How to Get More Property Management Leads & Boost Revenue

It's Okay to Show Off

How to Get More Property Management Leads & Boost Revenue

Investing the time and money it takes to properly market your property management business while also facing the day-to-day duties and responsibilities that come with the current properties in your portfolio... can feel like an impossible set of tasks to juggle.

But we've got four clever ways for you to build an ABC (Always Be Closing) mentality into your operations so that tooting your own horn becomes a regular part of everyday business. Take a look:

1. Picture it.

Seeing really is believing. Build time into every big maintenance or remodel job to take photos of the property both before and after the work is done. Not only is this good for building trust with current clients (especially those who may not be able to visit the site to see the results), but it's also the beginning of a great case study that you can show to future prospective clients.

By building it into your schedule, you're more likely to have enough time to get quality photos that don't look rushed or blurry. Daylight photos show the best; make sure to photograph areas that get plenty of natural light whenever possible. Try to get a mix of close and wide shots. For example, you might get a picture that shows an entire room, and then a few that show areas of interest, such as trim work or hardware. Try to capture before and after photos from the same angle, around the same time of day.

In addition to before and after photos, think about documenting your team's process to address problem areas. Is there a patch of drywall that a renter damaged? Did you have to hire outside experts, work with city inspectors, or take extra care not to disturb other tenants? Taking photos of your process—particularly for challenging jobs—can also be a helpful way to show both current and potential clients that you have a professional team that values quality and safety. Don't be afraid to document your capabilities.

2. Cross-promote.

Unless you've already got 1000 doors and you're well-known in the property management space (and even if you are), it can be a good idea to work with partners to get more exposure. The opportunities for this can arise at any stage during your day-to-day operations.

While you're online posting new vacancies, run a quick search for commercial realtors, investors, and even representatives from your chamber of commerce. Reach out to them and grab a quick coffee or tea to forge new partnerships and ask for referrals and leads.

When it's time to repaint a property, call your Dunn-Edwards Property Services Representative first. Not only will they help you scope the entire project, but they can also connect you with top-notch painters (who have likely worked on other commercial properties and could be good networking contacts). This is the perfect time to ask your Dunn-Edwards Rep about developing a case study that highlights your property. We'll make your property management company look like a star and promote it to our network of property owners.

When you work with an outside contractor that you like, be sure to write them a positive review on LinkedIn, Yelp, and real estate investing sites that allow contractor reviews. It's more than an act of goodwill. Property owners who are vetting contractors may come across your review and consider your company for their management needs. Think of it as an online networking strategy... the more positive connections you can build, the more opportunities you'll create.

3. Add value.

Raising rents can be a delicate endeavor. While it can boost revenue for owners and managers, it also creates a tenant turnover risk. To mitigate the risk and help tenants understand the justifications for an increase, communicate value early (well before an increase is announced) and often. For example, instead of posting a sign that says, "Caution: Wet Paint" during regular maintenance in a common area, add a few words to the sign along the lines of, "We're working hard to create a space you'll love." The way you frame a maintenance event can go a long way toward fostering a more positive perception of the property and the value your company is adding—without creating any additional work for your team. It takes the same effort to post either sign, so why not take the opportunity to frame your services in a more positive light?

By ensuring that tenant perception is more positive on a daily basis, you can help current clients (and your own company) boost revenue, while also showing better retention statistics to prospective clients.

4. Mind your reputation.

Before reaching out to leads to promote your property management business, consider the way your business appears to an outsider. Conduct an online search to see what current and former tenants are saying about your business and the properties you manage. If you find a lot of negative comments, work to address them.

If the comments are old, you may choose to ignore them so as not to boost them in search algorithms. But if you encounter negative comments that are relatively new, they should be addressed right away. A best practice is to respond online in the public forum, apologize that the person's expectations were not met, and ask them to contact you privately so you can make it right. Try to get the conversation out of the public forum as quickly and politely as possible. Do not get defensive, do not blame the commenter. Get them on the phone or by email to find out what went wrong. Then follow up with the person to let them know how you're working to address the issue so that it doesn't happen again.

Conversely, when you can solve an issue for a tenant, and/or when you're confident that a tenant is happy with your services, ask them to write a positive review online, and then publicly thank them for their kind words. Interacting with positive posts will help boost them in search so that prospective clients will see them more often than negative comments.

More than just a marketing reputation management strategy, this should become a regular part of your customer service and property management operations. Happy, well-cared-for tenants tend to stay with a property longer, and their positive online reviews will attract better tenants to that property. And all these factors will make your property management business more attractive to prospective clients.

You might not have a giant marketing team to promote your services, but if you can adopt an ABC mindset and incorporate these steps into your daily operations, you'll be well on your way to getting more leads, boosting current revenue, and signing new clients.