Your property management business’ Average Number of Days to Rent a Vacant Property could win you more clients. How? The new breed of property investors do their research and ask more questions to ensure they hire the right agents. Does your agency have the ‘right’ agents?
The right agents come from property management agencies with proper policies and processes to successfully manage their clients’ property or portfolio. Such agents are considered ‘Market Specialists’ of their respective market areas, meaning they have the experience, knowledge and skills to ensure minimal vacancies, maximum returns, the best possible tenants for the longest possible terms, and optimum capital growths. Hiring the right agents puts property investors in a position to hold them accountable and know that legislation and best practice have been followed in the management of their properties and tenants. Ultimately, the right agents make property investors more money- that’s why investors are now going to such lengths to ensure they find and hire them.
So, if prospective clients ask your property management team, ‘What is your agency’s Average Number of Days to Rent a Vacant Property?’ what should your answer be? Your answer should be a figure lower or equal to your agency’s market area’s Average Number of Days to Rent a Vacant Property. This shows prospectives that your property management agency has a good leasing policy in place. It also means your agency list properties as soon as tenants notify you of their intention to vacate, in order to minimize vacancy periods. This is what the new breed of savvy property investors want.
This new breed of savvy property investors will come to you armed with up-to-date facts and figures on their market areas of interest. So, be prepared, not only will they ask you this question knowing what answer they need to receive, but they may also verify your response to ensure you didn’t simply make up the figure on the spot. To verify your answer they may ask what your agency’s market area’s Average Number of Days to Rent a Vacant Property is to see if it matches the figure they found through their research. If you provide the same figure it shows that your agency and its agents really are Market Specialists and, this alone, could win you more clients.
If your agency’s current Average Number of Days to Rent a Vacant Property is higher than your market area’s average, or if your team don’t know what your average is, then you must put measures in place to improve and measure this figure. Knowing this figure and providing the correct answer because your agency has proper policies and processes in place is how your property management business can win (and retain) more clients.
For more information on how to improve your property management business’ operations and service standards so you can answer prospectives’ questions correctly and win more clients, visit ireviloution.com/findyourpropertymanagernow and order your paperback or eBook copy of ‘Find Your Property Manager NOW: Hire the right agent and make more money’.