Local rental agency with a small office

Local landlords and investors, plus developers or owners' corporations who need properties let and managed.

Ongoing management fees on rent collected, letting fees, and charges for services such as inspections and lease renewals, within what your state allows.

• Experience in property management
• Leading and training staff
• Marketing to local landlords
• Handling trust accounting and compliance

• Licensing and supervision rules for staff differ by state, so check what applies
• Trust accounts, audits and record keeping carry serious penalties if done wrong
• Workers compensation insurance once you hire, plus professional indemnity and public liability
• Lease commitments on premises and a slow build of income in the first months
• Buying a rent roll: check what you are actually getting, as landlords can leave

Estimates suggest startup costs typically sit around $20,000 to $60,000, depending on your premises, fit-out, software and whether you buy a rent roll. Check lease commitments and what you are actually buying before you commit.

Monthly revenue is typically estimated at around $8,000 to $35,000, depending on the size of your portfolio and your fees. Income can build slowly in the first months, and hours typically start at around 35 per week.

Check licensing and staff supervision rules in your state, trust account and audit requirements, workers compensation, professional indemnity and public liability insurance, your lease terms, and the quality of any rent roll you plan to buy.