how to grow a management business

[Michael Chirico]

hey, looking for some advice/steps for a new management company to take/implement to grow the number of doors under management.

Right now I self manage my portfolio in Westchester County, 10 doors active (a 5 unit with an illegal apt and a 4 family), 4 in contract (3 family with an attic apt), and 12 doors going through renovations (2- 4 fams that I'm adding a 3rd floor and 2 addition units to each). I would like to offer property management to others. I am a licensed salesperson and can manage under my broker. How would you recommend marketing? I'm looking to manage with a flat rate % depending on the number of doors and handle repairs and renovations by charging a GC 15% fee on repairs/construction.  Use the systems of how I self manage with my team of subs to handle repairs/issues, turnover, and if wanted renovations.

Thanks in advance for your input

[Nathan Gesner]

Quote from @Michael Chirico:

hey, looking for some advice/steps for a new management company to take/implement to grow the number of doors under management.

Many REALTORS and brokerages will not touch property management with a 10' pole. Create some marketing material to demonstrate what services you provide. Contact Brokers in your market and ask them if you could do a 15-minute presentation during a training meeting to talk about your company (5 minutes) and answer questions (10 minutes). Offer a referral fee to any agent that refers someone to you for management (payable after Owner signs a one-year agreement and Tenant is placed). I offer a referral fee ($200 per house or $50 per unit for more than four units) and if the Owner decides to sell within 24 months, I pay the referring agent a referral fee (whatever your standard is for sales).

[Drew Sygit]

@Michael Chirico

Did you check your state laws about property management?

Michigan, for example, requires a PMC to have its OWN specific brokerage license. So, you can't just work under another broker.

[Samuel Eddinger]

@Michael Chirico - Join NARPM.  There is tons of resources there for new people and we love to share.