of maintaining and renovating properties and running the business.

If you’re considering creating a company for home repairs and upkeep, you should also focus on branding and building a clientele base. If you can build a large clientele and a vast business network, you’ll maximise profit.

Starting Your Property Maintenance and Renovation Business from Scratch vs Buying a Franchise

If you want to start a property maintenance and renovation company, you must start from scratch because you can’t buy a franchise. It’s a public business.

Creating a company for home repairs and upkeep is less stressful than other small businesses, which require detailed planning. When working with a property upkeep and remodelling firm, you should secure your business licence, pool your startup capital, build business relationships with key stakeholders, and market your services using the internet.

Most successful property maintenance and renovation companies and real estate industry players started from scratch and built a solid brand.

Check out Hitch Property Constructions for a huge range of Melbourne property maintenance services.

Possible Threats and Challenges You Will Face When Creating a Company for Home Repairs and Upkeep

Suppose you start a maintenance and renovation company today. In that case, you may face competition from well-established property maintenance and renovation companies, real estate companies, and property development companies in your city or country. Create your market to avoid this challenge.

If the economy is bad, businesses like property maintenance and renovation struggle to keep old customers and welcome new ones. Unfavourable government policies can also slow your company’s growth. You can only remain optimistic about these threats and challenges.

If an aspiring entrepreneur who wants to start a property maintenance and renovation or property management business has the right connections, networks, and managerial skills and enjoys preserving and managing real estate for clients, he or she will find it rewarding and lucrative.

Landlords and organisations will continue to seek property management and renovation professionals. Despite the industry’s saturation, there’s still room for aspiring property maintenance and renovation entrepreneurs.

Property maintenance and renovation businesses around the world still enjoy good patronage if they are well-positioned, network with stakeholders, and reach their target market.

Suppose you want your property maintenance and renovation company to become a national and international brand. Then, you must invest in brand promotion and advertising.

Regardless of your industry, the market is dynamic and requires consistent brand awareness and cum promotion to appeal to your target market. Your corporate identity helps build a profitable business.

FAQs About Property Maintenance

Why maintenance is so important.

Maintenance is an important factor in quality assurance and in some cases determines the long-term success of a company. Poorly maintained resources can cause instability and partially or completely pause the production. Malfunctioning machines or complete breakdowns can become a costly process for most companies.

What is importance of maintenance in industry?

It helps companies maintain their resources while controlling time and costs to ensure maximum efficiency of the manufacturing process, the utilities and related facilities. It is a tool that helps to secure a reliable and satisfactory quality of the production, safety for employees and protection for the environment.

What are the benefits of property maintenance?

Having a property maintenance crew helps to preserve and protect your real estate investment. A professional property maintenance service provider can assist in replacing equipment and materials, repairing property damage, hauling trash, enhancing aesthetics and day to day cleaning.

What does it mean to maintain a property?

Property maintenance is best defined as any preventive or reactive maintenance action taken to keep a property fully functional, and operating in its best condition. Property maintenance includes a wide range of responsibilities and requests.

What is a house maintenance service?

Simply put, the property maintenance company handles routine work like cleaning, landscaping, and seasonal repairs, along with one-off repairs like replacing doors, fixing locks, and addressing roof leaks. Property maintenance companies usually have an agreement with the Property Manager to be on-premise certain days.

Property management is an affordable business with low requirements to enter. Hitch Property Constructions has a wide range of property maintenance Melbourne services. Tips for starting a successful property maintenance company:. Plan carefully to create a sustainable business model. Early-stage property maintenance entrepreneurs are probably trying to do too much with too little.

When starting a Property Maintenance Business, you want more control. Buying a well-established company is another option. As your firm grows, you can hire contractors to help serve clients. If you represent a name that is synonymous with Property Maintenance in other regions of the world, then people will be more likely to seek out your services. Choose client services.

Choose client-by-client, and build your property maintenance business. Business Plan As part of your due diligence, speak with property maintenance professional. You’ll face stiff competition from property maintenance and renovation companies, real estate firms, and property developers in your city or country. If you’re considering creating a company for home repairs and upkeep, you should also focus on branding and building a clientele base. When renovating properties, pay attention to details and know how to attract your market.

You may need to contact many business owners to find one willing to share advice. If you want to start a property maintenance and renovation company, you must start from scratch because you can’t buy a franchise. You should secure your business licence, pool your startup capital, build business relationships with key stakeholders, and market your services using the internet. Check out Hitch Property Constructions for a huge range of Melbourne property maintenance services. Landlords and organisations will continue to seek property management and renovation professionals.

