Where to find more properties to manage?

Question

Hello,

My company manages a little over 100 residential and commercial properties we've grown this number mainly by referrals through our brokerage. The problem we have run into is inventory, it is extremely low. I have tenants reaching out to me asking about homes I have rented and if I have any others and it is discouraging to have to turn them down when I know they are quality and would be great.

My question is how are other property managers growing their portfolio?

Renting out the properties is not a problem, but finding new landlords is. This has not happened to our team before and we are trying to figure out solutions.

If you have any ideas, anything at all, I would love to hear!

Thank you,

Madison

Drew Sygit · Answer

@Madison Peterson we PMC's really only have two positives to sell to clients:

1) Time savings - when they don't have time to:- Properly market their vacant properties- Show them- Chase applicants- Manage tenants- Handle maintenance- Renew leases and get RENT INCREASES (this is a big one!)--- Owner just hired us because we showed them that 2-3 years of rent increases they failed to do would cover our fee:)

2) Expertise - they don't know how to:- Properly advertise their vacancies- How to really screen applicants, including fake service & emotional support animals- Create a robust lease, compliant with federal, state, & local laws- Handle nonpaying tenants- Evictions- Etc..NOTE: if they had more time, they could learn all this.

Finding more clients: find out where they are and be present.This could be in person networking or online.

How many agents have you approached for management referrals?How about CPAs, Financial Advisors and Attorneys that work with investors?How robust is your online presence?

FILL OUT YOUR PROFILE HERE!

Clare Pitcher · Answer

Hi Madison!

I do Business Development for a property management company in Milwuakee. My suggestion would be to look on Zillow for rental listings that are FRBO - For Rent By Owner. Let them know you have tenants looking for a home just like theirs and would love to help them get a property leased. The higher the days on market, the more willing they are to have a conversation. I have found the most success in "selling with stories". Tell them about how you leased a house a couple of blocks from them in X amount of days and offer to come out to the property and start building the relationship from there. We also see a lot of growth from referrals from other PM companies that maybe cover a different size building or area then we do and can pass leads back and fourth. Hope this helps and keep up the great work!

Peter Mckernan · Answer

All of those suggestions what I have seen are great examples of growing the business. You are in a large market and can really grow and expand, outside of what you are doing now I would really put money into marketing. APM is a good source for leads, mailers (direct mail), google ads, and hiring someone to cold call (lower turn on this one). I would really look to online lead sources and mailing, those are really going to move the needle.

Caleb Brown · Answer

Networking is your best bet. Be active here on BiggerPockets. Be active in local FB investing groups. Be active in local meet ups. I would also have a presence on Google, FB, LinkedIn and any other social media. Show people what you do and how you can help. Beyond that be consistent and there will be fruit.

Justin Brickman · Answer

You're in the right place. Stay active on here

Mike A. · Answer

Word of mouth seems to work the best.  You will find a stumbling block as most do not want to pay the 8%-10% fee. Then they will try to bring you down to 4%-5%, as someone else said they'd do the same. Or, you have to take over a sumlord's building..  Those are always fun.  You need to find landlords which are tired of dealing with tenants. That's the key.

David Peschio · Answer

look in your area for homes managed by owners - rental ads - ones that have an owner instead of a company.  Start the conversation with seeing if they would be open for you to bring them a qualified tenant - then maybe you can discuss full property management.

Bill B. · Answer

Is there a court dedicated to evictions? Could you hang out there looking for landlords representing themselves? Offer to take over and solve the situation if they hired you?

Offer commissions to current clients to bring more of their properties or their contact’s homes?

Add a lien to your rental listing asking landlords if they’re happy with their PM?

Where to find more properties to manage?

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