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Start a property management company

Start your management company.Manage more doors with less paper.

Our office forms your property management company in any state, gets the EIN, and sets up trust accounting in QuickBooks Online and payroll, while our agency quotes E&O, liability and fidelity bond coverage.

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Reviewed by Orkun Ozkaymak, CPA, MBAClients in all 50 states and abroad

$500company setup, EIN included
50 + DCstates we form companies in
1 officeformation, taxes and insurance
2011preparing taxes since
Step by step

How to start a property management company

  1. 1

    Form the company and get an EIN

    Our office forms your LLC or corporation in the state where you will manage property and gets the EIN from the IRS.

  2. 2

    Get the right real estate license

    Most states require a real estate broker license to lease or collect rent for other owners for a fee, and many also license the company. Check with your state's real estate commission.

  3. 3

    Open escrow and operating accounts

    Security deposits and owner rents go into a separate escrow account. Our office sets up QuickBooks Online to track each owner, property and deposit apart from company money.

  4. 4

    Insure the company

    Our agency quotes real estate errors and omissions, general liability, and a fidelity or crime bond to protect the funds you hold for owners.

  5. 5

    Set up local licenses and payroll

    Check whether your city or county requires a business license. When you hire leasing agents or maintenance staff, our office registers you for payroll taxes and runs payroll.

Filings and prices

What our office files for you.Prices shown before you send.

Pick what you need on the request form. Ozfield's fees are shown here; government fees are passed through at cost.

  • Real estate license guidance for property managers IllinoisManaging other owners' property in Illinois requires a real estate license.
    Quoted by our office
  • City of Chicago business license IllinoisThe city fee is $500 or $1,000 for 2 years depending on the license type, paid to the city.
    $179
  • Payroll and state unemployment setupPayroll accounts, state unemployment registration and your first payroll.
    Quoted by our office
Company setup is $500 plus the state fee, EIN included.
The request form adds your filings and shows the full estimate as you go.
Build my estimate
Insurance from the same office

Coverage in place on day one.Quoted by our agency.

Check the coverage you want on the request form and our insurance team sends quotes from multiple carriers. Nothing is bound without your OK.

Start my property management companyGet a quote only
  • Errors and omissions
  • General liability
  • Crime and fidelity bond
  • Workers' compensation
After you open

The filings that come every year.

Our office keeps these on your calendar so nothing is missed. How we work with property managers →

Trust account reconciliation

Monthly. Every client fund account tied to owner balances.

Forms 1099-MISC and 1099-NEC

January 31. Rent paid to owners and payments to vendors.

Form 941 and state payroll

Quarterly. Withholding and unemployment returns for staff.

S corporation and partnership returns

March 15. Form 1120-S and Form 1065 for calendar-year companies.

Questions

What new owners ask us.

Something else on your mind? Call 773-536-9272 and our office will help, in English or Turkish.

Do I need a license to manage rental property?
In most states, yes. Leasing, showing units or collecting rent for other owners for compensation usually requires a real estate broker license, or work under a licensed broker. A few states have a separate property manager license or narrower rules. Owners managing their own property are generally exempt. Check with your state's real estate commission before taking on clients.
What about managing condo and homeowner associations?
Association management is a different line of work. Some states require a separate community association manager license for the individual and sometimes for the firm, while others have no license at all. Accounting for associations also differs, with reserve funds and budgets. Our office sets up QuickBooks Online for both rental and association clients.
How should a property management company handle owner funds?
Rents and security deposits belong in a separate escrow or trust account, never mixed with operating funds. Each owner should get a monthly statement. Our office sets up QuickBooks Online to track funds by owner and property, reconciles the accounts monthly, and prepares the 1099 forms you send to owners and vendors.
What insurance does a property management company need?
Real estate errors and omissions covers claims from mistakes in leasing or management. General liability covers injuries at your office, and a crime or fidelity bond protects owner funds against theft. Owners often ask to be named on your policy. Our agency quotes these coverages together.

Ready to start your property management company?

Answer a few questions, see your estimate and send it to our office.

Start my property management company773-536-9272