Yesterday we talked about knowing how you present your properties to potential tenants in relation to the other properties available in the area. That is, how do you appear vs your competition. Today I want to touch briefly on how you appear to the Property Owners – your other prospective clients – and what they are going to be looking for in you.
It’s all well and good to present a solid business and craft an excellent pitch when it comes to landing Property Owners as clients – but what really is beneficial to your business is going to be knowing exactly what it is they are looking for in you. Obviously a smart property owner is going to want professional management, but don’t preclude yourself if on the surface you don’t think you are qualified (or overqualified).
Size is not a factor. Some companies focus on large apartment complexes, some focus on individual homes – the size of the property you manage does not dictate your. You may run into some complications if you manage smaller properties and you are trying to land a gig managing a larger apartment complex.
That is if you haven’t managed multi-family housing before, you won’t have the credentials and referrals that a property owner is looking for. With that being said, if you have managed multi-family housing but haven’t moved up to larger complexes, don’t let that hold you back. The key thing to note is that the Property Owner will be looking at your credentials, knowledge, and most importantly your references (if you are looking to expand up from single-family to multi-family, a good way to do this is to get in with a Property Owner who has both types and manage their single family properties to their satisfaction).
It is important to make clear the responsibilities your company aims to cover – you may be building a company with the goal of only covering limited aspects of property management (renting units, and collecting payments). This will limit your reach to Property Owners who are looking for full service – conversely, if you offer full services then you should advertise as such (renting units, screening tenants, collecting rent, handling repairs, maintaining property, etc).
Regardless of what the property owners are looking for, the more information you provide them the better. A good property owner looking for management will understand that skilled knowledgeable management will result in better residents, lower costs, and greater profits.