{"id":7915,"date":"2017-07-14T14:05:28","date_gmt":"2017-07-14T21:05:28","guid":{"rendered":"https:\/\/www.rentecdirect.com\/blog\/?p=7915"},"modified":"2017-07-14T14:05:28","modified_gmt":"2017-07-14T21:05:28","slug":"grow-pm-business","status":"publish","type":"post","link":"https:\/\/www.rentecdirect.com\/blog\/grow-pm-business\/","title":{"rendered":"Stand Out To Owners and Grow Your PM Business"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-7917\" src=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2017\/07\/How-to-get-more-clients-and.png\" alt=\"Property manager thinking about growing property management business\" width=\"560\" height=\"315\" srcset=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2017\/07\/How-to-get-more-clients-and.png 560w, https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2017\/07\/How-to-get-more-clients-and-300x169.png 300w, https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2017\/07\/How-to-get-more-clients-and-352x198.png 352w\" sizes=\"(max-width: 560px) 100vw, 560px\" \/><span style=\"font-weight: 400;\">Growing your property management business involves acquiring more clients and adding more doors to your management portfolio. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the <\/span><a href=\"http:\/\/www.rentalprotectionagency.com\/rental-statistics.php\"><span style=\"font-weight: 400;\">Rental Protection Agency, there are 22,889,285 landlords<\/span><\/a><span style=\"font-weight: 400;\"> in the USA. These 22 million+ landlords are all potential clients that could need your services to help them manage their rentals. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But how does a property manager find the right investors to approach? Surely there aren\u2019t 22 million landlords eagerly waiting for a property manager to knock on the door. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this article we look at what types of opportunities are available to property managers looking to grow their business.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Look for landlords with 4 doors<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/doorgrow.com\/2016-property-management-industry-trends-united-states\/\"><span style=\"font-weight: 400;\">Jason Hull of Door Grow<\/span><\/a><span style=\"font-weight: 400;\">, \u201c<\/span><span style=\"font-weight: 400;\">the majority of real estate investors with 1-4 properties do their own management, but once they get more than 4 doors they look for property management firms. So finding\/targeting investors with over 4 doors would be ideal and likely easier to convert to becoming a property management client.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Hull notes the follow data in an interview with Steve Murray of Real Trends<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A significant percentage of all Single-Family investor-owned properties are owned by private investors (&gt; 80% of all Single-Family owned and rented properties)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Most private investors either own 1-2 Single-Family investment properties or more than 8 Single-Family properties (both about 28% of all investor-owned Single-Family properties) (Invaluable Investor Report, 2013)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A majority of those owning from 1-4 Single-Family investment properties do their own PM<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">However as they own more than 4 Single-Family investment properties they tend to start using PM firms for a full range of services<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Look for property managers wanting to sell<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Murray points out that another opportunity for growth will be finding aging property management business owners that will be looking to sell. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Murray believes that firms that leverage technology and possibly outsourcing effectively, to reduce staffing costs &amp; improve marketing, will have the greatest success.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Why type of technology can a property manager leverage to attract new owners?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Your owners want to have easy to read reports, efficient ways to check on the performance of their investment and the quality of renters living in their property.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Property managers can meet all these owner demands by utilizing applications and <\/span><a href=\"https:\/\/www.rentecdirect.com\/blog\/management-software\/\"><span style=\"font-weight: 400;\">software designed specifically for rental management<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Advances in property management technology makes it easy for you to instantly create professional reports. <\/span><\/p>\n<h3>Online Lease Signing<\/h3>\n<p><span style=\"font-weight: 400;\">You can stand out to potential owners by demonstrating your modern and professional tenant management systems, including online lease signing. <\/span><\/p>\n<h3>Owner Portal<\/h3>\n<p><span style=\"font-weight: 400;\">Give your owners access to view property performance via an Owner Portal. Owner Portals are often provided with property management software and allow your owners to log into an account with their own login in, where they can see occupancy rates, incoming rent and view all types of reports. <\/span><\/p>\n<h3>Tenant Screening<\/h3>\n<p><span style=\"font-weight: 400;\">Property managers can run the most advanced tenant screening reports instantly with tenant background software. Advanced tenant screening companies will pull full credit reports, detailed criminal background reports, and an eviction search history. You can show your owners that you employ the best tenant screening methods so their properties are always occupied by the most qualified renters. <\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Conclusion<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Property managers have the opportunity to grow their business by approaching investors with more than 4 units. In order be competitive and convince new owners that they need your management, take advantage of modern property management technology.<\/span><\/p>\n<hr \/>\n<h3>Related Reading For You:<\/h3>\n<ul>\n<li><a href=\"https:\/\/www.rentecdirect.com\/blog\/best-marketing-tips-filling-rental-vacancies-fast\/\">Best Marketing Tips for Filling Rental Vacancies Fast<\/a><\/li>\n<li><a href=\"https:\/\/www.rentecdirect.com\/blog\/property-manager-introduction-letter\/\">New Property Manager Introduction Letter for Tenants<\/a><\/li>\n<li><a href=\"https:\/\/www.rentecdirect.com\/blog\/how-to-get-your-tenants-to-pay-rent-on-time\/\">How To Get Your Tenants To Pay Rent On Time<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Growing your property management business involves acquiring more clients and adding more doors to your management portfolio. \u00a0 According to the Rental Protection Agency, there are 22,889,285 landlords in the USA. These 22 million+ landlords are all potential clients that could need your services to help them manage their rentals. \u00a0 But how does a [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":7918,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":true,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[275],"tags":[8686,805],"class_list":["post-7915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education","tag-business-development","tag-owners","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with 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