How to Market a Property Management Company
It all starts with your online presence. You must have an effective website that will let people know what it is that you do and how you do it better than anyone else. Having a place for tenants and for owners will help you target both groups and it is a good place to put examples of your leases, screening criteria, and other information people may find useful.
1. Work For a Good Online Reputation
Most property management companies have a poor online reputation because it is an easy way for unhappy tenants to express their displeasure over a perceived negative outcome. Encourage happy tenants to leave positive reviews to counter this issue and you'll begin to counter these negative effects.
2. Use Google Local Search
If you have a presence on Google+, then you have an effective way to be found in local website searches on this search engine. Anyone who searches for a company like yours will get to see your listings.
3. What Fees Do You Charge?
There are property management companies that charge a plethora of fees and this is a place where you can stand out. If you don't charge pet rent for a property when everyone else does, then you've got a niche market that will be automatically attracted to your agency.
4. Start a Referral Program
Happy people attract happy people so it makes sense to make everyone as happy as possible. With a referral program, tenants can attract other tenants for a financial benefit. A good program will often offer a 50% discount on 1 month's rent of both the new tenant and the one who referred the new tenant to you. This cost is often less than blanket advertising and gives you a better overall return on the investment you're making as well.
5. Have Clearly Defined Goals
Any marketing effort must have a measurement of success so define that right now. Whether you're looking to increase brand awareness, have better lead generation, or you just want to get to a certain number of Facebook fans, you must have goals in place. If you don't, then you'll never know how successful your marketing efforts really are.
6. How Many Applicants Do You Really Want?
Are you looking to have a lot of applicants for a low price or just a few applicants for a higher price? The difference is that a higher price per lead often brings with it a higher conversion rate and a better tenant. On the other hand, advertising on Craigslist and other free websites will give you a cheap way to generate leads, but you'll have to do a lot of work in the screening process. Determine what you're willing to do and how much you're willing to spend up front and then proceed.
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