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How Do Property Managers Get New Owners?

How Do Property Managers Get New Owners?

Growing more doors in single family property management requires a game plan. This should include, among other things, the advantages offered by technology and automation. And even some good old fashioned salesmanship.

In “Grow Big: Top Tips for Gaining More Owners,” single-family leaders share a dozen ways they bring in new property owner business. Propertyware Vice President Inaas Arabi and Fourandhalf CEO John Bykowski discuss what the plan should look like and share proven ways to grow more doors.

Included are actionable tips that cover marketing, listing syndication, networking, establishing and solidifying industry partnerships, acquisitions and more. They are the same methods that have helped grow doors for Propertyware customers like CrestCore Realty, which grew from 400 to 2,500 units in three years, and 3rd Base Realty, which hit the highest occupancy rate in its market.

Also, the webcast shares the latest automated options to identify leads that produce qualified clients for property management. Tips include the importance of freeing up staff to make personal connections that automation can’t reach, like face-to-face networking, handshakes and being active in community events.

Here are highlights from five of the twelve tips shared in the webcast:

1. Optimize your marketing plan

Operators should have an actionable, unified plan that goes beyond pricey internet search advertising. While this approach can be helpful, it doesn’t always produce quality leads and end once your budget runs out. 

“Don’t just go out and buy individual products and expect to be able to make that work,” Bykowski says. “Also, don’t rely on Google for all of your marketing needs, whether for SEO or AdWords.”

Content marketing can be a cost-effective and lucrative strategy. Adding a blog page to a website provides useful information to potential owners and evergreen content offers value for years and years

2. Focus on company descriptions

Add your company’s description on every listing so prospective owners can become familiar with the organization. Use the last few lines of the listing to tell the company story and showcase what is unique. It’s a low-cost way to promote your services.

3. Ask for referrals from owners, tenants and vendors

Other owners, tenants and vendors are great sources for word-of-mouth advertising. Bykowski says owner referrals are a win-win.

Establishing strong working relationships with vendors is also a good way to expand the network. They are likely to refer your company to other owners they do business with, Arabi says. 

Investors, mortgage brokers and insurance agents can also talk up your property management company. So can the sheriff, Bykowski’s favorite. The Sheriff’s Department deals with evictions all day and can be a good source to provide a plug for professional property management services. You should also add a referral program to your website, and track referrals using custom fields in Propertyware.

4. Showcase your professional management services

At the end of each email, letter or text, add a few lines that highlight what your company has to offer and include a link to your company website. In every communication with anyone doing work for your company – whether an owner, tenant or vendor - add a couple of lines to describe your services. “This is free,” Arabi says. “In every communication, whether to an owner, tenant or vendor, you add a couple of lines to describe your services. Maybe some of it is about your local expertise. Differentiate yourself from others."

5. Partner with local brokers in your hometown

Connect with local brokers and ask them to send leads on property management services. “At the end of the day, it’s another avenue to allow you to grow your doors,” Arabi says. Kathy Scott with Real Estate BCS in College Station, TX has leveraged this approach with great success. 

Arabi says getting out of the office and becoming actively involved in the community is a great way to connect with prospects and like-minded people, including brokers who are looking for property management services.

“Some of those community events can be industry conventions and conferences, like RealWorld, which allow you to connect with other property managers,” he says.

Focus on conversation, not just lead generation

Arabi stresses that creating leads doesn’t necessarily mean the company is growing. Growth only comes through converting those leads that are a good fit. Make sure that the right staff and the right vendors are in place to maintain follow up with prospective clients and manage your business growth 24 hours a day, seven days a week and 365 days a year.

“You want to partner with the right vendors,” he says. “You probably can’t afford to have your own 24/7 call center, so partner with a vendor that does.” This professional approach puts prospective clients at ease, knowing their investment is in good hands.

Most of all, it's important to have the right property management solution in place to manage your portfolio’s growth.

The webcast offers plenty of other tips for growing doors, among them getting out in the community, creating the right vendor network and adding a little personal flare.

For more pro tips and insights on how Propertyware can help grow your business, watch the webcast.

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