How to grow a property management business.
I'm often asked, "how do you grow your property management company so quickly?". It's an answer I've held close for many years, but I feel now that I've been successful in my business that I want to share some secrets.
First, it's all about the quality of service. A lot of property managers believe that price is the answer, but I am telling you now that price is a non-issue (provided it's reasonable) to most owners. The far more important thing for owners is that their investments (their properties) are looked after and that you pickup the phone when they call. Do not skimp on service.
Second most is a good referral network. I get more leads from my existing clients (property owners) than I do from Google or any other source. Why? It's because my owners trust me and when their investment buddies ask them who takes care of their properties, my name comes up.
Another key factor is keeping expenses low and providing the best possible service to your owners. I think one thing that sets my company apart from the rest is that I've invested in software that is specifically tailored for my purpose. I use a software called Rentec Direct which lets me show my owners their property performance instantly via their owner portal. The owners can login and view all the financial details and repairs under way for the property.
I also provide my tenants a tenant portal so they can login and pay their rent via ACH. ACH is a really great technology because it takes the payments from my tenant's bank account and deposits the money into mine. It's the most effective way to collect rent.
Real Estate Investor