Dear Property Manager,
I have been the property manager for my own small commercial property that I own in Raleigh, NC and I am considering growing my business to include other properties. I really enjoy this work and would like to take on several more clients, but I am not sure how to go about getting more properties to manage. What are the sources for clients for a Property Management company? How do I go about approaching them?
It is of course, easiest to manage properties that you own yourself, but if you are looking to grow your property management business you can look at several sources for potential clients.
HOA's - A community or homeowner association may have properties that are rented on a long term or short term basis, and they would be a good client for you. Look at the developments in your area and see if they currently have a contract with a property management company.
Condominium associations - Large condominium complexes may hire in-house management staff, but the smaller complexes are likely to hire an outside property management company. Talk to the condo builder about utilizing your services.
Vacation Properties - Rental properties in vacation and resort areas, are often managed by a property management company. Call on the property owners to discuss the benefits of hiring a manager to handle the rentals, maintenance and security.
You can take your business in a couple different directions, or handle all of these types of property management. Remember that No matter which of these specialties a real estate property management company may pursue, there is a growing market for efficient and knowledgeable property management professionals. Yet it takes experience and dedication to be a good property management company.
Best of luck to you as your pursue this career.