Using Property Managers to find Distressed Properties

Using Property Managers to find Distressed Properties

Property managers or property management companies are a great source of seller leads and investor leads that is often overlooked. They know the property owners and their financial situation on any given property they manage for the investor. Why? Because they collect the rents and handle the expenses associated with the proeprty. They might even see the mail coming to the property and know whether the property is going into foreclosure or experience financial distress.

They may manage multiple properties for any given property owner, so they have an established relationship with these people. They might be abel to refer a property owner to you to sell a prpoerty quickly or become a money partner on a deal you are working on.

Why would they do this? They want to keep managing properties. If a property is going into foreclosure or is distressed in some way, they might lose that proeprty, thus that income. It is in their best interest to do what they can to maintain if not increase the money they have coming into their property management business.
If you dangle a carrot that their referral could lead to them managing the property in the future, might just be what is needed to get the referrals you are looking for.

You can find these companies listed in the phone book, online, and via local property managment associations. They will even advertise in front of properties with vacancies. Keep your eyes and ears never know what you will find or learn.


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Using Property Managers to find Distressed Properties

This is a good idea and I'll use this when interviewing property managers so they don't only end up on my call back list they also become an important network contributor via referral of leads. I'm thinking that each contact is like a six sided dice, each side has to have a purpose. Maybe one side has the initial contact info, the second side is your network info, the third side could be your referral info, the fourth side could be who they have in tow such as real estate lawyers, cpa's, and so forth, the fifth side could be your neighborhood info, and the last side could be a door to outside the box...their speculation about what they would do if they were in your shoes or a sixth sense about the market; you get the idea.


Never Give Up, Never Surrender!

Love it!

Man do I love all the insight from all of you! I have learned more this evening, and had put back into my memory so many things I had forgotten; more than any other time I have been on this site! I feel like my blinders have been lifted and the fog has dissipated...I don't know why I didn't see all of this before. It is so simple! Thanks to all of you again!



"I can do all things through Christ who strengthens me" Phil 4:13

Good point...

Excellent tip, thanks for the share derling. I call that the "borrowed eyes" approach where you use someone else that already has established properties and connections and you're basically tapping into it in a positive way and also make out good for yourself should a deal be made with these connections.


John 14:6


"Keep your eyes and ears never know what you will find or learn."

I am making this the quote of the day! Along with a link to this excellent forum topic! I missed it the first time it was on the board, glad I had my eyes open this morning, you never know what you will learn here!

Thank You for this.

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