Small Business Advice
3 Ways Utah Property Managers Can Grow Their Business
Property management companies are a necessity for any vacation property owner. Whether you’re managing one complex or thousands of units, the days of handling this on your own can be overwhelming and frustrating. So what are the benefits of choosing a property management company?
One benefit is that they handle all the paperwork, inspections, and other work, saving you time and headaches in the long run. Another benefit is that they offer specialized expertise with marketing strategies to attract more guests to your property.
You will also receive expert advice on improving your property and making it more attractive to guests. Finally, with a property management company, you will have access to the knowledge of other managers, who can offer your insight on trends in the industry so that you can stay ahead of the game.
If you’re currently running your own management company, you’re probably wondering why getting help is essential. First, getting help is a good idea if you’ve had a long history of hiring people who didn’t know what they were doing or were trying desperately to find any clients for their ventures. It may cause your reputation as a manager to suffer and leave many unhappy customers behind.
3 Keys to Grow Your Property Management Business in Utah
The following advice is meant to help you grow your business. These tips have been compiled based on the experiences of top managers like you who have done well in the industry. Even though these tips are geared toward property managers, any rental property salesperson could use them as a starting point for their business.
1. A Strong Portfolio of Successfully Managed Properties
The first requirement of a property manager is to have a good portfolio of properties. They’re on the wrong career path if they can’t convince other managers to use their services. Also, it isn’t easy to grow your business if you don’t have a portfolio.
Start by finding ways to connect with other managers, intelligent investors, and owners who will help you develop your portfolio. Work on building your reputation by publicizing successes in your portfolio so that people will come calling for deals with you.
Then start working on building a beautiful personal website that showcases each property’s highlights. Next, market the properties online, through real estate magazines, and by sending out direct mailers to tour operators. With the availability of software to help you create your portfolios, it is easier than ever. You will have to invest time and money into building these portfolios, but it will pay off in the long run.
2. Direct Mail Marketing
If you want to grow your business, direct mail marketing is a great place to start because it’s inexpensive and effective. The trick is to find a niche that other managers have not spent their time on. Make sure you customize your direct mail pieces to focus on problems your prospects will be most interested in.
For example, if you’re selling vacation properties, including information about the area and how to get there. Also, explain the benefits of your properties and how they can benefit your customers.
Direct mail marketing is a great way to stay in touch with past clientele and learn more about the competitive landscape, so you know where you stand and what other managers are doing. It is an ideal way to build your portfolio because you can do it without investing time or money.
When Mailing a list of absentee owners, don’t just send out one mailing a month. Send newsletters about once or twice a month to keep in touch with your returning customers. Again, join forums and connect with people who have similar interests.
Work on building your knowledge and credibility by writing articles for publications with an audience of property managers, investors, and owners. Before you know it, you will have many visitors coming in from other parts of the country and foreign countries for transactions with your brokerage company.
3. Obtain 5-Star Client Reviews and Post on Social Media
Now that you have many positive reviews, it’s time to share them. The easiest way to do this is to post them on your website. This way, people can find a list of all the 5-star reviews and read them on your website. If you’re selling vacation rentals, including photos and a review of the property and what it was like to stay there.
If you’re selling investment properties, consider allowing customers to leave a review online and emailing them directly via their email address with a link to your website where they can leave their comments. Get 5-star reviews, and you’ll be set up for success.
With the advent of social media and technology like the Internet, people are more willing to leave a review and comment online. The key here is to ensure that the proper channels are being used and that you share the reviews via each person’s favorite forum or the best website.
Search online for primary competitors with enough reviews to warrant mentioning them in a blog post. Use your blog, your broker’s blog, and other websites where you can share these positive reviews so that anyone can find them.
For example, someone might have loved staying at your vacation property in Costa Rica but never knew what type of property you had for sale. You can find a review left on a vacation website, pictures of the property, and what it looks like.
With this direct marketing strategy, you will be able to attract more customers who want to buy or rent your properties. And due to the effective use of social media, you will find it easy to share relevant information with interested parties.
In addition, as prospects learn more about you and your properties, they also become part of your mailing list. Keep your marketing campaign simple and relatively consistent, so people know what to expect.
For example, share your newsletter once a week or once every two weeks as a way to create new content and new reviews continually. Also, be sure you’re maintaining an active presence on social media because this is important in creating a positive image of your brokerage company.
By following these steps, you can transform your business into an industry leader with a good reputation that you can use to create opportunities for yourself.
Investing money in social media will help you generate excitement about transactions with you and give people a reason to want to do business with you instead of the competition. Start to positively impact your business and allow yourself to grow and improve.