Turning Property Management into a Cash Cow
Businesses You Can Set Up Around Your Management Company

This class is about recognizing needs of the people around your management business and setting up other businesses to service those needs, and make a profit in the process.

Most property managers figure out sooner or later that property management is a nickel-dime business with very thin profit margins. The manpower needs, technologies to harness, services to tap into, advertising costs, insurance premiums and necessary infrastructure is enormous and we have to constantly beat down our overhead to take home a paycheck. It drives managers to work out of their homes, harness their families, work seven days a week, neglect health and friends and go without paychecks for years just to make property management work.

This workshop is about “recognizing needs of your owner/client, tenants, vendors, staff and area colleagues and setting up businesses to service those needs, making a profit in the process.” It doesn’t take long in this business to discover that property management generates a need for maintenance, locksmiths, punch lists, home inspections, small loans, collections services, eviction services, cleaners, repairmen, lease purchase services, buyer agencies, lead paint testers, rental services, mortgage services, insurance services and a host of other profitable businesses the observant manager can cash in on. No matter how you got in this business there’s more money to be made if you’ll look around and see the needs of the people you interact with in the process of managing rentals.

If you see yourself as a property manager only, instead of a business person, you’ll end up settling for low wages, a work-a-holick life style, constantly stressing to make ends meet and retire at age 85 just before they burry you. If you start thinking outside the property management box you’ll open yourself up to endless possibilities of making a ton of money on property management related businesses. We think there are at least 40 and we’ll discuss them in this workshop. You’ll leave excited, once again, about being in property management.

Authored by: Robert M. Locke RMP, MPM

GREC # 62148 3 hr CE

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