Obtaining First Client

[Sequaisa Mcphearson]

I have recently opened a property management company and I am 3 months in without a single client.  We are active on social media and we reach out to independent landlords, leave business cards on vacant properties, and reach out to local real estate agents. Im not sure what else to do.

Does anyone have any pointers or experience on how to get your first few clients? 

[Greg Weik]

Hi @Sequaisa Mcphearson, most people won't want to share trade secrets like this, because they are afraid their local competition will see the tricks and get more doors...

But hey, I'm here to help, so here goes:

-First, don't assume your market positioning is correct. You need to know what your competitors are charging and what they are offering. If you're the new kid on the block, you need to be competitive, and you need a hook (something you can offer that the other ones can't/won't.) 

-Next, you have to hit landlords where it hurts.  Vacant properties.  A vacancy makes a landlord squirm and seek out a professional to help them.  Contact FRBO owners on Zillow.  Create a compelling template, possibly offering them a discount if they sign by "X" date. 

-Adding doors in PM is not easy.  There is a lot of competition.  Build rapport with Realtors who handle sales only.  These people interact with investors and landlords regularly, and if these Realtors trust you are good at PM, and that you only do PM, they will be likely to refer you business.  If you have a leasing fee you intend to charge, offer half to the Realtor each time they refer you a client (paid when the property gets rented.) 

-Join a social networking group, such as a BNI.  Build relationships with people in fields adjacent to PM. 

-Ultimately, I can't stress this enough, do not "small time" yourself.  Most landlords do not want to hire a "one person show", so you have to exude confidence and competence.  You have to have processes in place and CRM.  You have to appear to have done this all before. You have to know your stuff.  You need to be able to prove you're an expert on property condition, rental rates, ESAs, Service Animals, Landlord/Tenant legislation, etc.  If you're not an expert, start studying, because you will need to be.