How to Market a Property Management Company
There are a number of paid methods that can help you market a property management effectively, but many managers don't realize the extensiveness of today's free tools that are available to them. If you want to know how to market a property management company and do so effectively, then you've got to take advantage of these options in addition to any paid advertising that you do so that you have the most exposure possible.
1. Are You on Yelp?
Yelp is one of the internet's review powerhouses, but many property managers don't realize that rental properties can be reviewed on this website. Recent data suggest that there may be over 57 million property reviews on Yelp and that could be having a positive or negative influence on your business already. For those who are on Yelp already, over 80% of them will use the site to find a rental. That means you need to work on creating a positive presence here, but when you do, you'll also effectively market yourself.
2. Get on Google Plus
Google Plus might not be the most popular social network that's available right now, but it is one of the most effective ways to market a property management company. When you've got a profile setup for your business on this network, then you're automatically entered into Google Local Search, which is a lot like a modern phone book. When local searches for rental properties are implemented, your results will show up.
3. What Do You Have To Offer?
Many of the members of the younger generations today want to see some specific features in their rental properties. They want a home that is environmentally friendly and not so oversized that it feels like they would need to hire a cleaning service to maintain it. Use technology to reach out to the younger generations, through apps and online application advertising, and stress these modern improvements. Many property management agencies have been slow to implement these features, so it will give you an advantage against the competition.
4. Get Your Tenants Involved
If prospects see that your tenants love the properties that you're offering and that you hold community events for them, you may just see an increase in the amount of applications you receive. Tenants today want a company that will form a solid relationship with them and not try to “screw them over” when it comes to their money. By showing how much you appreciate your tenants, you can start to form those needed relationships.
5. Offer Referral Fees
If occupancy rates are low, then let others do the marketing work for you. By offering a referral fee, tenants, businesses, and other community members will throw some business your way because it's profitable for them. You'll find that it is also profitable for you. Marketing your property management company isn't always easy, but it will pay off with lower vacancy rates down the road. Implement these strategies today and you may just find more profits headed your way.
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