In a competitive industry such as property management, chasing after growth can seem like an impossible feat. But with the right approach, a positive outlook and a little bit of creativity, it’s entirely possible to expand and bring your property management company to the next tier. Here are a few smart strategies that will help you achieve your growth goals year over year.
Set sales goals
The more specific you are with your goals, the more likely you’ll be to meet and possibly even exceed them. And the more work you put into reaching those goals, the more you’ll accomplish. Set specific weekly, monthly and quarterly sales activity goals, such as making a certain number of phone calls or setting X number of appointments. This will give you benchmarks to strive for and measure against.
Start a referral program
Your current clients can be a wealth of valuable information when it comes to generating new business opportunities. Get the ball rolling by implementing a referral program and providing them with incentives to refer your property management services their own connections. For instance, you could offer a discount or a specified number of months of free services in exchange for any new referral client that signs on with you for at least a year.
Join a local business organization (preferably one that’s real estate related)
Getting involved with business organizations in your community can provide a number of benefits. Not only will you expand your network to include more valuable connections, but you’ll also have the opportunity to position your brand as a trusted resource in property management. Over time, this will naturally develop into business opportunities.
Connect with local real estate agents
Since realtors are in the business of helping people buy and sell their homes, they may hold the key to a number of valuable leads for you. For instance, those clients who change their mind or are unsuccessful might benefit from the services of a property management firm. With the right connections, you could easily be the one getting those leads passed your way.
Contact “For Rent by Owner” listings
These can be a goldmine for property managers if you play your cards right. Landlords that have been trying (unsuccessfully) to rent their properties are often quite receptive to the prospect of hiring someone else to take that hassle off their plate. Be prepared to sell the benefits of your property management services so they’ll recognize the value over the expense.
Be active online
Establishing a strong, consistent presence online is critical in today’s day and age. And we’re not just talking about a website (though that certainly is important). To really make a mark, gain traction for your brand and ultimately grow your property management company, you need to be active on social media, produce and share quality content and engage in online marketing activities. If you’re not already doing these things, you’re behind the curve.
These are just a few ideas to get your creative juices flowing. Don’t be afraid to think outside the box a little and test unchartered waters. Often times the biggest risks we take are the ones that lead to the largest rewards, so go ahead. Put yourself out there. Doing so might be just the thing to make your property management company stand out amongst the rest.