4 business growth lessons you can learn from your competitors

In business and in life, competition motivates us to do better. In fact, your competitors are among the only people who know the business as well as you do. Taking a tip from their successes (and learning from their mistakes!) is a much safer bet than taking a shot in the dark.

If you’re not already keeping tabs on property managers in your area and national companies that you admire, now’s the time to make a habit of it. Learning about your competitors will help you to stay alert and innovative as you grow your business. Get on their email lists, download their apps, follow them on social media—you can even contact one of their reps to experience their sales process firsthand.

To help you to get started, we’ve put together a round-up of tips to grow your property management company that some of the most successful property management companies are using.

4 Tips for Growing Your Property Management Business

#1: Social Media Presence

If you want to grow your business, consider growing your social media presence. Property management companies can establish themselves as industry experts by sharing relevant articles on social media and contributing to the conversation. Social media is also a great way to connect with owners, residents, and potential tenants. Post news about your community and engage in local conversation to raise awareness of your company.

Social media is today’s word of mouth; and for property managers, social media is an opportunity to highlight rave reviews from residents and clients, and to advertise upcoming properties. To get started, try out automated content management systems like Hubspot, Hootsuite, Buffer, and Sprout Social—many of which have free or low-priced plans for small businesses.

#2: Upgrade Your Amenities

Keeping vacancy rates low is critical in helping your clients to maximize the ROI on their properties. To do this, you’ll need to find and retain great renters by figuring out what appeals to them and, whenever possible, responding directly to their preferences.

Some companies might make the costly mistake of assuming which upgrades their residents want to see. However, the most successful companies take the opportunity to survey their current residents and find out what they value most. For example, a company with a primarily young market might be concerned with how to retain millennial renters. Instead of simply assuming that they want eco-friendly upgrades, send a postcard or automated text to residents asking for their input. Whether or not you’re able to make their requested upgrades, the conversation will ensure that residents feel valued and heard.

#3: Leverage Innovative Technology

From self-showings to virtual reality, one thing’s for sure—your competition is leveraging technology in creative and innovative ways. While there are endless technology solutions out there, the challenge is identifying which is right for your growing business. Depending on your residents, clients, and markets, different technologies will fit your needs.

If you’re working in primary markets and up-and-coming secondary markets, it’s probably time to experiment with video tours and virtual reality for your properties to help prospective residents to tour units from anywhere. No matter your demographics, most residents expect to be able to pay rent online, which means your company should be offering an ePay option. If you manage several small apartments, consider investing in robotic furniture to set yourself apart in competitive cities. It might sound like an extreme move, but integrating high-tech features is a proven way to stay ahead of the curve and outpace your competition.

#4: Marketing Automation

Busy property managers can leverage marketing automation tools to assist them with marketing efforts like email newsletters and social media posts. Marketing automation can help you to drive more traffic to your website, convert traffic into leads, and turn those leads into customers—all while saving you valuable time.

Sounds pretty good, right? To implement marketing automation at your company, check out software like Hubspot, Marketing 360, or Marketo.

Have you tried any of these strategies? Have you heard any great tips to grow your property management company lately? Let us know in the comments below!