Understanding what triggers property owners to seek out the services of a property manager can not only help you to more effectively pitch your services, but may also put you in a position to approach potential clients before your competition reaches out to them. Here are some common triggers that compel property owners to seek out property management services—and some tips for making your best approach.
Portfolio Growth
Managing one property is one thing. Managing two or more properties is something else. Many property owners ease themselves into the rental industry, managing their own first property, then bringing a professional property manager on board as their property portfolio—and, thus, workload—increases.
To cater to property owners who are looking to hire managers for this reason, it’s important to highlight your expertise in the field. Clearly, they are building their own portfolio and will want to know they have a valuable partner with industry know-how on their side.
Time/Cost Benefit
As any property manager can attest, looking after a property can very easily be a full-time job. While many property owners manage their own rental units, it’s not all that uncommon for them to reach the point where they realize that the time saved and expertise gleaned from hiring a professional manager for the job is well worth the expense.
Because such clients are aware of the workload that managing a property creates, in pitches like this, it’s important to prove that you have the bandwidth to take on another property and a proven track record of effectively balancing a number of properties.
Geography
Due to relocation for any number of reasons, many property owners find themselves as unwitting landlords when they make a temporary or permanent move to another location and rent out their property as a solution. In this common scenario, a property owner may well decide that it’s worth acquiring the services of a local property manager to ensure that someone is nearby to monitor the property, take care of problems as they arise, and meet with various parties as needed (whether that be a potential or existing tenant or vendor).
In scenarios like this, it is of the utmost importance to prove that you are responsible and hands-on (which, of course, you are). More than in any other instance, property owners who are not local are really trusting that their property manager can take care of business because they are not around to monitor the situation.
While every property owner wants a responsible, knowledgeable manager to oversee their property, tailoring your pitch to their specific situation is a great way to stand out from the competition.
If you liked this post, discover more insights into what rental property owners are looking for in a property manager in this Buildium research report: 2018 Rental Property Owners’ Perspectives Report: How Property Managers Can Anticipate Owners’ Needs & Win Their Business.
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