When beginning to manage a new property management territory, growing your portfolio as fast as possible needs to be near the top of your to-do list. However, whether you’re starting from scratch, or are an established property manager opening up shop in your second territory, there are many ways to promote your business and watch the door count increase.
Offer Referral Incentives
Statistics show that 75 percent of a real estate agent’s business comes from referrals and word of mouth. However, only 20 percent of clients are sending these agents leads. The math looks odd, but 20 percent of clients are responsible for 75 percent of your business.
What if you could increase that number to 30 percent or more? Consider offering current clients a referral bonus if they send new business your way. The bonuses could be anything a discount on services, to entries into a drawing for a prize, or plain old cash.
As with any career path, networking is essential if you hope to have a successful career. When establishing a new property management territory, it’s important to network with people in the new area. Whether it be connecting with established local real estate agents, or attending professional networking events, adding connections will extend your personal network. This can help cast a wider net of awareness for you and your business.
Take Time for Marketing
While the old mantra is “if you build it, they will come,” marketing a new property management office can be challenging. When you are formulating your business plan, be sure to spend some time every week working on how you’re marketing your property management business.
What are you doing to set yourself apart from your competition? Do you have a successful online marketing strategy? Are you targeting the right audience? In what ways are you marketing yourself? If you have a winning market strategy, new clients will be able to find you easier, which will help your business grow.
Control your Online Presence
When people are looking for information about an area, one of the main technology trends is online research. While breaking into a new territory may be difficult at first, by establishing yourself as a leader for a specific keyword, neighborhood, or topic, people will be able to find you easier.
Keep in mind, 95 percent of searchers don’t make it past the first page of a search result, and nearly 70 percent of clicks go to the first five links. If you’re able to break into that top five search ranking, you stand a higher probability of getting more leads.
Have A Professional Website
With proper marketing comes having a professional website. For someone in a new territory, a website will likely be the first impression that potential clients have of you before contacting you and meeting you in person. If your website is too simple, too dated, or has incorrect information, people will be less likely to take your efforts seriously.
Look to hire an experienced web designer, as a website is not something you should try to cut corners on financially. Make sure you have detailed information for the services you provide, areas you serve, and types of properties you manage, in addition to multiple forms of updated contact information.
Be Strong on Social Media
Approximately 70 percent of Americans utilize some sort of social media to connect with one another. Having a strong social media presence is a great way to increase awareness of your business.
However, when using social channels, it’s important to provide new and unique content. Interaction with your following shows a level of authenticity that people appreciate, which could result in expanding your business.
Set Goals for Yourself
If you want to increase your business in a new territory, the best person to hold accountable is yourself. If you set goals and stick to them, whether they be a certain number of prospects to contact, a certain amount of cold calls, or a certain number of new doors in a specific period of time, your business will thrive.
Do you have the drive and skills to establish a new property management territory? Keyrenter Property Management supports its franchisees with technology, marketing, and best practices to capture a higher share of the market and outpace competitors. Click here to request a free franchise report and get started!