Depending on the size of your office, you may decide to include a rental department to service the investors in your marketplace. If you do, you can either handle the property management duties yourself, along with your management duties, or hire a property manager to work for you. Having more than one source of income is the reason many offices choose to add a rental department.

Only one person or team in your office should handle rentals.

This gives you the ability to keep better control — remember that renting property is the part of the real estate profession with the highest liability. Your property manager should not handle sales. This will give your sales agents incentive to bring rental properties to the office for a small referral fee. They will know that when their client goes to sell their rental property, the rental manager won't end up becoming their listing agent. Remember that property management is a labor-intensive part of the real estate profession, so be sure you are ready for the commitment.

Having your own office can be the most exciting thing you will ever do in your real estate career. If you create a profitable company with a positive image and an excellent reputation, you may have an office that someone else will purchase when you are ready to retire or if you decide to try your hand at a new profession.