How do you expand your Property management business?

6 Replies

-How do you gain more clients?

-Marketing strategies?

Give your 2 cents people, thanks a bunch!

I'm excited to see what comes out of this post.  What have you tried @Ajay Virdi  ?  

I think to get a list of out of state owners (people/trusts, not corporations, but consider them) that have purchased in the last 6 to 9 months.  

PS: Sorry for short answer, but work on that profile Ajay!   :)

Hi @Ajay Virdi  

1) I would go to local REIA and network with investors there.

2) You can do direct mail marketing.

3) Call the CL rental listings and let the landlords know about your service

4) Call For Rent sign and offer your services to landlords

These are some of the ways.

I think if you are a good, honest PM, you can gain a big market share, because everyone complains that they can never find a good PM and if you can fill that need, you çan gain a lot of clients from word of mouth also.

Medium logoSharad M., REsimpli | [email protected] | 619‑786‑3482 | http://reSimpli.com | Podcast Guest on Show #155

@Ajay Virdi  I think the best way to gain more clients is to earn the trust of your current clients and have them be references for you. You would be surprised how many people go on Yelp and type in "Property Management - Kerman, California". If you are the one that pops up and have good reviews, you will be the first they call. I think you have to make sacrifices at first in order to grow your company and get more clients. Sacrifices might include a lower commission, etc. Once you earn the trust of a few people, they will spread the word. All it takes is one big client that has several properties and it will continue to grow.

Be sure that you are prepared for that moment, know your laws, know how to answer any/all questions owners might have. Referrals are the best way to get new business in property management.

Thanks for the help guys and sorry for the late reply, how long did it take you guys to gain your first 4-5 clients?

I've actually toyed with the idea of getting into PM for other investors. 

Here would be my pitch to gain new clients:
1) Charge the standard monthly fee for your area (8%, 10%? etc).

2) Do not charge anything for leasing your properties. 

3) Do not charge anything when the property is vacant.

Here's the hook I would use when talking to them.
Why should I charge you anything to lease your properties? That puts the wrong incentive on the PM doesn't it? I shouldn't be getting more money when your properties have more turnover.  So I don't charge for leasing properties. 

That would be my hook to show an investor that I was going to be looking to put in good tenants. And the fact that I'm not getting paid if the house goes vacant, also tells him that I'm going to be in a hurry to get that house rented. No tenant = no money to me.

Again, I'm not a PM company so I don't know if that would work or not. But if I ever take the leap, that is going to my hook......

@Mike H. That's exactly what I'd do. I feel that many PM are greedy no offense to anyone but it's just how I feel and many others feel. Reasonable fees, quick replies to tenant needs, and an intention to make sure your tenant and you make money and protect his/her property is KEY. Mike, maybe you should take that leap because you have the right head on your shoulders for it. You wouldn't believe the things some people pull. Great response buddy thanks for it.