In property management, the equation for financial success is pretty simple—the more properties you manage, the more money you make. But when you grow for growth’s sake, you’ll often run into big problems that adversely affect your company in the long run. Whether it’s a non-communicative owner or a service that is beyond your core offerings, working with the wrong clients can spell disaster for your business.
But with just a little extra work, property management companies can attract the right owners to grow their business in a more meaningful, sustainable way. If you’re interested in high-quality service, strategic growth, and strong relationships, it all starts with finding the very best clients.
Here’s how to attract the right property owners to grow your business with purpose.
#1: Advertise Your Values
Does your business have a clearly-defined vision, purpose, and values? These three pillars allow you to grow your business with intention and strategy, versus landing new business solely for the sake of growth. Your company values are a powerful tool for you to clearly communicate expectations and align yourself with clients who share your values.
Often, company values are used as an internal tool and are never communicated to the public. In order to attract the right property owners for your business, it’s important that you advertise your values. On your website, explain who you are and what’s important to the business. Post your values on office walls for visitors to see right away. Most importantly, make sure that you’re truly living out your values in every aspect of the business. Prospective clients may evaluate your current listings, ask around about you, and even contact your current tenants. When you’re staying true to your own values, the right owners will find you.
#2: Request Referrals
Word of mouth is one of the leading ways that property owners find their managers. Owners may ask for referrals from real estate agents, landlord associations, and fellow owners. Make sure you stay part of the conversation by cultivating strong relationships with your current owners and asking for referrals.
Identify your most successful client relationships and make it easy for them to send other owners your way. It’s as simple as having a business card handy that lists your contact information and website; and then let your client know that you’d appreciate referrals.
Property managers are in the relationship business, and leveraging your most valued relationships will lead you to more high-quality owners that are a good match for your business. You could even host an open house event or orientation that invites potential clients to get to know you and find out what property management is all about. Grabbing extra face time with prospective clients is also a great way for you to learn more about them before sealing the deal.
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#3: Pre-Screen Prospective Clients
You’d never sign a lease without screening a tenant, right? Apply the same philosophy to prospective clients. Working with a bad client can wreak havoc on your business and create problems that you’ll be paying for for awhile. Investing time in the beginning of the relationship to pre-screen owners will pave the way for long-term success.
Get to know a prospective client through an initial consultation that will double as a pre-screen for you. Ask about their previous experience with property managers, do a walk-through of the property, and look for any red flags. Ask questions about the property, their financial goals, and the expectations they have for a property manager. Screening and interviewing property owners will help you to protect your business and ensure that the relationship is a good fit for both parties.
#4: Evaluate for Fit
You’ve advertised your values; requested referrals; and pre-screened prospective clients. Before you sign on the dotted line, though, there are a few final steps to evaluate the fit. This stage is all about ensuring that growing your business won’t compromise your ability to deliver excellent service. Remember, even if a new client initially brings in new revenue to your business, issues like poor communication and dissatisfied tenants will cost you in the long run.
Here are a few questions to ask before making things official:
- What are your opinions on property managers?
- What’s your definition of a well-maintained property?
- What are your communication expectations? When and how does management need to get in contact?
- Do you agree to let us provide all preventative and repair maintenance?
How do you attract the right owners to grow your business? Share your advice in the comments below!Read more on Marketing