Cashing in on Property Management (302)

How to turn a nickel-dime business into a cash cow.

One of the best kept secrets about residential property management is … There’s no money in it … if you do it the way the brokerage industry does it.

No one gets into property management for the money. It’s just not there if you build it like the brokerage community does. Remember, brokers build rental departments to incubate houses until they become “for sale” listings, not to make money. They don’t charge properly. They build it like a sales business because that’s what they know and it’s almost impossible to make serious money doing it their way.

If you come at property management as a typical real estate broker you will think of it as a necessary evil, an unprofitable requirement to be full service, and a business forced on you by customers who need rental services or your agents that need new revenue streams and you will resent the fact that you’re having to open a rental department.

Most of us have figured out that property management is a Service Business and must be run like one. You must learn to mark things up, get a referral fee, make a spread, get a commission, get a rebate and make a dime on every task you can. Property management is a nickel dime service business and sales people generally don’t know how to make it profitable. You have to learn to operate a thin margin business if you want to survive in property management.

This workshop presents ideas I have accumulated for 30 years, from property managers all over the country, and covers a wide range of revenue-generating opportunities for every level of manager. Whether you’re new in the business, or a veteran manager, you will pick up new ideas for building your revenue streams and increasing profits.

We'll show you 125 different revenue streams you can set up to turn this thin-margin business into a real money machine. We’ll address the ethical issues of how, what and when to disclose your fees to comply with licensing requirements and your code of ethics.

This class is all about making property management profitable. It’s about turning this thin-margin business of property management into a thriving money machine.

Remember … Just because you’re in a nickel dime business, doesn’t mean you have to settle for a nickel dime income.

Authored by: Robert M. Locke, RMP, MPM

GREC Course # 60669 3 HR CE

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