New property management company

[Spencer Faulkner]

Hi everyone, I have recently started a property management company in Cincinnati Ohio.

When we first started, I had acquired a 24 unit acquisition. We're doing everything; offering 24/7 on site maintenance, apartment turns, marketing, leasing, and evictions.

I am very happy with our kick start having the 24 units as soon as I started Property Management.

However, I have the urge to acquire more as that is my goal, to keep growing. I am struggling to figure out how to get my name out there. I have business cards, when I ever I see a "For Rent" sign, I will call.

Does Anyone have any other ideas as to how I can get my name out there?

[Paul Sian]

Do you have a website?  Blogging is a great way and I don't think any of the other PMs in Cincinnati actively blog.  Are you a member of Greater Cincinnati Real Estate Investors FB group?

Also would suggest you attend the Joe Fairless events that happen at the end of the month.  You can search for them here in BP and find out more.

[Tim Harwick]

Hey @Spencer Faulkner Congratulations on starting a property management company! Sounds interesting. What made you decide to start the company? Are you an investor yourself? Did you have experience in property management yourself prior to starting the company? 

[Henry Marshall]

@Spencer Faulkner Network is King

[Spencer Faulkner]

@Tim Harwick

First and foremost, thank you!

I started out as an office assistant for a previous property management company.

Being one of those rare breeds that has the gift of gab, a gift of being able to fix almost anything. I quickly moved up the ranks, landing in the leasing agent position.

As time began to unfold, working with the property owners on leasing vacant units. I quickly found that almost all of the property owners were unhappy, until I landed in the leasing position driving cash flow to them that they had been longing for.

Wasn't long until the owner of the company and a property owner came to me, pretty much asking that I discriminate and not leave any vacant units to any other color than white caucasian. My morals was hanging in the balance of, what do I do.....do I follow my orders; go against my beliefs of, all people are equal regardless of any differences. I came to the conclusion to resign.

Less than 48 hours had gone by, I'm still unsure of my next move when I get a call from a property owner. He says "Spencer, before you came along my life was q living hell, I had 9 vacancies, you filled them in two months." He goes on to say "you have been gone 48 hours and my life is a living hell again"(most of his properties were section 8, government assisted). He was about to loose the section 8 partnership, which also contained 6 months worth of rent for, four different tenants. The rent is based in at 700 a month so that was a lot of money he was about to hit in the gut with.

He asks me if I wanted to do my own thing. I didn't hesitate because I love love love this line of work. By the following week I had saved the section 8 partnership and finally was able to get the back rent released to him.

From that point January 10th 2019, Titan Elite Property Management was established. Since then I have had a few more acquisitions but now we are slowing down and I still want to push and keep growing. In fact I wouldn't even mind branching out to other states to do this.

You can't measure the amount of ambition someone has. However you can see that ambition they do all they can to make your life easier and giving you, a property owner peace of mind knowing your property is being well cared for.

[Steve Rozenberg]

@Spencer Faulkner

Congrats on starting a new business. I think you may be asking the wrong questions..

First and foremost you started a business..

You need to focus on Marketing to make the phone ring, sales to answer the phone and close the client, operations to operate your business , accounting to make sure funds are placed and allocated correctly.

First thing I would suggest is creating the property business model with all the above created and systemized. If this is new then I would suggest getting a business coach to Guide you through creation of this. Without proper structure of the company and knowledge of how to run your business with a proper plan the chances of success are very slim. When I first opened my business and got a business coach I was shocked and scared at how much I did not know. Now several years later it is clear that had I not done that I would not be in business today.

Just my opinion of my own path I went down

[Mike Fontaine]

@Spencer Faulkner that is amazing man. I started my property management company recently in Leominster, MA. The best thing I've done to find customers is our website and blog consistently. Also direct mailers to the absentee owners list in our area.

[Simon W.]

Are you a broker? I believe you can't property manage unless you're a broker. Correct me if I am wrong.

[Marc Winter]

@Spencer Faulkner,

Congratulations on getting started.  I wanted to touch base with you but couldn't find your licensing info on https://elicense3.com.ohio.gov/Lookup/LicenseLookup.aspx are you properly licensed?

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@Simon W.--to answer your question:  

Must Ohio property management companies have a real estate broker's license?

YES. Key components of property management (leasing and renting) are considered real estate activities under existing Ohio real estate licensing laws. If a property manager is going to lease, rent, list, procure prospects or negotiate, assist, or offer to perform any of those acts, or if he or she operates, manages or rents any building or portions of buildings to the public as tenants (other than a custodian, caretaker or janitor) he or she will need a broker's license. A salesperson working under a broker may engage in such activities.

[Spencer Faulkner]

@Marc Winter

I have a friend of mine who is a licensed real estate agent. He signs all my leases.

[Philip L.]

@Spencer Faulkner There are a number of ways to market your business on and offline, if you are low on budget it will be better to network in person or give up some of your time to blog, but these really are time consuming options.

If you have a marketing budget (doesn't have to be massive) you can make more progress quicker but still have your time to manage the business.

Look into ad platforms like, facebook/instagram, reddit and you tube for best value/effectiveness.
Facebook - you can create a range of different creatives that appeal to your demographic - FB has very targeted placement options eliminating wasted ad budgets.
Instagram - same targeting as FB but you also have the option to buy influences in your niche.
Reddit - needs a lot of testing to get established but easy to find groups of people that match your target audience   
You tube - create a short video and put it in front of the YT videos that your audience is watching 

[Simon W.]

Originally posted by @Spencer Faulkner:

@Marc Winter

I have a friend of mine who is a licensed real estate agent. He signs all my leases.

 I don't think the leases are the problem. It is that you are acting as a management company but do not have a broker license to do so.