Content Summary

• Unexpected challenges are inevitable once your company for property management is up and running.
• You must carefully craft your business plan to ensure nothing is missed.
• Because of this, you will have a better understanding of the market, which will allow you to distinguish your company from that of your rivals.
• You are going to want to educate yourself on how to write the market analysis section of a business plan so that you can ensure that your work is accurate.
• As part of your due diligence, speak with property maintenance professional.
• If you want to start a property maintenance and renovation company, you must start from scratch because you can’t buy a franchise.

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0 Bed  |  0 Baths  |  No Pets Moscow, Idaho 83843 $/mo Bed  |  Baths  |  No Pets Potlatch, Idaho 83855 $/mo Bed  |  Baths  |  No Pets Moscow, Idaho 83843 $770.00/mo 1 Bed  |  1 Baths  |  No Pets Moscow, Idaho 83843 $3200.00/mo 4 Bed  |  2.5 Baths  |  No Pets Moscow , Idaho 83843 $2750.00/mo 3 Bed  |  2.5 Baths  |  No Pets Growing Pains in Property Management Olga Zorina Director, Property Management Department, Office & Retail Properties CB Richard Ellis About 15 years ago, when the first private commercial properties developed in Russia, there also appeared firms offering to manage these properties. However, no matter how much they wished to be called property management companies, these companies actually provided facility management services and were still far from what is really meant by property management. Another contributing factor was that the property owners themselves were not prepared to outsource all aspects of managing their property. With the market gradually maturing, property management companies improved their knowledge and practical skills, using international experience as a basis but taking into consideration the peculiarities of the Russian market and legislation. In the meantime, new opportunities were appearing to apply this knowledge in practice and to expand the range of services on offer. By 2006, there were already a few firms operating that could be called property management companies in the full sense of the term. However, even though these companies possessed theoretical knowledge and technical maintenance expertise, they still lacked local property management experience. An effective solution that had both “internal” and “external” effect was hiring foreign property managers. The “external” effect was that owners had more trust in companies where a foreign professional was in charge of property management. “Internally,” this provided the opportunity for local specialists to be trained on site. The process of transferring this experience was painful for both sides. Our Western partners could not understand why subcontractors, cleaners for example, could not simply be hired, but had to be supervised, their services monitored, various receipts and reports signed, and so on. They wondered why a lack of confidence in how subcontractors performed was rooted in the very system itself; why it was impossible to manage a remote site, with no own staff on site, without any problems; and why the purchase of stationery and other office goods for managing company personnel entailed so much trouble and such a huge document turnover. Sometimes it seemed as if we were speaking different languages, or even living on different planets, since our perceptions of reality were so different. What seemed obvious to us was a revelation to our Western colleagues, sometimes possessing no logical explanation. Both our partners and our international clients failed to realize why operating expenses for managing a property were so high. Calculations for the minimum number of security guard posts, which had seemed reasonable and necessary, underwent revision, which ended with the question of why we could not just shut the building up for the night under guard. They wondered why it was impossible to carry out technical maintenance of engineering systems in the daytime to cut costs, or why it was impossible to hang an “Out of Order” sign on the door of a broken toilet until a plumber came, even if this toilet was in a Class A business center or a luxury shopping center. They were genuinely surprised by our explanations that Russian law stipulates the number of technical specialists required for various works; that tenants’ expectations, reflected in lease contracts, required repairs to be performed during nonworking hours only; and that plumbing breakdowns had to be fixed immediately. In the course of time the degree of mutual understanding and trust increased between us, and developing relations and signing contracts between owners and managing companies became easier. By 2007, there was a slow but steadily growing tendency to outsource property management services. Pre-crisis forecasts indicated that, with the high rate of real estate supply to the market, the need for professional property management services would grow very fast. The crisis threw the market back a few years, however, and many potential clients of property management companies left the market. Nevertheless, I hope that the lessons learned on the road to maturity have sunk in, and that the part of the road that we have been thrown back at will be covered again in a very short time. A Message from The Moscow Times: Dear readers, We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent." These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia. We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help . Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $ 2. It's quick to set up, and every contribution makes a significant impact. By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us. Remind me next month Macron Denies Telegram Founder’s France Arrest ‘Political' Paralympics Body Says 88 Russians to Compete as Neutrals in Paris Ex-Wagner Fighter Signs Military Contract After Second Murder Conviction By Pressing Onward With Elections in Battlefield Kursk Region, Kremlin Seeks to Show Everything Is Business as Usual Advertisement Supported by What We Know About Kamala Harris’s $5 Trillion Tax Plan So Far The vice president supports the tax increases proposed by the Biden White House, according to her campaign. Share full article By Andrew Duehren Reporting from Washington In a campaign otherwise light on policy specifics, Vice President Kamala Harris this week quietly rolled out her most detailed, far-ranging proposal yet: nearly $5 trillion in tax increases over a decade. That’s how much more revenue the federal government would raise if it adopted a number of tax increases that President Biden proposed in the spring . Ms. Harris’s campaign said this week that she supported those tax hikes, which were thoroughly laid out in the most recent federal budget plan prepared by the Biden administration. No one making less than $400,000 a year would see their taxes go up under the plan. Instead, Ms. Harris is seeking to significantly raise taxes on the wealthiest Americans and large corporations. Congress has previously rejected many of these tax ideas, even when Democrats controlled both chambers. While tax policy is right now a subplot in a turbulent presidential campaign, it will be a primary policy issue in Washington next year. The next president will have to work with Congress to address the tax cuts Donald J. Trump signed into law in 2017. Many of those tax cuts expire after 2025, meaning millions of Americans will see their taxes go up if lawmakers don’t reach a deal next year. Here’s an overview of what we now know — and still don’t know — about the Democratic nominee’s views on taxes. Higher taxes on corporations The most recent White House budget includes several proposals that would raise taxes on large corporations . Chief among them is raising the corporate tax rate to 28 percent from 21 percent, a step that the Treasury Department estimated could bring in $1.3 trillion in revenue over the next 10 years. We are having trouble retrieving the article content. Please enable JavaScript in your browser settings. Thank you for your patience while we verify access. If you are in Reader mode please exit and  log into  your Times account, or  subscribe  for all of The Times. Thank you for your patience while we verify access. Already a subscriber?  Log in . Want all of The Times?  Subscribe . Ukraine war latest: Zelenskyy pleads with allies for help after deadly Russian strikes At least three people were killed this morning after Russia launched a round of air strikes against several cities in Ukraine. Below, watch a Sky News exclusive on the Ukrainian resistance operating behind Russian lines. Monday 26 August 2024 22:52, UK Please use Chrome browser for a more accessible video player Russia unleashes missile and drone barrage across Ukraine At least three dead as 15 regions hit - with explosions heard in Kyiv Ukraine says it shot down 102 missiles in 'most massive' attack Zelenskyy pleads with allies for help - as Kremlin issues warning Search under way for military object that landed in Poland Watch: Who are Ukraine's secret resistance? Your questions answered: Can Ukraine advance further inside Russia? We're pausing our live coverage of the war in Ukraine. We'll be back with more updates and analysis tomorrow, but before we go, here's a recap of the key developments that took place today. Russia unleashed 236 drones and missiles in a massive attack on Ukraine. Seven people were killed and 15 regions were struck, with explosions heard in the capital, Kyiv. Ukraine said hypersonic missiles were used in the assault. Ukrainian officials called on Western allies to provide air defence resources and to allow the long-range use of their weapons on targets inside Russia. One of the drones likely strayed into Polish territory , leading 100 soldiers to search for the equipment, said Jacek Goryszewski, spokesperson for the Polish army's operational command. NATO condemned this as "irresponsible and potentially dangerous." "Fierce battles" raged around the eastern Ukrainian city of Pokrovsk , according to the general staff of the Ukrainian armed forces. Russian forces made 38 attempts to storm Ukrainian positions near the strategic logistics hub. The Institute for the Study of War identified areas of the frontline from which the Russian military is likely redeploying forces to Kursk: Northern Kharkiv, Chasiv Yar and western Zaporizhzhia. The head of the international nuclear watchdog said he will lead a mission to inspect Russia's Kursk Nuclear Power Plant tomorrow amid fighting in the region. At least seven people have been killed and 47 people injured, including four children, by Russia's bombardment, Ukrainian authorities say. Some civilian facilities were attacked with cluster munitions, Volodymyr Zelenskyy said. Videos posted on social media showed strikes on a hydropower plant, a dam and a water reservoir. Strikes on power or critical infrastructure were reported in Volyn and Rivne in the northwest; Khmelnytskyi, Lviv and Ivano-Frankivsk in the west; Zhytomyr in the north; Dnipropetrovsk, Kirovohrad and Vinnytsia in central Ukraine; Zaporizhzhia in the southeast; and Odesa in the south. A 69-year-old man in the Dnipropetrovsk region and a farmer in the Zaporizhzhia region were among those confirmed dead.  