BiggerPockets


Property Management Prospecting

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Gary P

Apr 10 '09, 09:49 PM


Hello,

This is a question for property managers.

What are some of the cost effective methods you use to get more properties to manage? That is aside from word of mouth, and the people you already know.

I have been advertising in the local paper where our sales ads are in the real estate section of the local paper. One advertising space/rectangle is used to very briefly highlight the benefits of our service. This is advertised fortnightly, 1/16 of a A3 newspaper page, cost $35 each time. Have advertised 3 times So far there has been one call and no conversions.

Have also done this for our sales in a similar way 2-3 ads, one call, nearly but no conversions.

Are there any better ways?

Thank you

Gary from Sydney Australia


Edited Jun 26 2010, 07:53


Aaron Catt

Real Estate Consultant from Boise, Idaho

Apr 11 '09, 02:16 AM


Prospecting for new properties is a very important part of any property management company. You have to understand that there are two types of marketing: Passive and Active.

Examples of Passive- Putting signs out and waiting for a call. Putting an ad in the paper and waiting for a call. Sending out direct mail.

Examples of Active- Calling on signs. Asking people in networking groups for their business and referrals. Calling on Advertisements.

Typically, active advertising produces higher quality leads and usually costs little to nothing (except for your time).

Some of the ways that I prospect are very easy and can be done by anyone.

1. Craigslist- Find homes that have been posted days ago and look like they don't have any idea what they are doing (no photos, possible HUD violations, poor descriptions). Then, call the owner and ask them if they'd like your services. A lot of times they will say no, but make them a deal that you will call them if you run across someone who may be qualified to rent their home. Once you get in to a couple of conversations, chances are they will be willing to give you a shot.

2. 'For Rent' Signs- I call as many for rent signs that I can. I make a note of the address and the phone number and the date I saw it. I call the owner asking for business and if the sign has been there long enough, I know they may be hurting.

3. Non-Owner Occupied Lists- In Idaho, I can have my title company send me an excel spreadsheet of all homes that aren't occupied by the owner. This list can be easily mail merged into a letter that can be sent out.

4. Expired Listings (for sale)- Since I am a licensed and active Realtor, I have access to the MLS and I can call expired, vacant listings and ask the owner for their business.

I hope these give you some good ideas and if you try them out, you'll be surprised at how often you hear 'yes' (but not before you hear 'no' a whole bunch of times).

Maybe in another post, I'll focus on what types of objection handling techniques and dialogues I use. :idea:


Edited Jun 26 2010, 07:53


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