Your property management business’ marketing policy could win you more clients. How? The new breed of savvy property investors know that property management agencies which tailor marketing to each property’s style and area can make them more money than agencies which use standardized marketing. So, investors are now doing their research and asking more questions such as, ‘How will you market my property?’ to ensure they hire property management agencies which provide a ‘tailored’ marketing policy.
So, what exactly makes up a tailored marketing policy and why do savvy property investors want it? Savvy property investors know that a tailored marketing policy helps them gain the highest possible rents for the longest possible terms with the best possible tenants in the least possible time. To simply list properties on rental websites no longer makes the cut; investors want you to compile a marketing plan each time their properties are available so your strategies align with the current rental market. And, if they are prospective clients, they want you to supply samples of your past marketing plans as evidence that your policy is effective and gets results.
Savvy property investors also know that a tailored marketing policy means you advise them every step of the way: you let them know what rental rates to set given available comparable properties on the market and how to attract the best possible tenants given current market conditions. That’s because you and your team specialize in your market area so are experts at showing your clients’ properties- you know the best times and best suited demographics.
If their property is located beside a highway, for example, your property manager should show it during rush hour. Showing such a property at the worst possible time (rush hour) can dispel negative thoughts (e.g. it will be too noisy) by showcasing its features (e.g. quiet as the property has been designed to deflect noise). You also promote clients’ properties to a targeted segment of your prospective tenants database, whichever segment is best suited to the investment property in question. But, as well, you promote clients’ properties to your sales team as they may have clients who cannot find a property to purchase so opt to temporarily rent. Does this sound like your marketing policy?
So, if prospective clients ask you or your property management team, ‘How will you market my property?’ what should your answer be? Your answer should be you tailor marketing to their property’s style and area. This is what the new breed of savvy property investors want as this gives them greater potential to make money on their investment properties or portfolio. If you want to win (and retain) more clients, use this marketing policy in your property management business.
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’.