Marketing Strategies: Tips for Property Managers to Increase Rent Rolls
Property managers juggle many responsibilities, not the least of which is continually finding ways to grow the rent roll and increase monthly income.
The best tactics for growing your rent roll involve marketing, brand-building, and building strong relationships with potential and existing customers,
Here are some effective marketing and networking tips you can choose from and apply according to your budget, available time, and whether you work independently or with a real estate team. Check out these tips for inspiration, and use them to market yourself and increase your rent roll.
Conduct market research regularly Regular and consistent research is vital to getting to know your target market.
Ask your current clients to participate in a brief survey to learn more about what motivated their decision to hire your property management services, Some questions to add to your survey include:
Why did you choose us?
How many other property managers were considered?
How long did it take to make a decision?
What primary qualities were they looking for in selecting a property manager?
What qualities would disqualify a candidate from being selected?
The answers you gather from this survey can help structure your marketing strategies and arm you with a more comprehensive understanding of what potential customers will be looking for. Establish and maintain a blog featuring informative articles about real estate investing, managing rental property, market trends, and other relevant topics. If you don’t have the time or writing, research, and search engine optimization (SEO) skills to maintain a steady stream of new, original blog content (at least one blog per week) outsource it to a freelance blogger with proven skills and experience writing for property management companies. The ROI on a professionally written and maintained blog will far exceed the fee you pay a writer, and your online visibility will quickly rise. A poorly written or neglected blog can actually give visitors to your site a negative impression.
Blogs provide a great opportunity to build relationships with target customers even before they consider looking for a property manager. A well-written and expertly optimized blog can help you build a following of potential clients,
Market yourself as well as your clients’ properties
Effective marketing strategies are essential for attracting tenants to your clients’ properties, and they’re just as important for attracting new investors and property owners to your services. Work with your team to create a detailed strategy outlining the channels on which you spend the most time and money to attract property owners.
Establish a strong social media presence Establishing and maintaining a strong social medi
a presence is a must, whether you work for a real estate agency or operate your own property management business, You can establish a social media presence as an individual or a company. Linkedin, Facebook, and Twitter are good places to start building a following and engaging with customers and potential customers. On social media,you can post blogs, company news, share articles, photos, videos, and other promotional material.
Pay attention to and participate in conversations on social media LinkedIn, Facebook, and Twitter all accommodate online communities including industry-specific networks, groups, and forums. Participation in these networks provides great information on trending topics among landlords and other property managers and provides opportunities to share your knowledge and position yourself as an industry leader by responding to questions asked by investors and landlords.
Utilize social media ads Social media advertising is a very affordable way to reach large audiences, drive traffic to your website, and boost target audience awareness of your business. Social ads can be highly targeted to the audiences and geographic locations you want to reach.
Publish case studies regularly Consistently compile information and statistics to create and publish white papers that detail challenges and your track record for solving them. Examples include how quickly you fill properties after the previous tenant moves out, the effectiveness of your strategies for reducing void periods, your tenants’ average satisfaction rates, the frequency at which you’ve needed to involve your client landlords in problems, the number of potential renters whose information is stored on your database, and other performance-related information.
Concentrate on writing quality property listing descriptions. The effort you exert on all your responsibilities as a property manager help form your professional reputation. Writing strong, compelling property descriptions takes time and focus, yes, but it still needs to be done.right. Rushed or uninspired property descriptions not only undermine your client’s trust,it can diminish your reputation or your real estate agency’s reputation by giving the appearance that your priorities lie elsewhere. You never know when a potential client landlord might view a listing and rule you out as a contender for their business.
Post only high-quality photos of your clients’ properties
There’s no justifying the use of low-calibre images of your client’s rental properties.
To effectively attract quality tenants today, property managers need to take the time and use good camera equipment to capture high-quality images. You’re competing with other rental properties, most of which are represented by,professional-quality images that are first to capture the attention of prospective tenants. Deliver great photos for your current clients and you’ll have other landlords wanting you to manage their properties.
Stage your rental properties Staging rental properties is becoming more popular among property managers who
appreciate the importance making sure their rental properties are well presented. Staging rental properties also builds a property manager’s reputation for doing what’s necessary to get top rental income for their clients. While staging involves additional costs, it can pay off by attracting tenants more quickly, which translates to happier landlords.
Go social with great feedback When a client tells you what a great you’re doing and how happy they are with your services, encourage them to leave a positive review on your Facebook page or Linkedin profile. Anyone researching potential property managers will be impressed enough to contact you to find out more.
Feature landlord profiles and conduct landlord interviews on your website or blog Post profiles of your landlord clients in short, interview-style articles. Ask questions about why they decided to invest in rental properties and how they got started. What’s their advice for people considering investing in rental properties? Ask of they can share and trade secrets or advice.
This doubles as a great relationship-building exercise between you and your existing clients.
RentVest Property Management offers customer-centric property management services to property owners in Atlanta, Dallas, Denver, Hawaii, Houston, Las Vegas, Phoenix, Portland, Tucson, Reno, San Antonio, and Vancouver. To learn more about our full-service property management benefits, visit the RentVest Property management website.