The other killings took place in the regions of Kharkiv, Zhytomyr and Volyn. NATO has condemned Russia's "irresponsible" attacks after alliance member Poland reported the likely landing of a drone on its territory. "Since Russia's full-scale invasion of Ukraine in 2022, Russian drone fragments and missiles have been found on allied territory on several occasions," NATO spokesperson Farah Dakhlallah said.  "While we have no information indicating an intentional attack by Russia against allies, these acts are irresponsible and potentially dangerous."  There are reports of another wave of drone attacks this evening, a Ukrainian MP tells Sky News. Ukraine is also expecting more missiles overnight, says Lesia Vasylenko. Russia is attacking energy infrastructure, leaving regions without water and power, yet the West will not let Ukraine stop them, she says. "It's a nonsense that Russians are attacking civilian targets inside of Ukraine on a daily basis, using missiles with components from Western countries, and then those Western countries, including the US, are blocking Ukraine being able to defend itself and to destroy the military targets from which these attacks have been launched," she says." This is not a retaliation for the Kursk offensive, she says, pointing out that this has been part of Russia's strategy since it invaded Ukraine in February 2022. "'Winters should be dark and cold for Ukrainians': That's that's the message that Russia is trying to convey and this is what they're trying to make real." She adds: "When it gets really, really cold, it's going to be absolutely unliveable." But Ukraine is not prepared to "just surrender and see our homes destroyed and see our loved ones being taken into prisons and to torture centres", says Ms Vasylenko. As Ukraine came under fire from a massive wave of Russian missiles and drones today, beneath the streets of Kyiv, residents sung the city's anthem. The chorus echoed through the subway, where families took shelter from the bombardment. The Kremlin said it has seen media reports about the death of Ryan Evans, a British safety adviser working for Reuters, in a missile strike on a Ukrainian hotel. Moscow said it only targeted military infrastructure in Ukraine. Russia has repeatedly hit civilian targets over the course of the war. "I'll repeat once again: Strikes are carried out against military infrastructure objects, and, or against targets related to military infrastructure in one way or another," Kremlin spokesman Dmitry Peskov said when asked about the incident. Mr Peskov did not say whether he put security advisers who protect journalists in the military category.  "I have read information from employees of the agency that we're not talking about a journalist here, but about some kind of security adviser," he said. Asked subsequently by Reuters to provide further details and explain his remarks, Mr Peskov did not immediately respond. Ryan Evans, 38, a member of the Reuters team covering the war in Ukraine, was killed and two Reuters journalists were injured in a strike on a hotel in the eastern city of Kramatorsk. Like many news organisations, Reuters employs safety advisers to work with journalists deployed in conflict zones. Mr Evans, a former British soldier, had been working with Reuters since 2022 and advised its journalists on safety around the world including in Ukraine, Israel and at the Paris Olympics.  A worker was killed in a fire that ripped through Russia's Omsk oil refinery, management has said. Another six workers were injured, the refinery added.  Earlier today, the local governor said seven people were in hospital, with one in a serious condition. The cause of the fire was not immediately clear. Several Russian oil refineries have been targeted by Ukrainian drone attacks.  Some reports on social media said a huge explosion was heard across several districts of the west Siberia city, located around 1,700 miles east of Moscow. The Omsk refinery processes more than 21 million metric tons, accounting for 8% of Russia's total oil refining volume. The plant, controlled by Gazprom Neft, said the fire would not affect its production plan. "Fierce battles are raging" around the eastern city of Pokrovsk, according to the general staff of the Ukrainian armed forces. Russian forces have made 38 attempts to storm Ukrainian positions near the strategic logistics hub today, with clashes ongoing in 14 locations, it said. "There remains a tense situation in the Pokrovsky direction," the general staff said, referring to the name for the district. Volodymyr Zelenskyy said Ukraine has decided to "further strengthen" Pokrovsk after being briefed by his army chief on the situation in the area.  