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Who Wants to Earn a Steady Income? 5 Best Practices to Find New Property Management Clients

Posted on 25. Aug, 2009 by Russell Munz in Marketing

It’s not who wants to be a millionaire these days, it’s who wants to earn a steady income.

Nine years ago my business partner asked me to grow the property management business so it would pay the bills during a bad real estate market. Now our firm Pyramid Real Estate Group in Stamford Connecticut has over 2,000 units in management which help pay the bills while revenue from commercial brokerage and our maintenance department has declined by 25% from last year.

In addition, my father is a real estate agent in Virginia. He went 29 months between commissions! Fortunately he collects a retirement check but many are looking to property management income to help. His experience compelled me to develop a program to train people to earn money by starting their own management business quickly, “The Quick Start Property Manager Program.”

From my Program I have distilled the top 5 ways to find paying management clients.

1. Define your Target Market
   Pick a certain type of property and a specific location that you want to focus on. I suggest single family homes or small community associations in an area within 5 miles from your house where there is a high number of these prospects. Why? 1) These opportunities are below the radar of larger firms (easier to get) and  2) Easier to manage and convenient for you to travel to.
2. Find your Prospects
   Single family homes – ask a real estate agent to help you look up unoccupied homes and homes for rent. While these homes sit vacant or are waiting to be rented you can manage them. Don’t think this is not an opportunity. Some owners may have already moved or use this as a second home and live out of the area and can use the help.
3. Take a Ride
   I like to drive around or ride my bike because it is slower to see small condo communities in my area. Stop in and ask someone in the parking lot about management or put a flyer under windshields promoting your business offering a free quote. Many people who live there don’t want the bother of managing the property themselves.
4. Use your Network
   You have a network of friends and colleagues who know you are reliable. They don’t know what you are up to – let them know you are in the property management business. Some are realtors, lawyers and accountants who can refer business to you. Others may have a need themselves or have a neighbor who does. Also, don’t forget to go through your desk – you will be surprised how many business cards are in there that you haven’t used before – email them!
5. Local Management Associations
   Join an organization that will have lead contacts. Join Community Association Institute (CAI) in your state and write an article for their monthly magazine. You can then use the printed article with prospects to add credibility to your new business. Then ask the organization for contacts of condominiums in your area (who they mail the magazine to) or have them put addresses on a mailer you send to these contacts – your prospects in your target market.

There is a lot of opportunity around you. I hope that my tips along with your efforts help you get the success you want faster.

Good Luck!

Mr. Munz is a former US ARMY Captain where he learned the importance of checklists and standard procedures to ensure success. Prior to military service, Cornell University business programs taught him the importance of focusing time on tasks that have the greatest impact. For information on his “How To” Program to start a property management company visit: www.QuickStartManager.com.

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Tags: business, Marketing, owners