check list to form a property management company for 15 units of houses

Legal and Administrative Requirements

Choose a Business Name*: Research and select a unique and suitable name for your property management company.

Register the Business*: File the necessary paperwork to officially register your company with the appropriate government agencies.

Obtain Licenses and Permits*: Determine and obtain any required licenses or permits for property management in your jurisdiction.

Set Up Business Bank Account*: Open a separate bank account for your property management company to keep finances organized.

Obtain Insurance Coverage*: Research and acquire appropriate insurance coverage, such as liability insurance and property insurance.

Establish Legal Structure*: Decide on the legal structure of your company (e.g., sole proprietorship, partnership, LLC) and complete the necessary documentation.

Operational Setup

Create a Business Plan*: Develop a comprehensive business plan outlining your goals, strategies, target market, and financial projections.

Define Services and Pricing*: Determine the range of property management services you will offer and establish pricing structures.

Set Up Accounting System*: Implement an accounting system to track income, expenses, and financial transactions related to the properties.

Develop Tenant Screening Process*: Create a process for thoroughly screening potential tenants to ensure reliable and responsible occupants.

Establish Maintenance and Repairs Protocols*: Establish protocols for handling maintenance and repairs, including emergency response procedures.

Formulate Marketing Strategy*: Devise a marketing plan to attract property owners, including online advertising, networking, and referrals.

Property Management Operations

Secure Properties*: Identify and secure the 15 units of houses for management, including signing agreements with property owners.

Inspect and Assess Properties*: Conduct thorough inspections of each property to assess their condition and identify any maintenance needs.

Establish Rental Agreements*: Prepare legally binding rental agreements for each property, outlining terms, rent, and responsibilities.

Collect Rent and Manage Finances*: Set up a system to collect rent, handle financial transactions, and ensure timely payments to property owners.

Handle Tenant Relations*: Develop procedures for addressing tenant concerns, resolving disputes, and ensuring tenant satisfaction.

Maintain Property Records*: Establish a record-keeping system to maintain accurate documentation of property-related information.

Compliance and Legal Obligations

Stay Updated on Local Regulations*: Regularly research and stay informed about local property management regulations and laws.

Comply with Fair Housing Laws*: Familiarize yourself with fair housing regulations and ensure your practices adhere to anti-discrimination laws.

File Taxes and Financial Reporting*: Maintain accurate financial records for tax purposes and timely file necessary tax returns.

Renew Licenses and Permits*: Keep track of renewal deadlines and ensure all licenses and permits are up-to-date.

Obtain Legal Counsel*: Consider consulting with an attorney specializing in real estate or property management to ensure legal compliance.

Marketing and Growth

Develop a Website*: Create a professional website to showcase your services, properties, and attract potential property owners.

Network and Collaborate*: Engage in networking activities and establish relationships with real estate professionals to expand your client base.

Monitor and Optimize Marketing Efforts*: Continuously evaluate the effectiveness of your marketing strategies and refine them as needed.

Seek Referrals and Testimonials*: Encourage satisfied clients and tenants to provide referrals and testimonials to enhance your reputation.

Explore New Opportunities*: Research potential growth opportunities, such as expanding the number of units managed or offering additional property-related services.

Note: This checklist provides a general overview and may need to be customized based on specific local regulations and requirements for forming a property management company.