Steps for Creating a Property Management Business

If you're a real estate sales agent looking to add property management as a new service, there are 13 steps you need to follow to create a self-sustaining property management business. These include checking licensing requirements, determining your ownership entity, obtaining proper insurance coverage, establishing a pricing plan, preparing lease agreements, setting up a professional website, ensuring trust accounting is in place, selecting appropriate accounting software, establishing trust and business accounts with a bank, organizing vendor relationships, implementing tenant screening software, and developing a robust marketing plan.