Posted in Blog  
  on May 27, 2015

Why Social Networking is as Important as Offline for Property Managers

Property managers who haven't been in the industry long may think that their task is as simple as renting out a property and handling problems as they arise. In reality, networking plays just as big of a roll for novice property managers as it does for their more experienced counterparts. Understanding this simple fact is important, but it's also imperative to recognize that social networking could be just as beneficial as that which is done face-to-face.

The Importance of Networking for Property Managers
Networking is important for every industry, and this is invariably true even if you're a property manager. Making strong connections both inside and outside of the industry can serve a useful purpose. What if, for instance, you need repairs done on a property but don't know if a low-cost contractor can be trusted? By simply reaching out to a more experienced contact, it's easy to find out how to verify a contractor license.
Never believe, though, that networking should only be done within your own industry. Having contacts outside of other property managers can be extremely useful. Exchanging information and working with a specific contractor, for instance, can lend excellent insight if you want to increase your rental value by performing low-cost kitchen renovations.

Face-to-Face Vs Online
The two different types of networking, face-to-face and online, seem easily distinguishable. It's important, though, to understand each. After all, you don't often simply walk into a Starbucks and immediately know which patrons there are worth adding to your network. You could get to know people through your typical dealings, but the Meetup website also lists property management networking events across the country.
Considering the fact that most property management duties, such as collecting rent and running background checks, can now be done online, it only makes sense that online networking would be simpler than its face-to-face counterpart.
While following the local chapter of the National Association of Residential Property Managers on Facebook may help you stay up to date on news, joining the group on LinkedIn, along with the Residential Property Management Professionals and Tech Savvy Property Managers groups, can actually connect you with local professionals in and outside of your field. In property management, LinkedIn is an essential tool.

Advantages of Social Networking for Property Managers
While networking is important overall, online social networking is quickly becoming the most essential aspect of building useful connections. One of the main benefits you'll see over face-to-face networking is the ease in which you can meet other professionals. While walking through a trade event may get you 20-50 business cards, a group conversation on LinkedIn can immediately get you acquainted with countless professionals.
Additionally, it becomes much easier to seek out guidance from property management experts when networking online. If you build a decent network of 20 professionals offline, it can become difficult to choose which one is best to reach out for help from. By simply starting a discussion via social media, however, you can quickly gain insight from several individuals in the industry who are actually happy to help.
Finally, online social networking also creates an environment where you'll learn important industry news in a timely fashion. If you're a property manager in Phoenix and the laws regarding the rights of squatters has just changed, it may benefit you to quickly know this information. Fortunately, you can bet that this information will be posted somewhere within your social network.
While social networking continues to become an indispensable tool for property managers, it's important to remember that it's not a replacement for face-to-face networking. The two are meant to supplement each other. And when both methods are properly utilized together, you can rest assured that your job will be much easier.



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