How to scale your property management business fast in Adelaide, SA
In property management, there are many avenues of getting new business and ultimately improving your business, whether online (SEO & SEM) or offline. But of all these avenues, here are the 5 most effective ways for scaling your property management business.
1. Realtor referrals
Today’s real estate market is difficult, many realtors are even sceptical about selling their properties. Luckily, even in these bad times, you can still scale your business. And it’s this simple; maintain a good business relationship with your fellow realtors. As long as you’re sensitive to their concerns, they can be a great source of new referral business for your firm.
However, if your company does sales alongside property management, realtors can view you as competition, because you are likely to compete with them for clients and sales. So, avoid competing for sales or enter a non-compete agreement with your realtors.
What is more; setting up a referral program, dropping postcards on the front desk of real estate agencies in your area and giving out engaging postcards to realtors, can all attract realtor business for your company.
Every property management company has clients. Chances are that your clients, either real estate investors or homeowners with investment properties know other people similar to them.
While most of your clients know what you do and are enthusiastically referring new business to you, it’s your responsibility to let them know that you actively want new property management accounts.
Use forums, such as email campaigns, monthly newsletters, and events to enlighten your clients about what you do. And make it clear to them that you want new business. We caught up with Paul from 4rooms Property – http://4rooms.com.au/ and he has been having some great success with email marketing. Their Adelaide property management Facebook page mentions some of the different techniques they utilise in email marketing for acquiring property management clients.
3. Homeowners Associations (HOA’s)
Many HOA’s have very strict rental rules in place in their communities restricting rentals including apartments for lease and homes for rent. This may seem as a “dead- end” for your business, but by developing and enforcing strict and professional rental plans with the help of the HOA’s board, you’ll be able to convince the homeowners to do business with you.
4. Investors organizations
Be aware, a bad reputation with your investors is certain to sink your property management business. Instead, try to show investors that you’re different by genuinely helping them with their problems. Identify your value to them, like how you manage to get better advertising value and higher rental rates, and how you manage to lower maintenance costs and property vacancy. In addition, you can introduce the investors to other property managers in your network that can assist them to grow their property portfolio.
5. Other property managers
Different property management companies specialise in different properties in the property market. Forge partnerships with companies or managers who service a certain type of property that you don’t and let them know that you’re actually seeking the business. This also works well, if both of you serve a different part of town. Ensure they know that you also work in that area.
Remember that each of these strategies requires diligent tracking and execution. It all comes down to your growth goals; if you have an aggressive growth goal, you may need to diligently execute all 5 items.