Grow your Property Management Business

September 16, 2019

Grow your Property Management Business

4 Ways To Grow Your Property Management Business

When property owners hire you to manage their investments, it’s for two main reasons. The first is that they may prefer a hands-off approach to property management on their end. The second is that they believe you can produce better results than they could on their own. This is especially true when it comes to the occupancy rate and property growth. Here are four ways to attract these customers and grow your business.

1. Reach Out to Sellers

When interest rates are high, buyers shy away from the market. This can make it difficult for homeowners to get the price their property deserves. Still, many sell their homes anyway just to get the cash in hand. Why not offer them another alternative? Make a case for renting out their home instead of selling it. Then, market yourself and your business as the best property managers to get the job done.

2. Build a Top-Notch Website

Millennials are now the largest working population in America, and most of them rent because it is currently more affordable than owning a home. To get to these renters, you have to think like a millennial; the internet-generation does most of its searches online. To capture their interest, you’ll need a professional website that is easy to navigate. It’s also a good idea to stay active on social media and keep your listings up to date online.

3. Offer Incentives for Referrals

Your next good clients can often come from your current good clients. All you have to do is provide an incentive for them to broach business with their friends. Incentives could include a month of free property management services for every one-year contract their referrals lead to. Other incentives could include gift cards or absorbing the charges related to minor property maintenance for a few months, such as mowing the lawn.

4. Improve the Occupancy Rate

Clients want results that translate into more money for them. The best way to do this is to reduce unit turnover and increase the occupancy rate. It is tempting to choose the first decent tenant to keep a unit occupied, but doing thorough research and having a proper vetting process in place is best. Not only will your client appreciate it, but you can also spend less time prepping and re-prepping the property and looking for new tenants.

Growing your property management business will take time and dedication. Getting customer feedback for your business in real time can help. For more information on how Opiniion’s CRM system can contribute to your bottom line, call us at 855.330.9980 or email at support@opiniion.com

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