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Lester Said:

How to start a property management business in Ontario?

We Answered:

To begin with, most provinces require that property managers require a real estate license specializing in property management if you are dealing with homes that you do not personally own. I also believe that you would have to hold, or work under the umbrella of someone that holds, a real estate broker's license. Most provinces require that you hold a real estate license for at least 2-3 years before you can get your own broker license. Check with the Ontario Real Estate licensing body... any local real estate office could give you the phone numbers for licensing requirements.

Next, you will need to carry Errors and Omissions insurance, which is usually mandatory for all licensees. This will help protect you for eventual costly mistakes. It is usually about $300/yr.

You would need a contact management software program as well as a property management client program. Also, a separate trust account is likely mandatory.

And last, but for sure not least, if you want to make money... lots of money... learn to prospect for clients. The least expensive, most efficient, is where you actually talk to potential clients instead of sending out ads or print advertising... Obviously, I'm refering to finding landlords here, not tenants. Search the old classifieds and ads. Ask all of the Realtors in the area who they know that have tenant occupied properties. Pay special attention to out of town/province landlords. Another source would be vacant properties for sale... and overpriced listings. Maybe they'd rent them out instead of selling.

This is just the technical start-up... you should also have some business sense, a good accountant, a location, pager/cell phone, etc. Office supplies, including a photocopier are important too. Good luck!

Ken Said:

Is it a good idea to run a property agent business as a blogging site?

We Answered:

Short answer, yes. Blog technology gives you a couple of advantages over traditional websites. First, the article organization gives you preferential placement on the search engines (article content dependent). Second, the format allows for a potential conversation to take place. Viral networking require interaction, having participants add their own information/input to your real estate postings opens the viral nature of the site. A viral site will deliver more leads.

Last, any maybe the most important benefit to using blogging technology is you don't have to build the basic structure of the site. Blog software (like WordPress) is free. WordPress has a significant following and with the addition of plug-ins you could add advertising options once you have enough traffic on your site to justify the venture.

Hope this helps.

Ed Bejarana
a division of Zenith Exhibits, Inc.

Rhonda Said:

If someone accuses you of stealing personal property an the police get involved can they get a search warrant?

We Answered:

It's actually pretty difficult to get a search warrant, and they won't be able to get one based on hearsay. They have to ask you to come in and look around, and if you own the property, you have the right to tell them no. If you didn't steal it, tell those jokers to screw off and that you welcome them to call the police. He said-she said holds no water in this business. IF you did take it, be a man and return it. Just relax and let the cops work it out, so that way you don't have to deal with the other party running their mouths and stirring up more trouble.

Ida Said:

How to locate new customers for property management business?

We Answered:

The first question i have is:

What does your company offer that others don't.

Look for magazines that feature your target niche, attend trade shows on real estate, conferences, local banks. Try hooking up with commercial agents. Use them to advertise your business, as a package.

Set up a website and blog in the industry and market both of them, since people generally search online for property.

Try Handing out business cards to local businesses and look for creative marketing aspects, coffee shops, business directories, have your clients refer two people, for a month of discounted services.

You will need a unique angle and a specific targeted customer.

Hope this helps

Juanita Said:

I am interest in property management in my area, how can I start my P.M. business and promote it?

We Answered:

Many states require that at least one employee or partner has a real estate license in order to be a property manager.

You will need to check with the Florida Department of Real Estate to see if this is the case in Florida.

Just do a search for "Florida Dept. of Real Estate" in quotes and you will find the main website.

If you get by the legal requirements, look for real estate investor groups or REI's in your area. You can do a search for real estate investor group in (add your city here).

If you can't find one, contact and they should be able to help you find one in your local area.

Hope this helped!

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