In today’s high-pressure business market, even a highly-knowledgeable, technically skilled property manager can fall behind his or her competitors if they don’t know the proper way to develop and grow their business, and the one area where most people fall behind is when it comes to marketing and self-promotion.
In this article, we’re going to go over a number of ways to grow your property management business with a number of ideas that you can put to use this very day.
- Make a point of contacting home sellers and asking them if they would be open to renting their home instead of simply selling it. If you have found a seller who is counting on the money they would be making from the sale, renting probably wouldn’t work out; however, if that’s not the case, they might be open to making the property a rental, and perhaps with you managing it for them.
- Offering incentives to your current clients for referrals is also effective. You can give them a free month or two of property management services in exchange for a referral that produces a year-long contract.
- Do you have a local real estate investment club? If so, join it! But don’t do so to solicit business; instead, volunteer to put on seminars on property management, establish yourself as a leader and a teacher and the ties you create with other members may yield results down the line.
- Network with local real estate agents so that if they run into a situation that they could refer to you – such as an unsuccessful buyer or people who are looking to purchase a rental property – you’re in a position to take advantage of it. Also, go to local networking events as well.
- Nowadays, people are always looking to the internet for information on real estate investment and business development. With that being the case, it’s always helpful to establish yourself as a vital source of information by offering regular informative articles and blog posts on your website, covering many different aspects of the real estate field.
- When it comes to the content you host online, it’s important to target a few important search keywords and do what you can to own them. It can be difficult for a property manager of a specific region to dominate keyword searches for big cities and well-known topics, but they can be competitive when it comes to searches for a specific suburb, development, or niche topic.
- Put aside time each and every week for marketing and prospecting; if you aren’t out hustling for new business, you eventually will stagnate as natural turnover takes its toll and clients come and go.
- Set manageable sales and activity goals and track them to ensure that you control your sales activity. You may not be able to control how many new clients sign up with you, but you can ensure that you’re doing everything you can to get the opportunities you need.
- Cold call “for rent by owner” listings to see if the seller would be interested in the services of a property manager to handle their problems for them. After all, as a seasoned property manager you’ll be able to make things happen more effectively and will be able to weed out serious renters from tire-kickers.
- A top-quality website is a must, with a cutting-edge and modern design aesthetic; after all, many real estate websites still look like relics from the 1990’s, so getting a good designer to set up a website for you will we more than worth the cost of the investment, especially considering that your website is often the first impression you’ll make on people. Including amenities such as an owner’s portal so that owners can log on and view their account statements, reserves, rental status of each unit, and so on.
- Be social media-savvy, because in this day and age it’s where all the real action is. Facebook, Twitter, Instagram, and LinkedIn are proven social media platforms and it will pay to establish yourself as an expert on property management in that environment.
- Start a meetup group with potential investors, either via Meetup.com or by finding a pre-existing group in your area and joining it. Bear in mind that you should keep the number of real estate agents to a minimum and concentrate on inviting investors.