Starting a property management group: Part I

Geoff Roberts
| 3 min. read
Get the latest industry insights.

Published on April 23, 2009

Property management can be a lonely job at times. And although flying solo may well be your style, there’s still something to be said for the power of collective thought. This is particularly true in a field where so many different elements come into play. Accounting, real estate, legal issues, customer service, marketing—most property managers delve into all of these areas on a regular basis. And this is precisely why a property management group can do so much for your career.

At first it may seem a bit counter-intuitive to share your business ideas (and maybe even practices) with other local property managers. After all, some of them probably represent your competition. But the truth of the matter is, more than anyone else, your fellow property managers truly understanding what your job entails; the type of issues you deal with on a frequent basis; and the best methods, resources, and people available to help you find solutions to these issues in the most efficient, cost-effective way possible.

All of this is not to say, however, that there’s necessarily an existing property management group in your area. So in this two part post are tips to help you find members for and run your group. This week focuses on putting your group together. Trust us—it’s easier than it sounds and will pay off more than you can imagine.

Put your group together.
Chances are you know of other property managers in your area. Don’t be shy—give them a call. If you’ve heard of them, chances are they have helpful information to share. You may also want to generate some word-of-mouth by telling real estate companies, vendors, and service providers who do work with other property managers in your area about your group. Real estate investment seminars and conferences (as well as other industry-related events) are a great way to reach out to multiple community members in one fell swoop.

7 Habits of Highly Successful Property Managers Guide

You will discover creative ways to identify and eliminate routines that are no longer benefiting your business.

Download

Also, don’t forget about your online options. Post an ad on Craigslist or do a search on networking sites like LinkedIn or Facebook to identify target group members. If there are any e-newsletters or other mailing lists that you think potential group members are likely to subscribe to—look no further than your own inbox for some ideas—you can also put a posting in there.

In the next post learn to organize, communicate with, and run your newly formed property management group.

Like this post? It’s one of the many posts collected in the free ebook, All Things Property Management: Getting Started. Click here to download your copy now!

Read more on Team
Geoff Roberts
Geoff Roberts

Geoff is a marketer, surfer, musician, and writer. He lives in San Diego, CA.

Trending Stories For You
Marketing 7 property management marketing ideas to attract rental property owners
The word straight from Buildium’s 2021 Rental Owners’ Report: Volume 2 is that two in three small-business rental owners surveyed rely on a property manager…
Laurie Mega
| 7 min. read
Property Management Trends The 3 most common types of renters in single-family rentals & small multifamily properties
COVID-19 has upended the rental market as we knew it. Stay-at-home orders motivated some renters to invest in homes of their own, while others were…
Robin Young
| 21 min. read
Marketing Rental property marketing ideas to thrive this leasing season
When leasing season rolls around, your to-do list is so long that tidying up your marketing strategy likely didn’t even make the top ten. When…
Jillian Rodriguez
| 9 min. read

Be a more productive
property manager