1. Educate yourself about property development. Attend seminars, conferences, and classes that educate you on aspects of real estate, business, and property management. Check with your local real estate college to inquire if there are any classes ones are to take if they’re interested in choosing the property management field as their work field.
2. Create a business proposal for the first three to five years of your property development company. Explain what your startup cost for equipment, licenses, fees and permits, and employees will be. Secondly, create a list of how much your property development company will have to make in sales to cover your cost and make profit.
3. Apply for business loans at financial institutions like credit unions for your property development company. To apply for a business loan, you’ll need the name of your property development company, the Employer Identification Number, your social security for credit checking purposes, and your current address. Apply for federal, state, government small business grants for startup cost for your property development company.
4. Decide what property development services you’ll be providing to your consumers like roofing and repairs or heating installation. Begin with two or three services customers could choose from.
5. Hire your employees. Your qualified employees should be outgoing, hard working, motivated, determined, a team player and easy to direct. Their duties should include taking phone calls, confirming appointments, managing inventory control and carrying our daily planned work routines that your property development company provides to your customers.
For starters, three additional employees will help your property development company get started. Hire a certified public accountant, or CPA, to oversee all finances like incoming and outgoing account receivables and payroll. To find a CPA in your area, check out the acipa.org website. The American Institute of Certified Public Accountants will help you find a trustworthy and responsible accountant in your area and work within your budget.
6. Price your services your property development company provides. Be sure that your prices are competitive to property development companies you are in competition with. Calculate the cost of supplies, transportation, labor and employees and remember to add your property development company’s service fee. To build clientele, mark your prices ten percent below what your competitors.