Russian forces have been inching forward for months in the Donetsk region, where Pokrovsk is located. The advance quickened in recent weeks as Moscow's troops  mounted relentless attacks in the direction of Pokrovsk. The Institute for the Study of War (ISW) has identified areas of the frontline from which the Russian military is likely redeploying forces to Kursk. Moscow is drawing troops from northern Kharkiv, Chasiv Yar and western Zaporizhzhia - the latter of which readers may remember was a focal point of Ukraine's counteroffensive last year. Russian command is resisting pressure to redeploy forces away from its "high priority offensive" on Pokrovsk in Donetsk, said the ISW. It will "likely continue to draw forces from lower priority offensive operations elsewhere throughout the theatre to defend in Kursk", the ISW said. The Russian defence ministry says it struck Ukrainian forces with airstrikes at more than a dozen places along the front in the Kursk region today. Moscow said it also repelled attacks in seven areas of Kursk. The ministry said it was hunting for Ukrainian sabotage units which had hidden in the forests in an attempt to penetrate deeper into Russian territory. Russia's attack on Ukraine today was its largest air bombardment, Reuters reports Ukraine's air force commander as saying. The air force shot down 102 of 127 Russian missiles and 99 of 109 drones, Mykola Oleshchuk said. Russia has bombarded Ukraine for more than two and half years, and launched attacks on 15 regions this morning. Mr Oleshchuk said the attack included: 109 Shahed drones launched from Primorsko-Akhtarsk, Kursk, Yeisk, Chauda and Crimea 77 Kh-101 cruise missiles from fighter jets over Volgograd and the Caspian Sea 28 Kalibr cruise missiles from surface/underwater carriers in the Black Sea 10 Kh-59/Kh-69 guided air missiles from fighter jets over Belgorod and Mariupol Six Iskander-M/KN-23 ballistic missiles from Kursk, Voronezh and Crimea Three Kinzhal ballistic missiles fired from the Ryazan and Lipetsk regions 3 Kh-22 cruise missiles from the Voronezh region Be the first to get Breaking News Install the Sky News app for free What to Know About Kamala Harris’ Economic Plan Vice President Kamala Harris ’ economic plan is focused on lowering costs and boosting economic opportunity for lower- and middle-class Americans through measures including tax credits and provisions for cheaper prescription drugs. An analysis from the nonpartisan Committee for a Responsible Federal Budget estimates that the policies outlined in Harris’ agenda for her first 100 days in office would increase deficits by $1.7 trillion over a decade. However, the Harris campaign has said the programs’ costs could be offset by raising taxes on wealthy Americans and big corporations. Here’s how economists are evaluating key parts of her economic proposals. 421 IMAGES Create a Winning Business Plan for Your Building Maintenance Company 51+ SAMPLE Maintenance Plan Templates in PDF How To Write A Unique Property Management Business Plan Property Development Business Plan Template Free 13+ FREE Maintenance Proposal Templates [Edit & Download] Property Management Business Plan Template Sample Pages COMMENTS Property Maintenance and Renovation Business Plan [Sample Template A Sample Property Maintenance and Renovation Company Business Plan Template 1. Industry Overview. Property maintenance and renovation or better still property management business which is a subset of the real estate industry is perhaps one of the easiest and affordable real estate businesses to start; it is basically about lease contracting or accepting rent using legal documents approved for ... How to Start a Property Maintenance Business The property maintenance industry is booming. In 2024, the U.S. property management market is worth an estimated $81.52 billion. Forecasts suggest that the industry will grow by 3.94% per year by 2029 to become a $98.88 billion market. Property Management Business Plan Template [Updated 2024] A business plan will help you raise funding, if needed, and plan out the growth of your property management company in order to improve your chances of success. Your property management business plan is a living document that should be updated annually as your company grows and changes. Property Management Business Plan PDF Example The Plan. Our property management business plan is designed to cover all essential aspects needed for a comprehensive strategy. It outlines the property management operations, marketing strategy, market environment, competitors, management team, and financial forecasts. Executive Summary: Offers an overview of the property management business ... How To Start A Maintenance Business It's important to have a detailed property maintenance business plan when starting any new business, as it will help keep you on track and ensure that your business is successful. When creating your home maintenance business plan, there are a few key points to keep in mind: 1. Define your business goals and objectives. Property Management Business Plan Template (2024) Sample Property Management Business Plan. Below are links to an example of each section of your property management business plan template: Executive Summary - In the Executive Summary, you will provide a brief overview of your business plan including your target market, business model, business goals, and how you plan to make your business ... Open a Property Maintenance Business: A Guide to Success Business Planning. Developing a comprehensive business plan is a critical step in laying the foundation for your Property Maintenance and Repair Services business. This document will serve as a roadmap for your company's future and is crucial for securing investors or loans.. Your business plan should outline the mission of your property maintenance business, the services offered, the ... Property Management Business Plan: Guide & Template (2024) This is the standard property management business plan outline which will cover all important sections that you should include in your business plan. Executive Summary. Mission statement. Vision Statement. Customer Focus. Success Factors. Financial Summary. 