A different kind of Property Manager

[Lance H.]

Hi Everyone,

I recently obtained my Broker's license and I'm in process of writing a business plan to start a property management business.

What I'm trying to determine is the best way to set myself apart from the competition. A unique selling proposition. Outside of exemplary customer service (as that should be a given), what would you really love to see out of your PM?

The one example I thought of was the issue many people have with lease up fees as they feel it misaligns the goal of the owner with the goal of the PM. My plan to offset this is to offer a guarantee. You pay a lease up fee, but if tenant does not stay at least 1 year, the lease up fee is waived to refill the unit. Thoughts?

Any other ideas would be really appreciated.

[Andrew Schultz]

I do that as a standard with all my management contracts. I'm not sure that's the unique proposition you are looking for.

Focus In on the Communication more. I manage primarily smaller properties (duplexes to 8-plexes), so I make a point to stop at every property every week. I then send a weekly update email to all clients of all issues impacting their properties, maintenance issues outstanding, new city legislation, etc. all clients also receive a monthly newsletter with their monthly report outlining the positive reasons for investing in our area, as well as a pocket listing that may lead to increases business for them as well as I.

Edit: One more thing. Focus on being one of the strongest members of your investor clients team. Have resources at your disposal to refer them to only the best accountants, bankers, contractors, etc. Make sure everyone on your team is as strong as you are. Make everyone shine. Your clients grow and so will you. I've said it before to others in the business locally. We don't move forward unless everyone moves forward.

Hopefully this all makes sense. Typing from my cell.