How do I find apartment owners that need a good management company?

I've recently made a switch from residential rehabbing and flipping / renting to the apartment management business. I'm working with a guy that has been in the business for 30+ years and knows everything about the management aspect. My role is more of business development so I'm seeking apartment complexes that we can manage. In order to expand I would like to bring on new clients from new relationships, not just referrals (which has been the way of doing things). I need to know how to be able to find out who is and how to get a hold of apartment owners or at least the decision maker.
I would greatly appreciate any help from all of you and especially if you have experience in ownership or management of apartments.

Edited: 06/26/2010 at 10:35AM

Steve Babiak

Real Estate Investor · Audubon, Pennsylvania

3895 posts
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Icon_minipost Nov 19 '09, 03:14 AM

You asked the question:

How do I find apartment owners that need a good management company?

I say that "apartment owners that need a good management company" are the same as "apartment owners that already have a BAD management company". So then you have to identify the bad management companies; I'll say that you can probably find them by seeking the eviction cases. That should make sense, right?

Now, the eviction cases should have the property address; use that address and look up the owner in the recorder (or register) of deeds.

There you have one answer.

If you can find the address of a complex that you want to manage, then again just look up the owner.

There's probably more ways than that.

Edited: 06/26/2010 at 10:35AM

Jason T.

Real Estate Investor · Mission, Kansas

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Icon_minipost Nov 19 '09, 03:31 AM

Steve - thanks for your input. That makes sense about the evictions. I've already looked up a couple of owners but they are LLCs with out state of owners. The LLC makes it much more difficult to find out who and how to find the decision maker.

Edited: 06/26/2010 at 10:35AM

Steve Babiak

Real Estate Investor · Audubon, Pennsylvania

3895 posts
74586 Influence
14 Awards

Icon_minipost Nov 19 '09, 04:05 AM

Even the LLC will have some kind of mailing address, at least to send the property tax somewhere; so send a letter to that address.

Depending on the state, there should be a "department of state" that handles registration of companies. In those states, you should be able to look up more details regarding a company.

Edited: 06/26/2010 at 10:35AM

Jeff S

Private Money Lender · Los Angeles, California

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Icon_minipost Nov 19 '09, 08:36 AM

You can find the Agent for Service of Process, who should at least have contact with the owner, through the Secretary of State in which the property is located. Look online. I've also found owners and addresses by simply Googling the name of the LLC.

Another avenue would be to attend apartment owner compliance hearings, often held by the local building department or compliance office (city hall will know). Here, owners are admonished in some manner by the city for what they believe to be a poorly run building. Owners can be very motivated to sell or at least find help in a moment of weakness, having been beaten up by a city bureaucrat just moments before you approach them.

Edited: 06/26/2010 at 10:35AM by Jeff S

Shayne F.

Real Estate Investor · California

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Icon_minipost Jul 01 '11, 09:27 AM

Good Tips. Also consider the areas that you are working in and review the units that always seem to have vacancy.