Reaching Owners to Manage Their Properties

10 Replies

Hello! I am in the Wichita market area, and have built up a great backlog of eligible and approved renters in our metro and suburban circles.

I constantly monitor and track data as to where the leads are coming from, what the renters want, price ranges, jobs, salaries and many more demographic markers.

I am currently a managing partner in a property management company, who works with property investors, builders and individual owners - but things are changing quickly.

We currently have nearly all of our inventory of single, duplex and multifamily units leased, but the demands are growing ever higher. Recent mortgage rate hikes by the feds, as well as banking rule updates in October, are squeezing out buyers and giving us even more renters.

We do not have enough inventory! I know where they want to live, what they can pay, and how to approve them, but I am having a harder time finding the investors who own properties, to lease them to. We have a fading apartment association in our city, but so many of the new properties are owned by large corporations who build and manage their own properties. 

I know, however, that there are many single homes sitting vacant as well as an aging apartment landscape happening in our city. 

How can I reach out and meet, talk to, and share our renter base and create working relationships as management for owners of property in our area? I appreciate your response!

Warm regards, 

Kristen Williams

Real estate associations (like the REALTOR association) I think are a great place to start and helped to grow my past PM business.

Referrals for doing a great job for current owners your managing for.

Also online / web presence - this was the #1 way new owners found and signed up with us.

Originally posted by @Sarnen Steinbarth :

Real estate associations (like the REALTOR association) I think are a great place to start and helped to grow my past PM business.

Referrals for doing a great job for current owners your managing for.

Also online / web presence - this was the #1 way new owners found and signed up with us.

Thank you for such a quick response. I am currently in the process of renewing my real estate license - and wonder if that will be an asset to the PM business side? 

I have brought our company into an more aggressive online presence, but it seems mostly to appeal to the leasing base. Zillow, Hotpads, WalkScore, Facebook and LinkedIn have been very successful, with constant interaction. 

However, reaching owners online has been tougher. We do have referrals currently, but we have had owners for so many years (our company turns 50 next month), that they aren't purchasing new properties and aren't in the loop as much as they used to be.

Do you have further suggestions, or examples, of online presence to reach them?

Kristen 

Originally posted by @Westin Hudnall :

@Kristen Williams

I have a property coming available Jan 15th out West at Maize and Kellogg. 10878 W Dora.

3 bed 3 bath fully remodeled with main floor laundry. 1900 sq ft , granite kitchen , stainless appliances , etc for $1499/month.

Let me know if you have anyone interested

 I do, actually! Over 40% of my current communications/leads, are for the West side. That price-point is comfortable for some of the folks I have in mind. We are also recently an approved management company by McConnell AFB as well, and we're finding with the new building they are doing on base, is forcing airmen to find off-base housing. Another great source. Would you like to schedule a conversation? I can send some notes to the ones looking. Kristen

Yes let me know if any are interested. Here's a link to mine available on Dora.

https://postlets.com/posts/15932433/review

Also here is a link of a buddy of mine that I'd like to help out. I have 12 rentals total but he is a much bigger player than myself in town.

I believe he has 13 or so available for rent at the moment at the link below.

www.lhpwichita.com

Sure I don't mind meeting. Just wanted to let you know I self manage my properties and pay myself for the management so not interested in a property manager.

Merry Christmas

Also ;

If you do send anyone his way please let them know I referred you. I do not get a referral fee ; I just want him to know. Both his and my properties are going to be remodeled interiors.

Thank You

Originally posted by @Westin Hudnall :

Also ;

If you do send anyone his way please let them know I referred you. I do not get a referral fee ; I just want him to know. Both his and my properties are going to be remodeled interiors.

Thank You

 Ok, thanks for the info! Do you offer a referral fee for the folks I DO send you? If so, please send me your rate and we can compare. :)

On your buddy, does he also self-manage, or would he be interested in management?

I will tell you that we charge much less % than most everyone, and we provide 24 hour maintenance and great screening. We really do make the owners more money and save them money as well. I just have more renters than I have owners right now! :)

I do think a RE license goes well with PM.

Also, though, I have found just knowing a lot of real estate agents gets you a lot of referrals.

Many RE agents would just assume never touch PM and gladly hand you any leads they have.  

If allowed in your state you may be able to pay them a referral fee to, but this may be governed by your licensing law.  (e.g. In MT RE agents can pay and be paid by PM's for referrals, but they can't pay to someone unlicensed).

Most of our online owner leads came from Google search (where we were at one point able to be the #1 search result for a lot of the popular search terms).  If you don't know how to improve your search engine visibility you can find a million articles online with tips.  www.websitegrader.com is a good place to start.

Yes my partner and I could pay you a referral fee if you find us tenants.

We don't have a set amount as our places are nice enough that they typically rent fairly easily (but not always).

He is a very large company with several employees so I assume he is pretty set but I don't know that for sure.