« A Tale of a New Property Manager »

So now I'm one month into being a new broker AND property manager. 4 weeks ago I wasn't sure what my expectations were, only pure optimism. Thank goodness my buddy and fellow broker was gracious enough not only to bring me aboard but to endure my endless slew of repetitive questions and stifle his guffaws at some of the dorky conversations I had with prospective clients over the phone. I'm sure if he were drinking milk he would have had a nostril spew for sure...

I started with the easy prospects, all of my past clients and old Navy buddies that weren't tired of my targeted email campaign and quarterly "How ya' doin', who do you know?" phone calls. Then I went to the co-op agents and brokers that I thought didn't want to throw me off a tall building for a less than pleasant transaction. Many of them I knew did not manage residential property so I wagered they'd be happy to pass on a headache.

And then came the tough ones, the cold calls. Now back in the day I was a cold call cowboy looking for listings - no business and fearless on the phone since I knew it was physically impossible for a potential seller to reach through the phone and throttle me. I was pretty damn good if you ask me, a legend in my own mind. It did however, comprise a solid third of my business early in my San Diego sales career. Cold calling is a lost art, especially calling 'For Rent by Owners'. Getting past the first "Hello?" can be a challenge in itself, aside from finding out if: a) the house is still available to rent, b) I'm speaking with the owner/decision maker and c) I'm not speaking to another property manager. "Hi this is Marvin de la Vega, I'm a Broker with Noble Real Estate Services. I'm calling about the house for rent, is this the owner? Good, is it still available?" Then, with quick thinking, a smooth tongue with a mouthful of marbles, I'd have a millisecond to get my schtick out, "When will you interview a professional property manager for the job of managing your property?"

"NEVER!!" Click.

"I can manage on my own thanks."

"I'm a sales agent and I'm doing it as a favor to my client for free..."

Let the jousting begin, or at least a fake conversation with a dial tone. Being in the residential resale market for several years has made me clear on one thing. If anyone is advertising their home for rent (or sale), they need help, and many needed help YESTERDAY!! As professionals we need to rise to that calling. Overcoming objections is part of our job. I'm also finding that the owners needing to rent and owners needing to sell have generally the same objections. I am just back at a point where I need to re-frame those rental objections that used to be resale objections.

"How much do you charge? Will you do it for less?"

"I'll just manage it myself."

"I've got a friend in the business that will do it for me."

"Can you get top dollar for me?"

"Property managers don't do much for what they are paid."

The list goes on. One of my personal faves that breaks the ice is, "Can you imagine having to deal with the Caesar's Palace fountain spewing out of your tenant's toilet at 3 AM on a Saturday?". Sometimes the imagery of a toilet fountain, a late night phone call and maybe even plumber's crack are deterrent in nature. 

For those of you in the resale biz, this might be a good reminder, sharpen your objection handling skills.  For those of you in property management, I'd love to hear your experiences. Please chime in.

Next post I'll go over some of the conversations I've had with potential tenants. Till then, have a great week!

Marvin