I have started a Property Management Company in Orlando, FL starting with 1 of my triplex. Does anyone have any suggestions as to how to generate leads for more business? Marketing Strategies? (I am going to direct mail marketing)
Any advice is welcome!
Congratulations and wish you much luck, I love this business. If you really want to learn the business and succeed. I would recommend attending the NARPM Florida State Conference here in Orlando next week on the 20-21st. Feel free to PM for more information
@Nick Britton that is great and thank you. Which social media platforms did you use and which targets did you set for you demographics.
Hey! I own a PM company in Portland OR. Not sure who you’re website is through but we use propertymanagerwebsites.com and at the beginning when our marketing budget was more we used “four and a half” who are AMAZING marketers. They helped us with blogs and getting our company on our local map with google searches and getting us to be the first company to pop up in some areas. There’s a lot of competition in Portland so it was hard at first and we did not get properties as quickly as we projected to but once we got going, referrals and word of mouth helped us a lot. We also would go on Craigslist and find specific properties and reach out to the owners directly (mostly self managed). We got quite a few properties doing that- some of the things we looked for were out of state owners. They were less likely to know a ton of Pm in the area. A lot of investors from CA were buying up property in Portland so when we saw a CA address we would always reach out. Get a logo on your car, post it on your social media- twitter, Facebook business page- that will also help with local searches, if your town has a BST page. We joined our local chamber of commerce and left our business cards EVERYWHERE. Sponsored local sports teams and schools. There’s TONS of marketing you can do. We even did bandit signs and that worked every campaign we did we got at least one Property if not more. Follow up on all of your leads quickly. We put together a PowerPoint presentation that detailed our software (AppFolio) and how we handle specific things such as maintenance issues and rent collection so with each inquiry we send out our presentation, along with a PMA contract example, and a lease example so they can see what the tenants will sign. We also send gifts to all of our new clients. I found a “mentor” pm company out of PA and she helped us a ton with choosing website platform, software, etc because she had tried several by that point and we have had the best of the best from the beginning which has been awesome not having to switch systems like she did. But when I had questions or hit road blocks I always called her. You can message me anytime. Also at the beginning try to get a lot of reviews- I think it’s 5 google reviews will bring you up further on searches. We just had a disgruntled tenant leave us a bad review which SUCKS but it’s property management, it’s not always fun and it’s not always pretty- or ever? Lol. We have paid people to remove their bad reviews- most of the time it’s people that get denied because of bad credit or criminal history go on there and say something bad but we just offer to refund their App fee in exchange for them removing their review. Anyways good luck and if you need anything feel free to ask me!
Hi Jackie, are you looking to solely do long term rentals? These are all great suggestions, I would add do not overlook the power of referrals and building a network in addition to online marketing. I can't tell you how many people ask for property management recommendations constantly even with the clutter of competition in this market. Standing out can be as simple as doing a great job for current clients and incentivizing them to refer you business, either by a temporary discount, rebate or something similar. Make sure to utilize the platform here as well as you'll often see investors asking for property management recommendations.
@Jackie Garcia Share your knowledge about property management here on the forums. Become part of the community and genuinely help others who are asking questions about property management in your market.
Include keywords such as Bridgeport, Connecticut in your answers to get visibility by those searching in your area.
Thank you for the recommendation. I actually didn’t attend as we were working on a deal. Do you know of any other conferences coming up?
@David Baier thank you. Yes I plan on using BiggerPockets much more than I was before as I turned real estate into my profession.
@Jackie Garcia Congrats on starting your property management company. Leads are obviously important, could be costly though. We're here to help with leads if you need (ugh, no pun intended).
1. Join NARPM. Take some of their classes and learn what it means to be a professional property manager and not just a glorified rent collector. I especially recommend you join their forum where you will learn more by conversing with fellow professionals than from any class or book. Ask me how.
2. Quickly establish WRITTEN policies and procedures to ensure consistent service for every client or customer. It also makes it easy to educate tenants or Landlords, pick up new rentals, etc.
3. Figure out how to differentiate yourself from the competition. This doesn't mean cutting prices. I'm the most expensive PM in my market but owners also make more money through me because I demand higher prices, maintain their units, get better-quality tenants, and have policies and procedures in place that reduce vacancies and problems.
4. Once you've got a handle, start marketing yourself to every real estate brokerage in the area. Have professional flyers or brochures to leave with agents and offer them an incentive for referring business. If you're worth your salt and can sell that, they'll send you plenty of business.
That should be enough to keep you busy for a year or two.
@Kenny Dahill thank you if I need help I will reach out.
@Nathan G. thank you for all that info. We did look into the NARPM and just signed up today for some classes. I will break all the info down more with my business partner and get to work.
@Chelsea Mays has some great ideas!! Thank you! I am researching starting my own property management company for my own rentals and thinking of offering services to others. These are great marketing ideas!