Growing a property management portfolio is a tough task. Fact.
There are two common ways these days you may be aware of when looking to scale your management company.
Acquiring another portfolio is one of them.
The end result is great. Your company now manages more properties and your rent roll has grown.
But, what if acquisition was not the only way to grow?
What if you wanted organic growth?
A few facts:
- You have a great property management company that looks after its owners and tenants.
- The ROI your clients get from your services is exceptional.
- You are managing what is most likely someone’s largest life asset.
- You have spent years upon years gaining the knowledge, becoming an industry expert and building a company that will best service your clientele.
- You are a master of the profession and now ready to grow the company.
So the question is, if not through acquisition, how will you grow your management portfolio?
Take a step back for a minute and ask yourself, what are my current clients happy with?
You will quickly realize that they are happy because of your services, but also because they now know what successful management of a property looks like.
Now, go back for a minute and imagine how many homeowners and investors out there don’t know what good management looks like or further more, don’t even know what a property manager does.
The answers to those two questions and the other hundreds of questions they have, are in your back pocket.
You see, as a property management company, you are an industry expert who has knowledge that could save homeowners thousands of dollars in the long run. The problem is, the homeowners that need your services are yet to find you.
So, the question is, how do they find you and how will that help your growth?
The answer. Through educating your audience, giving them the opportunity to find you and allowing yourself to be there when a prospect needs help.
Organic growth is not a simple task and it’s also the main reason why most avoid doing it. It takes time to educate prospects and you need to spend thousands of dollars doing so, right? Wrong!
Here’s your best starting point:
- Sit down with yourself or your team and write a list of the biggest pain points your current clients had before they signed up with you.
- Build yourself an online platform (no, it’s not expensive) that will host answers to those pain points. You may have a blog, a podcast, or a newsletter you send to clients and prospects. Either way, make sure it is fully optimised or get help doing so.
- Take a look at your online reputation (yes, this is a hard industry to keep a good reputation but there’s ways to make it work for you).
- Figure out what makes you different than the other companies and make sure those values feature everywhere. Quick tip, everybody promises good service. How will you make sure the prospect is making the best decision of their life if they hire you to manage their property?
- Most importantly – Dismiss the feeling of resent towards giving away free information. You will fast learn that your free education is attracting new leads and future clients.
By using the five tips above as a starting point, you are now attracting new prospects by education and allowing them to understand that you not only know what they are going through, but you have the solution and answers to their fears, questions, and most importantly, their property.
So, while acquiring a management portfolio is certainly a growth solution for your company, it’s not the only one. Probably the best news is, that by setting up a good solid online presence, you are not only building success for today, but a marketing machine that your company will profit from for years to come.