Agent Training Resources

What are other income opportunities with property management?

So let's talk about some of the other income opportunities in property management, other than the base management fee and the other fees, we talked about. The biggest for us as we decided a couple of years ago to get into the association management space. So there's residential property management - that's managing single-family homes, condos, multi-unit buildings, whatever, commercial as well. And then there's association management and that's managing communities. We manage as few as 20 homes, up to two hundred and fifty homes right now. And so the difference would be for you is that you are on a 50 50 split because we have to do all the back office, all the financial, all the escrows, all the collections, all that stuff. You're really the local boots on the ground for the community. So let's say you're managing an association that has a hundred units. We're going to charge them, let's make up a number - let's say we're charging them two thousand dollars a month for full-service association management. You're earning a thousand dollars a month. And for that thousand dollars, you go to the meeting once a month or quarterly. You do a monthly walk around to make sure the work was done by vendors. You take any complaints, you coordinate vendors. So you're not really making decisions as you do in residential management, you're just enforcing what the board tells you to do. So you typically have five board members that are kind of your friends, your job there is to do their bidding for them, is to make them look good. So we find a lot of our branch managers who do residential property management really like doing association management because it's a different skill set, if you will. Our goal is to add an association every couple of months so that within a few years we are managing, you know, 30, 40, 50, 60 associations, but our branch managers will only manage one or two. So you're never gonna be managing 10 associations and two thousand people. You'll be managing no more than, say, two associations and 200 or 400 owners. But it's nice, stable income. It's a different skill set. And our branch managers who do association management actually like it. Another income source for you could be commercial. It could be industrial doing leasing as well. But I would argue the biggest one, we want you to be a realtor, we want you to continue to sell real estate. We want you to do your farming, work your sphere, and we'll give you the tools to do that so that you're a full service real estate agent. Property management, residential property management, association management, real estate sales, leasing, working with investors. We want you to be full service and we want to give you the tools and training to be so.