Marketing is an essential activity for every business owner. That said, it’s also an activity that takes a significant investment of time and money. And in the property management industry, neither of those things are easy to come by. To maximize your impact and also minimize risk, you want to make sure that you’re targeting the right audience. Otherwise, you’ll be wasting precious resources. Don’t believe us? Here are three very real and very costly consequences of marketing to the wrong property owners.

Financial Loss

As mentioned, marketing costs money. And unless you’re one of the few property management companies that have a limitless budget, chances are you need to be careful about how much you spend and on what. If you are targeting the wrong property owners with your marketing campaigns, you will not end up getting much, if any, return on your investment. Not only have you wasted the money you had to spend, but because your efforts won’t generate new business, you’re not making any more money either. It’s a vicious and expensive cycle that could sink your business if you’re not careful.

Time Loss

If you’re wasting your precious time chasing down leads that are not likely to convert, you are missing out on other opportunities. This is true, both in terms of attracting new customers as well as growing your business. There are only so many hours in the day. Wouldn’t you rather allocate those hours to activities that will help your business succeed? If you are not marketing strategically, you’ll be spending too much time your time working in your business with no time left to work on your business.

Reputational Damage

What about the few clients who do convert, but are not really ideal? Some of them may require extra support, which means they’ll pull you away from your other clients, leaving them feeling frustrated. Others may feel that what you sold them wasn’t a good fit after all, and could potentially tarnish your image by leaving negative reviews online. And let’s face it – in the property management business, reputation is everything. Make sure your marketing is clear, accurate and targeting the right prospects.

At the end of the day, who you market to is just as important as what your marketing message says. Taking the time to identify who your ideal client is will pay off in the long run by saving you time and money and keeping your stellar reputation intact.