Before getting deeper into how to start a property management company, we may first begin by understanding what a property management company is. A property management company deals in commercial and real estate with a third-party contractor. In most cases, the company is run by a property manager.
This is how to start a property management company in Kenya:
Step1: Setting up Your Business
For any business to run well, it has to have a good setup. For instance, things like email addresses, business cards among others are required in the setting up process. The setting up procedure is however not that expensive.
Step 2: Finding Clients
It is logical that no business can run without clients. This means that the absence of the client leads to the failure of the business. For a property management company to run smoothly, clients must be available. Therefore one has a responsibility of finding clients before going further.
Step 3: Finding Tenants
Finding tenants is a key thing in such a company. Qualified tenants for instance and not just other tenants are required.
Step 4: Property Management
Property management is also a key step in such a company. Property management is done in order to minimize the risks that may occur. A good property management company should be managed by qualified personnel.
Step 5: Property Management Startup Checklist
Property Management Startup Checklist plays a very big impact in this kind of business. Here are things to consider in a checklist; set a move-in date, set an open house date and lastly develop a rental application date.
Step 6 :Property Management License
Property management license in Kenya should be acquired by the owner. This will be a sign of legalizing the business. In short, a license also plays a big role in this type of business.
Property Management Companies in Kenya
Here is a list of property management companies in Kenya:
- Ventures property limited.
- Metropolis property management.
- Ostrich properties.
- Property plus management.
- The hut property managers.
- Ebony estate limited.
A Property management fee in Kenya is about 5%-10% of rent paid by the client.
Property management companies are governed by the law. This is to ensure that every activity is conducted legally. Property Management Laws in Kenya include giving tenants a notice of about 2 months before sending them off.
Property Management Business Ideas
Here are some property management business ideas:
- Bird dogging.
- Flip property.
- Manage property.
- Combine real estate business ideas.
- Real estate photography.
- Become a real estate agent.
I am sure that you now have the necessary information and a perfect idea of what a property management company is and that all your questions on how to start a property management company were answered accordingly.