When you’re looking for multi-family properties to buy just like when you’re looking for single family houses to buy or sell it’s super important to network.
You may remember when I went to the Greater Philadelphia Apartment Associations Trade Show a few months back. While there I met a super nice lady who actually hires folks for property management companies. I advised her that I’m looking for a property management company to work with and that I’m actually not a property manager looking for more employees.
This lady, Valerie, took my card and advised me that she knows a perfect property manager to work with and that she’d tell her about me. I thanked her. The next day I got an email from Valerie saying she gave my contact information to Mary and I also received an email from Mary, the property manager.
Now on to why you should network with property managers:
1) They know the areas. They know and understand which areas most folks are buying in, which area most folks are avoiding and which areas are up and coming. (Think this type of information is valuable?)
2) They know rental values in the area. They know which areas the rents are raising, which area the rents are being lowered, which areas rents are stabilized, etc. (Do you think you’d like to know this type of data when getting into multi-units and perhaps when getting into a new market?)
3) They have good contacts. They know great brokers to work with, they know great attorneys to work with, they know great contractors, and the list goes on and on. They KNOW people that can be important to your business!
4) They know costs. They know how much typical expenses will run for particular types of properties. (More information that would be helpful?)
5) They may send you deals. This is the reason I decided to write this post. I spoke to Mary in great length after receiving her email and we spoke a few times. After building some rapport with Mary I asked her to please let me know if any of her clients are looking to sell or if she hears of anyone that’s looking to sell. She said no problem. Then lo and behold just last week Mary send me an email telling me that this particular property is for sale and that she thought she’d send it to me to take a look at it! How about that folks? Now grant it, that property may not be a great deal, but that’s not the point. The point is Mary thought of me and sent me the information about an apartment building for sale. So if she did it once, don’t you think she’ll do it again the next time she hears of a place for sale? I certainly do. That is huge! I immediately emailed Mary and thanked her. Perhaps I should send her a lil thank you as well……what you think? I think that would be a good idea.
Can you see why one of the key people that you should definitely be networking with are property managers? They could be one of the most useful contacts you make in a day.