If you are considering becoming a property manager then I would advise talking to someone that has already undertaken this task, whether it was successful or not! Ideally I would recommend getting both sides of the story so that you have a clear picture of both the pros and cons of property management before you venture into this often complicated minefield. One piece of advise that I have learnt from years of property management is that, if you can match the right tenant to the right property then you are sure to have a success on your hands. Ideally you need to think about this before buying the property but if you have inherited a property and want to let it out then think carefully about what the property, and its location, can offer a prospective client.
You might also consider setting up your property management business for a niche market such as for females only, families, pet owners or young couples. By selecting a specific group of people you might feel that you are narrowing down your potential clients but in fact the opposite is often true because people are more likely to come to a reputable business that caters for their specific needs rather than one that is faceless and very generalised.
For example, if you have a couple of dogs and you need to move house due to work commitments or personal reasons, you are more likely to go to a property management company called Man’s Best Friend that have a reputation for finding accommodation for pet owners. The properties that you market would maybe have a larger garden that would not be suitable for say an older couple or a young business man but would be ideal for exercising a dog or for hutch based animals. Furthermore, the location of properties can be selected so that they might be away from main roads, to accommodate cat owners, or close to a local park for dog walkers.
As with all businesses the key to success, as previously mentioned, is getting the right market for your business and by selecting a niche subset of the population you might find that you are able to get a better client who will hopefully be a good tenant and not have too many problems. People will also pay a premium rate for a business that is more specialised such as a dog friendly property business as they will understand that extras such as insurance for damage to the property will be covered as well as the need to clean the house thoroughly upon vacating the property. Thus, as long as you are primed with the knowledge of the niche market in which you want to advertise your property you should make a successfully turnover of profit with minimal stress. However a word of caution, minimal stress does not mean minimal work. As although your property is being let out there will still be up care and maintenance work to be carried out on a regular basis.