HELP!! with locking in my first Property Management Contract

[Timoteo Guy]

Hello everyone,

I am fairly new to the world of real estate and property management world.

I am currently 50% into finishing up my pre reqs for my real estate test in California.

Also state wise I am a working an functional business here in California. My main goal is to "Create successful business opportunities for every investor." My company reaches all areas that property owners look for in property managers over and beyond. From communication, customer service down to maintenance and outsourcing for bigger jobs.

However in the "Property Management field" we lack experience as a property management company.

So my question is how will I gain that in this economy? I have a few reputable people that will write letters of recommendation. As far as advertising I am currently working on a website. But till then what else should I do? Should I even send out cover letters still or will I just get laughed at?

My goal is to at least gain 4 or 5 contracts before 2013 ends. Is that even realistically possible for a new and young company in this field?

-Thanks in advance.

[William Bannister]

The most under served part of the real estate property management field is the smaller under 4 unit buildings and you can use this part of the market place to build a portfolio of references. Give the smaller accts great service and a good price and then you can use them as references!;)
You might actually take on your 1st acct as a loss to help you grow and gain more customers!! About 65 million years ago when
I was a kid I mowed a neighbors lawn free and told the man if you like my mow I will come back every week for you for 10 dollars.
I landed the job because I swept his sidewalk afterwords the neighbor was hooked. I learned it from doing my dads houses. The standards achieved in your 1st few jobs can lead to many more profitable accts. My early days in real estate where characterized by earning cash doing management jobs to save for down pmts on my own rentals.
You might not make but a 150 per month managing a 4 unit for someone but it could lead into you managing a 8 unit down the street if you have a written reference from your early customers then a 20 unit or 50 unit and on and on!
Also contact a broker that sells large apt buildings by going online and looking for those that are for sale and take broker out to lunch and ask them if they would like to have you as a back up plan to any management problems there company cannot solve!
Another way to land accts is talk property owners out of state. How do you do this? go online to search assessor site in your city begin looking for outta state owners after u type in property address.
When your out on another job on the way take time to write down 4 apt building addresses on way to job to do research on ownership that night online assessor site.
another method is this call management company and ask them if they have problem customers they dont want and see if they will throw you a scrap or 2. I had one company they lady called me when ever she had a property under 4 units she said it was too much hassle doing the small ones. While they can be a hassle your looking to build up a client base and having anything you can call a reference is good in the beginning. Advertise things like no property to small too manage.
Good luck! hope it helps