Dear Patty - Portfolio Growing
Thursday, April 2, 2015
What do you think is the best strategy for growing my portfolio?
--Ready to Blossom
Just as in the residential sales market, repeat and referral business is the easiest way to build a portfolio.
Many owners are investors with multiple properties. The best way to obtain and continue their trust in you is to provide stellar service. It is important to make every owner feel like their business is very important to you. Timely communication on all issues is just the beginning of what they are looking for in a property manager.
Once you have developed a good relationship with your investment owners, always keep an eye on the multiple listing service for properties that are similar to your owner’s current holdings. If they have two properties in the same community, why not five? Your owner will appreciate you going that extra mile to help them find a good rental property at a good price.
Don’t be afraid to ask your clients for referrals. Most investors love to talk shop, and they could be talking shop with someone who is interested in getting into the investment property market. If your owner is happy with your performance they will most likely recommend you to friends, family, colleagues. Never miss an opportunity to provide outstanding service, and your owners will be happy to recommend you to others.
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The ORRA Property Management Council provides this property-management advice column as a service to ORRA members. The column is intended to provide a general understanding, not as a substitute for individual legal consultation. The column should not be relied upon in specific situations without consulting a real estate attorney.