What are the requirements to start a property management company in Florida?
A property management company oversees residential, commercial or industrial properties (or a combination of these) owned by another person or entity. Acting on behalf of the owner, the property manager preserves the value of the property and helps to generate income. Show
Duties of a Property ManagerThe responsibilities of a property manager or property management company can include the following:
Becoming a Property ManagerProperty management licensing varies from state to state. Property management laws in Florida require you to have a real estate broker's license when managing properties for others for pay. You do not need a real estate broker's license if managing property you own personally. There is no specific property management license in Florida. Getting a Real Estate Broker's License in FloridaTo get a real estate broker's license in Florida, you must first complete at least 24 months as an active real estate agent within the five year period immediately preceding your application. If your experience is from somewhere besides Florida, you must include a certification of your real estate license history. In addition, you must do the following:
Create a Business PlanProperty management requirements in Florida do not mandate a business plan, but having one will guide you through much of your decision-making. Look online for a free business plan template specific to property management. If you're seeking financial help from investors or lenders, they'll want to see details of how you plan to run your business, with financial projections five years into the future. Choose a Business StructureChoosing a business structure and obtaining a business license protects your personal assets. If you're planning to hire employees, you'll need a tax ID number from the Internal Revenue Service (IRS). Similar to an individual Social Security number, a tax ID number is a unique identifier that you can get, free of charge, by completing an application on the IRS website. Consider the following options for your business:
If you have any questions about the business structure that's right for you, talk with an attorney or an accountant. Marketing Your Property Management CompanyReach prospective clients by developing a solid marketing plan, which can include the following steps: Create a website. It pays to hire a pro for this important step to advise you on search engine optimization (SEO), Google keywords and link strategies in addition to eye-catching, user-friendly content. Use social media platforms. Facebook has 1.9 billion users worldwide. YouTube has a billion active users. Twitter, LinkedIn, Pinterest and Instagram have hundreds of millions of users combined. Tap into the potential of social media to reach prospective clients. Make a Google+ business page. It's the 21st-century equivalent to the Yellow Pages, and a likely place prospective clients will go when seeking a local property management company.
Denise Dayton, M.S., M.Ed. is a freelance writer specializing in careers, education and technology. In addition to writing for corporate clients, she has published articles in Library Journal and The Searcher. What is required to own a property management company in Florida?In Florida, a property manager needs to have a broker license if he or she is being paid to handle rentals and leases for other people. Renting and leasing are considered real estate activities are therefore under Florida's real estate licensing law.
Who regulates property managers in Florida?3. File a Complaint with the HUD. If you are a homeowner or have been renting a house for a while, you've probably heard about HUD. This is the department that oversees everything and anything concerning housing and property rental activities.
Why is there a high demand for property managers in Florida?There Are More Landlords Entering the Rental Market
When more people are becoming landlords, the demand for high-quality property management services increases.
What services are required for a good property management company?Let us now explore the different types of property management services and how they make running a real estate business more smooth and hassle-free.. Rental Management. ... . Maintenance & Refurbishment. ... . Marketing and Advertising. ... . Handling Legal Processes. ... . Accounts, Finance & Insurance. ... . Safety and Security.. |