Starting a Property Management Business

[Robert Olinick]

First, I am blown away by this community. I have made a few posts in the past and to this day, will randomly receive calls from people on this board to chat. Really can't beat that! 

I have started a property management business in South Florida from the ground up and have been exploring new ways to reach investors. We just signed our 6th door and I could not be more excited with what's to come in 2023. 

I was hoping to connect with other managers in different areas and learn more about creative marketing ideas/ strategies. Happy to chat privately as well! 

[Nathan Gesner]

Quote from @Robert Olinick:

Join NARPM and you can take classes or learn by networking with other PM Brokers.

Develop some basic marketing materials, create a referral fee program, and start marketing to real estate offices. Most agents won't touch PM with a 30-foot pole! Build a relationship with them and pay them for referrals.

[Nate Sanow]

Curious to see if this thread picks up steam. I’ve had thoughts of doing the same, but wanted something material to emulate. Good luck to you. 

[Perry Rohan]

Hi Robert,

I am a property manager in South Florida dealing with the same challenges reaching real estate investors. Currently with 18 doors and hungry for more. Hope to connect 

Perry 

[Michael Jacobs]

locate developers via buidling permits website in your town. Cold call them for a meeting. 

[Richard F.]

Aloha,

The simplest, yet generally overlooked, is "Managed By" signage on the properties you are managing. This assumes your local laws allow them first of all, and likely regulate size and number. It also assumes you are doing a great job with the property and it presents itself well (or have an approved strategy with the Owner to do so)...landscaping, lighting, security features, physical condition all in good shape, no broken windows or falling gutters, rubbish areas kept up, etc. Good signage on a property also makes it easy for concerned neighbors to reach your office with useful information.

Some of the companies I have worked for over the years had in-house maintenance staffs, and the company paid the employees that had suitable work vans a small fee for the use of their van as a rolling billboard (and of course paid for the signage installation as well). They also provided company logo work shirts for the maintenance staff.

Honestly, I do not believe any of the PM companies did any serious marketing, instead relying on word of mouth in the Agent's circles, and local investment groups they participated in.

I would probably start with the Property Tax records, searching for either multi-unit properties, or detached homes where the tax billing address differs from the property address. Some states now hide the billing address for "privacy", but I am sure you could also purchase a very targeted mailing list from someone like InfoUSA.

[Will Fraser]

@Robert Olinick this is a prudent question, and one I asked for two years and got the same answer OVER. AND. OVER.

"Well, people just discover you."

It's true at times, but what none of the sage and retired PMs told me was that there are two basic groups of humans out there in the investment world:

- Those that use professional management (approx 30% in US)

- Those who self-manage (approx 70% in US)

You can build a business off of either strategy or both -- statistically most PM company clients are dissatisfied and once a year their business is poachable.  Also for every 100 rental owners in your market something like 70 of them are spending their time earning $2-7/hour and getting sub-par results.  

The clearer you are on exactly what value you provide (real, honest clarity not the typical woo woo hype that gets peddled all to often) . . . the clearer you can be in your approach to your target.

[Drew Sygit]

What is your USP?

Hope you take this as constructive critique, but not impressed with your website. 

It looks great, but there's nothing of real substance on it to differentiate your company. 

Checkot @Nathan Gesner and our websites for comparison to yours.

Also, explore the following ideas:

1) Blog

2) Constant Contact monthly eNewsletter to push your blog content out

3) Facebook Page & Group

4) Data dump all the rental leases for last 12 months from MLS and analyze for top leasing agents NOT tied to a competitor. Approach them and get them on your eNewsletter

5) Also from MLS, ID the agents listing and/or selling rentals and do same

Best of luck!

[Robert Olinick]

Quote from @Drew Sygit:

What is your USP?

Hope you take this as constructive critique, but not impressed with your website. 

It looks great, but there's nothing of real substance on it to differentiate your company. 

Checkot @Nathan Gesner and our websites for comparison to yours.

Also, explore the following ideas:

1) Blog

2) Constant Contact monthly eNewsletter to push your blog content out

3) Facebook Page & Group

4) Data dump all the rental leases for last 12 months from MLS and analyze for top leasing agents NOT tied to a competitor. Approach them and get them on your eNewsletter

5) Also from MLS, ID the agents listing and/or selling rentals and do same

Best of luck!

 Very appreciative of the honest feedback and have considered overhauling it. It was created by a family friend who just used a template from another managers website. We have not gotten any traction from it and believe it's best to start from scratch. Thank you for the suggestions.

[Drew Sygit]

@Robert Olinick the best website in the world won't lead prospects to you, it will just "close the deal" once they get there.

You'll still need to pursue strategies to get prospects to it.

[Robert Olinick]

Quote from @Drew Sygit:

@Robert Olinick the best website in the world won't lead prospects to you, it will just "close the deal" once they get there.

You'll still need to pursue strategies to get prospects to it.

 Of course, but I agree it's an important piece and is part of the brand.