If you’ve been in the property management business for any amount of time, you know that the bread and butter to your success is locating, landing and maintaining quality property owners that need their homes, condos and other properties managed. Growth isn’t easy – especially in such a competitive industry. You must be strategic and sometimes even creative about it. If you’re thinking of expanding and need some ideas of where to find new business, here are a few tips to get you started.
Use the Internet Right
The first and perhaps most important tip is using the internet to your fullest advantage. This means having a keyword optimized, professionally designed website, managing a blog and being active on social media sites. It will take some time out of your schedule, but considering that at last check, 85% of people say they use the web to search for local businesses; it’s probably one of your most lucrative lead sources and well worth the investment.
Think Outside the Box
Many property managers focus their marketing efforts on the same old tired resources, like home owners that are already looking to rent and may need the assistance of a professional. What about those who were planning to sell but haven’t had much luck? They may be open to the idea of renting and hiring a property manager instead, and chances are they haven’t yet been approached by your competition. Sometimes you need to think outside the box to find good candidates to market to, but when you do you could end up hitting the jackpot.
Always Follow Up
The people you’re marketing your services to are busy. Otherwise they wouldn’t be considering hiring a professional to manage their properties. That means they may not have had time to read your postcard or email. Be persistent and follow up. Try sending emails or making calls at different times during the day that may be better for your audience. Just be careful not to overdo it. You don’t want all of your efforts to be for naught if you get labeled as a spammer.
Get Involved in the Community
If you’re looking for local property owners, the best place to find them is right in their own communities. Get involved in local events, sponsor charities, join your local Chamber of Commerce or other professional organization, hold meet-ups and host social gatherings. The more the people in your target area come to know you, the more likely they’ll be to either choose to work with you themselves or refer your services to someone they know.
Offer a Referral Program
Offer incentives to your current clients to reward them for sending new business your way. This could be a monetary reward or something as simple as a gift certificate to a local restaurant or store. When there’s something in it for them, they may think a little harder about who they know that may be in the market for a new property management company.
Making it in the property management industry isn’t easy, but when you reach the point of success, it’s well worth all the hard work. These tips will help you grow your business even more and expand to achieve new and exciting things in the future.
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