Property Management Prospecting

One of the most important parts of any property management company is the prospecting process. Getting new properties to manage is what is going to keep you in business and growing, so knowing what works and what doesn't work in your community is essential to your success. There are two basic ways that you can begin prospecting: through active efforts and through passive efforts.

Both methods are fairly effective and each has its own strengths. Let's take a look.

Prospecting Through Active Marketing

Active marketing is exactly like it sounds – you're getting active in your community. You're going to networking groups to speak with people about their property management needs. You might hold seminars or workgroups for potential owners who are looking to rent their properties about how to prepare their property as a rental. You're likely calling on signs, looking through the paper for advertisements, and maybe even browsing through listings on Craigslist to see if homeowners need help with their property.

There are three key strengths received through the active marketing process:

1.You create better leads more consistently because you're working with people who are trying to generate income.
2. You are creating conversations that will force decisions to be made.
3. You are showing owners that you are a proactive property manager.

Prospecting Through Passive Marketing

If you are focusing on a passive marketing effort, then what you're doing is letting the potential property owners come to you. You'll often see this done by sign placement. You might be placing an advertisement in the local newspaper with your phone number, talking about how you're taking on new owners right now. You might be using postcards in targeted zip codes to generate some interest in what your services can provide.

There are three key strengths received through the passive marketing process as well:

1. It takes fewer working hours to implement a passive marketing campaign.
2. You're creating long-term exposure opportunities that might change a property owner's mind later on down the road.
3. You're giving people a glimpse of your service in visual or written form so they can make a decision on their own.

Which Prospecting Method Is the Best To Use?

Both methods of property management prospecting are effective to use and generate the best results typically when a mix of both styles are used. Look for non-owner occupied real estate lists, expired real estate listings, and start talking with people about how you can help them improve their future rental experiences. Sometimes people will come to you... but sometimes you've got to go to the people. Using both prospecting methods will help you accomplish this.
Posted on Jun 16, 2014


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