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The Dawn of Outrageous Opportunities for Property Managers

Posted on 06. Aug, 2009 by Marc Courtenay in Business

Interviewing property managers these days has been a very interesting experience. That’s because these are “the best of times and the worst of times” for property managers.

After all, on the west coast of the U.S.A. vacancy rates are up sharply. One Portland, Oregon property manager said he can’t remember a time when he has placed “apartment for rent” ads in all his favorite media and not received even one phone call.

Things are challenging in The Big Apple too. Commercial vacancies in Manhattan have soared. The borough’s second-quarter vacancy rate hit 12.4% – the highest since 2001.

The reason, according to the retail leasing and sales division at Manhattan-based Prudential Douglas Elliman Real Estate, is simply “the consumer just stopped shopping.”

On the boulevard famous for its high-end retail, Fifth Avenue, owners are experiencing the highest vacancy rate in Manhattan at 15% according to Bloomberg News. Residential vacancies are up dramatically too.

So where’s the outrageous opportunities, especially for residential property managers? Primarily they’re with properties that want to improve occupancy rates and are looking for new management.

1. Rental and lease rates are competitive.
   You can offer prospective renters some long-awaited top choices at attractive rates. Highlight this in your advertising.
2. Find the time to contact property owners.
   Look for property owners who desperately need help with filling their vacancies. Search on Craigslist for vacancies posted by owners and sell your services. You can demonstrate how you manage your current client’s properties, offer references and show them how you will fulfill their needs. Be proactive!
3. Make it personal.
   Invite prospective property owner-clients to your office. Listen to their needs, problems and goals (they don’t care what you know till they know that you care).Then let them see your efficient and successful approach to property management.

Show them how you excel at filling vacancies, retaining residents and maintaining properties. August is usually the best month to rent units and fill vacancies. This August could be the best month to find property owners who need your help.

Remember, it’s a buyer’s market and a renter’s market. Next time we’ll discuss why it is still cheaper in most markets to rent than to buy, and how that can benefit you.

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Challenges and Solutions for Residential Property Managers – Part 1
2 Ideas on How Property Managers Can Prosper in Today’s Economy: Part 1
Challenges and Solutions for Residential Property Managers – Part 2
What Property Managers Need to Know Now About the Real Estate Market

Tags: business, Marketing, owners