3 Year profit forecast. Company Summary. How to Start a Property Maintenance Company and Step into the Business Here are all the main steps you should consider: 1. Analyze the industry. Now, the first step in starting your own maintenance company is understanding the industry and how it operates. If you have extensive experience in property maintenance, then this will be much easier, and you can quickly determine where you want your company to operate ... How to Create Property Management Business Plan [Free Template] A free property management business plan template; Meet the Expert: Peter Lohmann, CEO RL Property Management. What to Know before Creating a Property Management Business Plan . Not to get too deep down the rabbit hole, but the first step to creating a high-quality business plan is - you guessed it - to make a plan for the plan. Property Maintenance Business Plan Template Tradify is the best property maintenance business management software that runs all your jobs from start to finish. Bring together all your enquiries, estimates, quotes, jobs, staff, invoices, and more — all in one place, across every device. Save time and eliminate stress with Tradify! Starting a Property Maintenance Business Tips for Creating a Great Property Maintenance Company Business Plan. Your property maintenance company's business plan is a blueprint that describes your company and the strategy you will execute to achieve specific goals. In contemporary business culture, business plans are also litmus tests used by external interests to assess real world ... Sample Property Maintenance and Renovation Business Plan Here is a sample business plan for starting a property renovation and maintenance business. As a property manager, you will come in contact with clients who require a one-off maintenance solution and those who need a long-term maintenance contract. Most property managers prefer long-term contracts. This is because there is a steady income stream. How To Start A Property Management Company In 8 Steps Step 1: Research The Job, Area, And Competitors. Step 2: Brand Up And Create A Business Plan. Step 3: Set Up Financials, Insurance, Licensing, And Registered Business Names. Step 4: Find Locations Online And On-The-Ground. Step 5: Plan Payment Structures And Contacts. Step 6: Accounting & Management Software. 6 Tips For Starting A Successful Property Maintenance Business It is imperative for you to precisely curate your business plan to ensure no aspects of your model go overlooked. Here are 6 tips to help you start your own property maintenance business: 1. Research. This is without a doubt, the most critical aspect that you need to attend. In fact, research is the single most important thing that you need to ... How to Start a Property Management Company in 6 Steps Step 1: Research and plan your property management business. This isn't the sort of business you can delve into without much real estate management experience or prior knowledge. To successfully start a property management company, you'll need a solid understanding of the real estate industry. Study the local real estate market to identify ... How to Start a Property Maintenance and Renovation Business Steps to Starting a Property Maintenance & Renovation Business. 1. Understand the Industry. The property maintenance and renovation line of business which is a subset of the real estate industry is perhaps one of the easiest and affordable real estate businesses to start. PDF The Complete Guide to Commercial Property Maintenance ce duties include:• Rodent. nd insect control.• Electrical, plumbing and HVAC instal. ation and repairs.• Cleaning of common spac. s like staircases.• Safety checks for fire-fighting systems like extinguishers, ala. ms and sprinklers.• Landscaping a. d outdoor cleanup. Trash disposal.• Roof and gutter r. How do I start a successful property maintenance company? The business plan for your property maintenance company is a blueprint that describes your company as well as the strategy you will put into action to achieve particular objectives. In today's modern culture of commerce, business plans also serve as litmus tests for outside interests to evaluate the viability and marketability of a product or ... Welcome Home Property Management Welcome Home Property Management has been serving the Moscow area for over 25 years. We are active members of the Moscow Chamber of Commerce as well as the Better Business Bureau. We are also very involved in our Community. We take great joy in the "see a need and fill a need" motto. This includes both professionally as well as personally ... Growing Pains in Property Management Olga Zorina Director, Property Management Department, Office & Retail Properties CB Richard Ellis About 15 years ago, when the first private commercial properties developed in Russia, there also ... KG Maintenance KG Maintenance, Moscow, Idaho. 124 likes. Professional and friendly property management and maintenance specializing in multi-family housing. What We Know About Kamala Harris's $5 Trillion Tax Plan So Far The tax plan would also try to tax the wealthiest Americans' investment gains before they sell the assets or die. People with more than $100 million in wealth would have to pay at least 25 ... Lauder Management I was displaced due to the second fire in less than a year in my apartment building owned by Lauder Management on Jan. 12, 2024. 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