With the number of benefits one can get from investing in real estate, it’s common for investors to look for ways to effectively manage their investments. Investing in real estate is beneficial in many ways but only if you know how to properly manage them in the long run.
As a property manager, you can possess all the technical skills and industry knowledge, but still, find yourself falling behind your rivals that are pros at self-promotion and marketing.
Do you know how to properly advertise your properties? How do you think can you attract tenants in your area? Do you have any idea on how you can manage your tenants? Answering all of these questions is essential to ensure your success in property management.
In today’s blog, you’re going to learn 8 ways on how you can take your property management business to the next level. Let’s get started, shall we?
Be active on social media.
Social media platforms like Facebook, Twitter, LinkedIn, and Instagram can help you establish yourself as a property management expert. If you are creating content as part of your marketing growth plan, you can share those blogs/articles on your social channels to keep your audience informed and position your property management company as a trusted local authority.
So, if you haven’t joined these platforms yet, please do so. You only require a few minutes to create and complete your profile. Once you’ve joined these platforms, what you want to do next is to join active local real estate groups.
You could also consider creating a group in case your search returns with no results.
Once everything is set and ready, establish yourself as the go-to source for expertise, perspective, and analysis. Make sure that you regularly post content on the social media platform you choose. Never let your profiles go stale as this can create a negative impression in the eyes of the general public. Consistency is key here if you are to succeed.
Invest in a first-rate website.
Having a sales-driven property management website is essential. An online presence is critical to sustaining a successful property management company and marketing properly to owners, residents and prospective tenants.
Remember, it’s the first impression your customers will have of you. Yes, a properly designed website will cost you a bit more. However, the investment will be well worth it in the long-term.
If you don’t have the necessary skills and tools to make a website from scratch, don’t take any chances and let professionals do the work for you. Their services will cost money from your pocket, but hiring them is actually a cost-effective investment because you’ll have peace of mind knowing that you’ll eventually use an effective website to manage your properties.
There are also a number of important things that your website should include. One of these things is a good back-end management program. This will help you save time managing your clients.
You may also want to invest in a good property management software that includes such a console that includes such capabilities. More often than not, it is the manager with the best technology that wins the bid.
Have a content strategy.
Similar to the social media strategy, you also want to establish yourself as the go-to expert by publishing informative articles and blog posts on your website. Remember, people are always scouring the internet for helpful information.
Providing content that answers most of your target audience’s concern about property management can become your key to be an expert in the industry. Once you’re able to establish your expertise online, more people will trust you and choose to work with you.
In fact, did you know that most tenants search online for their next home? Yes, that’s right! According to a study, 72% of tenants generally turn to the internet first when starting a search for an apartment.
The following are the type of content that you can focus on to help improve your content offering:
- Articles and blog posts
- Social media content
- Infographics or other visual content
- Videos and audio recordings
- How-to guides and tutorials
- E-books and whitepapers
Aside from knowing what type of content to publish online, don’t forget to come up with a schedule as to how you’re going to post. Creating content that suits the needs and wants of your target audience is essential so you can effectively grab their attention.
Familiarize yourself with SEO.
Now that you have a great website, and have a content creation strategy, the next step is to familiarize yourself with SEO. But first things first, what exactly is SEO? Simply put, SEO is an acronym that stands for System Engine Optimization.
It’s the process of optimizing your property management website to get organic, unpaid, traffic from search engines like Google. The goal of any SEO strategy is to help a site rank high in the search engine results pages for relevant phrases and keywords.
An SEO-friendly website will appear at top of the Search Engine Results Pages (SERPs). This means that when a user looks for rental properties, for example, your website will appear first on the list. Your website’s rank in the SERPs is vital because online users will most likely visit websites that appear on top of their search. Your rank can also speak volumes about your credibility and legitimacy as a business.
If you are just getting started in the world of SEO, hiring a local expert may be in your best interest.
Reduce unit turnover.
You cannot grow your property management business if you’re having a difficult time managing your existing tenants. To grow your business, you need to have a low tenant turnover thanks to good, steady tenants.
A minimal tenant turnover is essential to have a stable and consistent revenue flow. With a high tenant turnover rate, you’ll be bogged down by things like property maintenance, property advertising, and lease negotiations.
So rather than spend time maintaining your status quo, spend it by growing your property management company.
Treat expenses as investments.
As you already know, property maintenance is an essential part of maintaining and even increasing your property’s value in the market. But rather than just ‘maintaining’ your property, try putting some extra money into doing better repairs.
When updating the appliances, for example, get better versions. This will benefit you in multiple ways. To start off, the new appliances will last longer and may require fewer repairs. This means that you’ll be able to save on your maintenance costs in the long-term.
Another benefit is that you’ll be able to attract better tenants. Remember, high-quality tenants look for homes that offer high-quality living.
Sure, cutting corners is tempting. However, you’ll help reduce the money, time, and effort on future maintenance needs by treating your expenses as investments.
Increase employee efficiency.
You’ll agree. Employees make up the single largest expenses for your property management business. And, employee productivity is the backbone of your business – and improving it means your business will be more profitable.
As such, explore ways to improve the efficiency of your staff. Here’s how you achieve it:
- Train and develop your employees. This will expand their skill sets which will lead to a more advanced workforce.
- Incentivize your employees. Appreciating your staff is the best way to encourage them to be more efficient. Remember to take into account your employee’s individual needs or preferences when deciding how to reward them.
- Keep goals clear and focused. Your employees will only be effective if they have a focused goal to aim for.
- Communicate effectively. This is key to a productive workforce. Use communication methods that are as efficient as possible.
Go to networking events.
You probably belong to a professional association or an organization of some kind. Good examples of such organizations include the National Apartment Association (NAA) and the National Association of Residential Property Managers (NARPM).
These organizations usually have events, meetings, and resources. By going to these meetings, you’ll be able to meet new people and learn new things from one another.
There you have it. 8 ways to grow your property management company. These will help you define yourself as a management company, and make your pathway to growth and success much clear cut.