Property Management: How Can I Get More Leads?
Whether a Property Manager is new or has been in the industry for a long period of time, every Property Manager yearns to get as many new customers in the pipeline as possible to scale up their real estate business in the long run.
One would even consider getting leads as one of the biggest challenges of a Property Manager. And if you’ve been in the industry long enough, you would know that getting more property management leads takes more than just increasing your marketing budget.
How you acquire your leads will vary depending on what stage your business is at.
Property Managers who have been in the industry for a long time would have more resources at their disposal to allocate for marketing than someone who is getting started in the industry.
See: 5 Strategies to build a better property management business.
At the end of this article, you will learn precisely what strategies to implement in order to acquire quality leads for your property management business.
The following methods play a big role in your success in the Property Management industry.
1. Manage Your Reputation Online
Effective Property Managers keep their finger on the pulse of their business because it is, without a doubt, essential to know the health of your business. While it is important to know how to effectively monitor your Property Management business, online reputation also plays a vital role in your real estate business’ success.
Before you throw more money into your marketing budget, consider your online reputation first. If not through word of mouth, people would believe the reviews they see online. Deleting bad reviews will only add fuel to the fire. Should you have bad reviews online posted by your unhappy clients, take this opportunity to address the client’s concern or issue. Do your best to reach out to them and make an agreement with the client to have the issue resolved. Hopefully, by then you’ll win them over. Seeing negative feedback being addressed will make future prospects trust you and your company more.
2. Referrals from Family and Friends
If you’re green in the industry, your best bet would be to share your business with your close circle. Motivate them by giving a referral fee for every door they refer to you. Offering referral fees may not be necessary, but it helps to get your family and friends motivated to continue sending your referrals henceforward.
3. Broaden your reach
If you haven’t been getting quality leads in your immediate area, or that you’re thinking about scaling your business, it might be best to focus your attention on expanding to larger geography. Most Property Managers normally seek property investors within a 25-mile radius at their office and this leaves the prospects’ market untapped. Explore other neighboring states, or widen your radius up to 40 miles. You’d be surprised how many prospects are in need of your services.
4. Get Client Referrals
This could be the bloodline of your business, especially if you’re someone who is aiming to grow your first 50 doors. Establishing relationships with your existing clients will help you get quality leads, and it is the best type of lead you can possibly get.
5. Create a Holistic Property Management Marketing Strategy
Marketing doesn’t become a success by how much you spend, but how and where you spend your marketing dollars. Allocate your budget first with inbound and outbound marketing strategies.
Inbound marketing is knowing your prospects’ pain points and addressing them by creating content. Knowing all the how’s and why’s of Property Management and creating evergreen blog content or FAQ page could help your target prospects to find you. What you share on your social media can help you as well. This then makes you a brand expert and will get your target audience’s attention and trust. Inbound marketing is costly initially, however, it will deliver results over time with a dramatic reduction in lead conversion cost.
Outbound marketing, on the other hand, exhausts your marketing budget for paid ads to put your services in front of your target audience who has a high probability of signing with you. Examples of outbound marketing efforts are Google Ads, Data-Driven Mail, and Per-Per-Click. The cost of marketing dollars allocated for outbound marketing will vary depending on how high the competition is.
Make Marketing a Team effort
Property Management business owners and managers who try to get themselves involved in marketing tend to make much better marketing results compared to owners who are generally unavailable. This then helps the owners understand each part of the marketing strategy to know if their marketing efforts are being fruitful.
Not to say that owners will have the need to micromanage the marketing team. Allotting at least an hour a week regularly should suffice for you and your team to track and analyze your marketing efforts.
As we know it, being a Property Manager would mean your hours in a day aren’t always enough with all the seemingly endless property management tasks that could bog one down. It doesn’t always have to be this way. Allocate your non-dollar productive tasks to Virtual Assistants in order to make time to get involved in marketing. Not only do seasoned Virtual Assistants carry out tasks that are eating away your time, but they are also a third of the cost of an in-house assistant.
See: How much will I save by employing a Purple Powered VA?
Property Management business owners who allot time or who keep their involvement in marketing regularly will save their time, money, and sanity, especially if there are virtual assistants who manage all Property Management tasks that have administrative elements.
7. Establish an effective sales process
Sales and Marketing always go hand in hand. Your marketing efforts will be put to waste if there is no effective sales process in place.
Notes to remember when you’ve acquired a lead:
- Contact the leads in 10 minutes or less upon acquiring them.
- Follow up at least 3 times after the initial contact.
- Create a tracking system for all the leads acquired. A simple spreadsheet should suffice or you can invest in tools.
If they’re not ready to talk to you now, it doesn’t mean they won’t be later. Consistency is key in the follow-up process.
Acquiring quality leads is not an overnight process. It will take time, strategy, and planning for the marketing efforts to be rewarding. The good news is that there are actionable steps you can take that are entirely within your control. Keep in mind that it is important to allocate your marketing dollars wisely to grow your property management business.