Part of my plan for generating Passive Income in Real Estate includes property management. But what kind of a property management business plan works? Well, I am going to give you the approach that could be utilized, as well as inform you of how I am going to proceed. I would love to get some feedback on this one guys, as I am still some what new to property management marketing. I am only managing 3 houses currently. The houses that I am managing currently are owned by friends of mine, which I guess is as good a reason as any to get going in a business. Here are the steps that I am taking / considering:
- Continuing to Work Established Contacts
A couple of friends from Church moved away, and recognized my abilities in real estate through the investments that I have currently made in the area. And with the added bonus of having a realtor license, they felt comfortable enough to use me as their property manager. Already, one has referred me to a friend of his to manage his house. Referrals are fantastic. Also, my real estate broker knows that I am going in to managing property, and she referred to someone who was considering selling his property management company. Unfortunately, he retracted the offer before I was able to act on it. Hopefully he will reconsider in the near future.
- Putting Up a Property Management Website
This is something I am considering, I may be able rank in the search engines for real estate queries in my specific local. Most of the realtors in my area do not know much (if anything) about the Internet. Many have websites, but I doubt they have much knowledge of Internet marketing. The Internet is very powerful, but here in a small town, I am just not sure how much people utilize the Internet in their search for rental / for sale properties.
- Placing Some Signs Around Town
This is a cheap and easy way to promote myself. I figure a few small signs around some of the major intersections may attract some attention. Who knows? Again, it is a small town, but maybe that is a good thing.
- Utilizing Craig’s List
Craig’s List is an unbelievable high traffic, free online classifieds anyone can use to push their business. Very easy, and you can upload 4 images per article. Craig’s List is localized, and thus, you can target your specific market, very good for a property management realtor.
These are just a few steps I know of that are available to me. But again, I haven’t been in this business long. If you have any suggestions, I would sure like to know what they are. Feel free to leave your comments at the bottom of the page, and stay tuned via my RSS feed for more great information on personal finance and real estate investing.