How should I connect with property managers without a property?

Question

Hi,

I am moving to Columbus Ohio in a few months and looking to purchase my first property there soon. I don't have a property at the moment. However, I want to start connecting and building relationships with property managers but I feel like it's a bit difficult to do this without a property. In addition, I would like to ask them about what they think about a certain property or area while looking at properties.

How should I go about networking and building relationships with property managers without a property? What would you guys recommend?

Thank you.

Peter Lohmann · Answer

Going to give you a blunt response here. Those 2 items are YOUR JOB. Not a property manager's. I get calls literally every day from real estate "investors" who basically want us to do their whole job for them. Find me a great property, great location, great price and manage it for me. No, dude. We're experts at managing. That's completely unrelated to finding good properties or advising on neighborhoods. The right answer to those questions is going to depend heavily on many factors such as your budget, timeline, goals, experience level, etc. If I took all these calls and spent 45+ minutes on the phone with each person, we'd have no time left to actually manage properties for our actual clients! It's like calling your mechanic to discuss what car you should buy. First time he might give you a few minutes. Next time he's going to say, go buy your own car - I'm an expert at fixing them, not buying them.

Do your own research. There is an unlimited amount of information available on the internet. If you have questions about property management pricing, operations, or other details related to the service, by all means reach out. But if you're just looking for someone to hold your hand and explain Columbus neighborhoods, please call someone else. If you must talk to someone, Realtors are paid to do this (in a sense).

Do your own research. There is an unlimited amount of information available on the internet. If you have questions about property management pricing, operations, or other details related to the service, by all means reach out. But if you're just looking for someone to hold your hand and explain Columbus neighborhoods, please call someone else. If you must talk to someone, Realtors are paid to do this (in a sense).

Zeke Liston · Answer

Hi @Jimmy Lieu, I would just reach out and explain your situation. Most will be happy to help answer questions, I would just be upfront with them on your plans.

Cameron Tope · Answer

Hey Jimmy,

I agree with @Peter Lohmann to some extent. You want to make sure you're honest with the PM you're reaching out to. Tell him/her that you don't have any properties yet but are looking to acquire. He/she will be able to tell you how much they want to help you.

I'll spend time with potential clients helping them talk through their current strategy but Peter's right - you could spend your whole day talking to potential clients and not get any work done.

A property manager is an important member of your team, just ensure you're using him/her to the proper extent.

Hope that helps!

Remington Lyman · Answer

You should just tell them your Realtor referred you to them. Some of the property managers I refer people to have made explanation videos for my referrals so they do not have to keep explaining themselves

@Mitch Deminski @Donny Thompson @Peter Lohmann

Tim Jacob · Answer

This is a really good question and one that I think she be discussed a lot more on bp.

Like others have stated above its not very time efficient to spend basically doing the work to help you acquire properties so you can make money and they just get the management fee.  I think people see that syndicators can get this free service but they dont think about is if that pm lands the syndicator thats a much larger amount of billable work than just 1 house for the pm you are looking for which absolutely is why the syndicator gets different treeatment.  Considering the goal of pm is to limit variable expenses as much as possible it would make sense an experienced local pm could have a good grasp on variable expenses based on managing enough in a variety of assets thus why you want there opinion.

I recommend a few things.  One google large pm firms in your area of interest.  If they are large enough they have most likely stopped managing D grade stuff.  Figure out where they manage and put those dots on a map.

A quick call might be ok asking which neighborhoods are good there rough borders and maybe for 1 decent sub like a used appliance guy.  Dont ask for a gc as thats too much.. Dont think anyone will mind a couple minutes just not too long.

Last try to find an agent thats also a pm.  Than the agent can help you analyze like a pm.  Also you could find an agent that owns similar rentals to what you want.  They will be incentivized to help bc of the commision.  That person works for you for free so you are getting a free service.  Its a no brainer.  Take some time and find the right 1.

Robert Ellis · Answer

I agree with you Peter, in addition you should be able to lean on your realtor for advice.

How should I connect with property managers without a property?

Most Popular Reply