In the field of property management, obtaining new business and increasing revenue is a constant challenge. These objectives are especially more difficult to achieve today given the obstacles brought by the COVID-19 pandemic.
For starters, the pandemic’s impact on Australian tourism led to significantly lower returns for property owners who relied on short-term rentals. Another problem for property managers is the Australian government putting an end to rent relief due to COVID-19 restrictions being eased. This means many tenants face increased risk of rental debt and eviction, which, in turn, affects property management business growth.
With everyone struggling in today’s market, it’s no longer enough to just have sound industry knowledge and technical skills. Your property management business needs to implement smarter business strategies. Here are six simple and prudent moves you can make right now to position your business for growth.
Connect with home sellers
Homeowners who don’t know what to do with their property when they move can be ideal clients for your business. While many homeowners’ exit goals involve selling their property, it’s worth asking if they’re interested in renting out their home instead. After all, due to the economic impacts of COVID-19, there are fewer people interested in buying homes.
Renting allows homeowners to pay off their loans and generate a monthly income. It’s also a smart move for sellers who are not relying on the revenue from an upfront home sale. Additionally, it means new landlords will require your property management services such as home maintenance and rent collection.
Incentivise referrals and know when to ask
When it comes to gaining new prospects and adding doors to your business, client referrals are by far the most effective strategy. Most people prefer doing business with a reputable company, especially if a friend or colleague has given that company their seal of approval. Of course, to get to this point, you need to have loyal clients who are willing to recommend you to people they know.
The first step to encouraging your clients for referrals is to provide efficient and seamless management services. Secondly, you should offer a referral incentive. Successful property managers usually give a free month of management services for referrals who opt for one-year contracts or more.
What’s more, it’s important to know when to ask for referrals. Clients who have been with you for more than six months are generally perfect candidates to ask for a referral. It’s even more effective to ask immediately after you’ve made a successful transaction with a client — when you’re most present in their minds.
Join a local real estate investment club
Real estate investment clubs are places where industry professionals and investors can connect and learn about market trends. These clubs usually have a guest speaker in every meeting. Their topics cover a broad range of topics, including rental property analysis, market demands, and investment opportunities. As a property manager, you can learn a lot from the collective knowledge of club members, helping you make smarter decisions about your business.
If you’re a regular in the club, you should volunteer as a guest speaker on topics like being an effective residential landlord. It’s important you don’t go into these speeches to solicit business since professionals can be turned off with a hard-sell approach. Sharing useful ideas and insights about property management will naturally draw the attention of interested investors and landlords.
Attend networking events
Similar to real estate investment clubs, property networking events put you in the same room with various professionals. These events are a great opportunity to talk about your business and establish relationships with realtors, contractors, and investors in your area. By building rapport with key players, you increase the chances of attracting new clients who could benefit from your services.
Develop a content strategy
To advertise your services, you need a solid content strategy for your marketing campaigns. This primarily involves publishing informative articles on your website to establish yourself as an expert in your field. Articles can cover various topics, including lease and rent paperwork, finance management, evictions, site inspections, and property maintenance.
You’ll also want to target specific keywords to rank higher in online searches. However, keep in mind that you’ll be competing with larger property management businesses for the top spot on Google. One way around this is to target local keyword searches for specific suburbs and niche topics relevant to those locations. For example, writing tips on repairing corroded pipes targeting property owners in Redfern can help you stand out from the competition.
In addition to well-written articles, you should post infographics, photos, eBooks, video tutorials, and podcasts. Be sure to share your posts on social media platforms like Facebook and LinkedIn to build your online profile and increase your reach. Do this regularly; at the very least, you should post something online weekly so that people know your business is active.
Get advanced job management software
Tracking maintenance requests and site inspections is another major pain point that often hinders a property management company’s growth. In most cases, property managers handle everything manually through a spreadsheet, but this process is tedious and error-prone.
The better alternative is to use advanced job management software. This software comes with a centralised dashboard that enables you to keep track of property maintenance schedules. Plus, it even lets you break down maintenance and inspection jobs into simple checklists to minimise risks and increase efficiency.
Growing a property management business requires every advantage you can get. You need the support of existing clients, realtors, property investors, and even software providers. If you’re looking for more advice on growing your business, tune in to our WorkBuddy blog for helpful tips. We also provide first-grade job management software to streamline your maintenance and inspection processes. Request a demo now to learn more.