Finding Property Owners for Property Management.

15 Replies

Hey guys, I've recently been introduced to BiggerPockets and let me tell you this site is amazing! It's information overload, with so many helpful tips! 

 I am a recent transplant from Fort Worth, Texas now living in Jacksonville, Florida and I have 2 years of mortgage experience under my belt.  I am working with some very close friends to open up our own Real Estate company. Right now we are focusing on how to bring in new clients. I know that once we have the properties, renting them will be easy. However, getting the homes is proving to be more difficult. What are some of your tips to obtain new business? Thanks again, you all are amazing! 

do you have to be a real estate broker in Florida to manage property? Licensing?

@arlanpotter all the proper licensing has been obtained.

@Chelcie Rivers,

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Raymond

@Chelcie Rivers I'm also researching this subject as I plan to go into property management full time next year.  I reached out to a colleague here and had a very in-depth conversation about the property management business just last evening. (This site is AWESOME!!)

From what I've gleaned from my research, word of mouth is what brings in the property owners. Others have said a highly optimized website is key. One tactic that was shared with me was combing though the evictions down at the courthouse to find the property owners that don't have a management company. Also, joining the local REI club and Realtor association to network.

As with any business, you must play up your Unique Selling Proposition (USP).  If you're just another 'me too' company, it could stunt your growth.

Hopefully other experienced property managers will chime in.  Good luck to you!

The best thing to distinguish yourself from others when starting out is to deliver outstanding service. If you can take the time to answer phone calls and show up, that's half the battle! 

p.s. Most times, the bigger players can be too busy to take on leads and opportunities even by doing simple things like answering the phone and/or returning phone messages. These are times when a new player can step in and have a chance to prove themselves. 

Hope that helps! :) 

I am not a property manager so take any ideas I give with a grain of salt, although sometimes an outside perspective can be helpful. Networking is usually the best start for any business. Try meeting landlords and property owners at meet ups, REIA meetings, etc. Also you could maybe try finding some really good tenants who are looking for rentals. I would think going to an owner saying "I have 50 applicants just begging to move into a new unit and put money in your pocket" would pique their interest

Good luck

I built a property management business from the ground up by building a good website and using google adwords. At first it will take time but once you get going you will be turning down clients.Good luck!

@Greg Penny  Adwords was mentioned too! Do you mind sharing your initial advertising budget? How long did it take you to get 10 properties? 50 properties?

Thanks!

In Adwords you pay per click and you can set a limit to your monthly expenditures. You will need to see how much gets you the responses you need in your market. For me i was able to cap it @ 30 dollars a month or 1 dollar per day when i wanted new customers and i would turn it off when i didn't. 

I too have built up my own pm biz and found online lead services to be a great way to get started.  In my area each lead is only about $25 and even if only 1 in 10 pan out its a great return.  I used those services for a few years and now have hit the snowball area where I no longer need to advertise and get calls from new owners almost daily looking for help.  Shoot me a msg and I can get you the info on the lead services I used.

Originally posted by @Rachel H.:

The best thing to distinguish yourself from others when starting out is to deliver outstanding service. If you can take the time to answer phone calls and show up, that's half the battle! 

Hope that helps! :) 

 Maybe my standards are lower than Rachel's, but I'd be content if a PM company delivered cost-effective service and delivered on {most of} their promises.  [Note: that by cost effective I do not imply simply cheap, but value for the money]

You should also realise that project management is a tough business, with tight margins, this is where Rachel's advise comes to play.

I agree, the best thing you can do is get your website noticed when people google PM.  That is the first place people look anymore and people are starting to question the validity of businesses that lack websites.

Secondly being new you need to decide what differentiates you from the other PMs in the area and be able to sell why that benefits the owner.

Thirdly, your lack of a proven track record puts you at an immediate disadvantage in a clients eyes.  I would come up with a plan to offer some kind of guarantee, easy outs on the contract or possibly no charge for a couple of months if you fail to fill quickly.  No track record is a very difficult obstacle in any business.

Good luck!  Most investors that use pm's value a good one!

I would start with a list of owners that are not in the area and do a direct mail campaign.

Awesome thread! I've done direct mail, door-knocking and referrals....

They all work, but I'm relatively new so finding the most efficient strategy is more important....

Direct mail - has been most effective in terms of time, but the trade off is of course it's more costly.

Would love to explore the online component. Saw that you mentioned google adwords.

I just started my site and working on a landing page and working on a squeeze page for lead capture....

Has anyone tinkered with facebook ads, and do any of you maintain blogs to support SEO to stay ahead of google searches?....

I use Facebook to generate activity for open houses.  It works pretty good.  I would think that it would work effectively for finding owners that need properties managed.  Has anyone tried this?

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