Property management business plan helps the entrepreneur to understand, to visualize, to plan and to identify risks even before making any investments in the business. Preparing a business plan involves detailed research so that all the aspects of the given business is evaluated and appropriate decisions are made. Property management is a part of real estate business and it is easiest and affordable to start. The business is about taking care of and managing buildings and other properties of individuals or group of owners. In India, it was estimated at around Rs. 1000 crores worth of business in 2013 and it is growing at 20% rate annually. The major expenses to start a property management business are rent, land, working capitals, property maintenance and operations, salary, licence and permits, advertising and marketing, insurance and other office expenses.
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All organizations are made up of group of capabilities that are coming from People, Processes and Systems. These capabilities are working together in a seamless manner to deliver the requisite capabilities to the customer. The various capabilities that need to be addressed in a property management business plan are given below:
The people involved in the business are the owner or CEO, CFO, consultants, people on projects like manager, supervisor, staffs and workers, temporary labours, human resources for maintenance, operations, support and security.
The various systems that are primarily used in the property management business are project management software and system, maintenance procedures, emergency service, lighting and electrical system, human resource management, security system and inspection procedures.
Most of the businesses have professional bodies across the globe and being associated with these organizations tremendously helps in understanding the current trends in business. Some of the professional bodies are listed below for your reference:
International Facility Management Association NewBridge Business Centres,
777 / D, 100 Feet Road,
National Property Management Association3525 Piedmont Road
Building 5, Suite 300
Atlanta, GA 30305
Property Management Association7508 Wisconsin Avenue, 4th Floor, Bethesda, MD 20814
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