How to find Investors needing Property Managers

Question

My seasoned partner (who has been a local [Memphis] Real Estate Agent for 20+ years) and I have just started an Property Management LLC.  I have heard this is the website to be able to connect with people in all areas of Real Estate with every different kind of niche, but I cannot for the life of me find out how to find people (though probably mostly out of state-though non-issue) that are looking for good, honest Property Managers for their properties in and around the Memphis, TN area.  If anyone could shed some light on HOW I can find and get in touch with investors, advertise our new LLC, or anything, I would REALLY appreciate it!!  I have read many forums and blogs on BiggerPockets and have learned a lot that I am now using myself in my Property Management, but I am looking to find more investors in need of my services! HELP!! TIA

Michael Quarles · Answer

I would send a very professional letter to all recent out of area absentee owners.  And put them on a 30 day followup cycle. I would also mine Zillow for active for rents that are being managed by PMs and send the owner of the property a solicitation.

The fact that the current PM isnt keeping the vacancy rate down could be a good focal point to speak to thhe owner about in your solicitation.

Happy House Hunting

Claire Flurry · Answer

Okay, that’ll work! Perhaps that’s why I couldn’t find an obvious place to do such, huh? We do very well with what we have, just looking to grow. One of our investors wants us to come to Hawaii to talk to her different group of investors for a 4 day trip And they’re even willing to pay for the travel fare. I just wasn’t sure if there was a simple way online to put an “ad” of sorts out there to investors for our PM company.

Dean Letfus · Answer

I think people have put you crook @Claire Flurry by telling you BP is where to get new business. Most of the larger and decent PM firms are active BP members. You need to do some marketing to owners and build your business like everybody else does through hard work!

Memphis has a massive problem with bad management, (we sort out horror stories for people most weeks), so if you do a good job you will soon grow organically.

But to get started the above advice from other posters is the best way to start.

What people may have meant about BP is that you could post an "advert" in the marketplace.

https://www.biggerpockets.com/forums/517-real-esta...

I think you have to be a paid, (pro), member to do that but that is probably what they meant.

Claire Flurry · Answer

Thank you @Chrissy Arnold, those were all answers to my follow up questions.

I’m trying to find investors that need property managers that have properties in my city (Memphis, TN). Could my partner go through his broker to find the investor/owners- or is there a place I can post on this website to find some, or is there another website. Even those who already have property managers that may not be happy with their “services”- considering they would be out of state and can only control so much over the phone. We have great references, a list of subs for any rehab work or maintenance, and great ability to find tenants. I’m trying to find more properties to manage/investors who own them in my area. I was told that this website was the way to do it, but I can’t figure out how/where to post to find the people I’m looking for!

Chrissy Parsons · Answer

@Claire Flurry Congratulations on your new business.  Mailing to out-of-area absentee owners is a great idea. You could work with a mailing list broker to get the criteria adjusted to what you think best.

• decide where you want the properties to be located 
• owners live 50+ miles away, out of the county or out of state
• specify the home values - you probably want to steer to the higher end homes
• single and multi-family
• number of properties owned - this would be a topic of discussion with the list broker

Since your partner has experience with  the local market, they are probably aware of where their might be pockets where out of state owners live - join some investors groups in those areas and talk about your services.

Corina Eufinger · Answer

If you have access to MLS listings you could look at expiring, expired listings and recently sold.  Direct mail, etc.  But will need to do something to catch their eye because new property owners get a lot of junk mail for the first few months.