We cannot forget the importance the rental industry has on the Australian Real Estate market with it currently being worth $5.5 billion nationwide. More and more agencies are recognising the importance of a profitable rent roll and such investing time and money into the success of their Property Management team and marketing practices to support them.
iRealty has recently experienced exponential growth in Property Management clients. With that, we wanted to reflect on the success we have had in helping these clients with marketing.
Here are 3 ways marketing can enhance your property management business and how to achieve them
Generating leads is always top priority for marketing in real estate. Property management leads can come in various forms. From investors with large portfolios to tenants renting their first property, one thing they all have in common is they don’t want to look hard to find the property management service they are after.
Include a ‘Service Offer’ in your newsletter
Service offers are one of the best ways for your marketing to generate leads. Banners and landing pages that make it easy for people to request information or a service from you is key.
Over two months of using a ‘Rental Appraisal Offer’ in their monthly newsletter, our client, Jean Brown Properties received 25 rental appraisal requests.
By simply using a banner and landing page in two of Jean’s newsletters we were able to provide 25 business opportunities. That’s nearly 1 every 2 days. We were thrilled to find out the team at Jean Brown Properties have already listed and rented a property from these requests and are in discussion with other landlords. We look forward to hearing the future outcomes.
Generating leads for new business is just one way marketing can help your property management team.
Keep your landlords YOUR landlords
Among poor maintenance and breach of contract, Smart Property Investment contributes lack of communication from a property manager as one of the most common reasons to change management teams. Keeping your landlords up to date via social media, email marketing and service offerings mitigates this risk.
Send your landlords a monthly update and include:
- Updated market valuation offers
- Any changes to your property management team
- Updates to legislation
This was recently proven when one of our new clients sent their first newsletter with us in February. Having not previously marketed to their Landlord database we included banners offering an update in the current market valuation of their investment. Not only did they receive 5 rental appraisals after sending their first iRealty newsletter. This client was able conduct 2 appraisals for current landlords who were interested in an updated market valuations.
Landlords not only want you to manage their properties like they are your own. They also want assurance that any vacancy periods are as short as possible. This is where nurturing your tenants is key.
Keep current and prospective tenants informed
Keeping your database updated and communication consistent, your pipeline will stay full.
Use social media to advertise upcoming rental opportunities
Having a strong content strategy that includes your property management team’s objectives is imperative.
Over 65% of Australians under 35 are renters. With up to 20% of these people staying in a property for 12 months or less. This provides a lot of opportunity for property management business.
79% of the 18-35 age bracket use social media and consuming the advertising presented on social platforms. So it makes sense to use social media to your advantage.
Take a little time in presenting your upcoming rental properties. Boost these posts to a relevant audience before they are uploaded on other real estate portals. Try attaching a lead form so you capture the contact information of those interested in the listing. This tactic is both inexpensive and effective.
Remaining in contact with your current and future tenants will help maintain your relationship and resulting in a longer and prosperous lease term.
Key takeaway: Much like a sales team is at the forefront of great sales results, a property management team are gatekeepers to happy investors and a profitable rent roll. Having simple and effective marketing practices will allow your team to focus on future growth and nurture current business.