Many property management business owners think that the best way to generate new business is to bring in new clients. But, there’s a much simpler way! The best way to generate new business is to actually focus on your current clients. That’s because your current clients are an endless source of the Three Magic R’s…
1. Repeat business
Your current clients are your best source of ‘repeat business’. Repeat business is a measure of your clients’ approval of the service and results your agency provides them. If a current client engages your agency to manage another one of their properties, this shows that they are clearly happy with their current property’s returns, growth and management. So confident, in fact, that they seek out more property in the market area where your agency is located so that you can manage their new investment property too. This shows how focusing on your current clients and ensuring they are constantly satisfied with your level of service and results can effectively generate repeat business.
2. Referral business
Your current clients are your best source of ‘referral business’. Referral business is a measure of creating top of mind awareness for your agency. It shows that your clients are so happy with your agency that they are willing and eager to talk about who is managing their property with their peers. This means that they feel strongly enough to refer your agency when engaged in conversation about property management companies, which is much more effective than any marketing activity your agency may undertake.
Your current clients are your best source of ‘recommendation’. Recommendation is a little different in that your clients pass on your agency’s contact details to a person who is seeking a property manager. These details could be passed on through business cards, email, social media or another platform. This is the most powerful way for your agency to bring in new business as consumers greatly value a recommendation from a trusted source. That’s why, it’s important that your current clients are so satisfied with your agency, that they are your biggest advocates too.
The Three Magic R’s are the best way to bring in new business. This does not mean that you should stop seeking out new clients but, rather, remember that your greatest source of business growth will always be your current clients. Not only are the Three Magic R’s the best way to generate new business, they are also the best way to ensure that your agency is delivering on its promises.
For more information about how you can generate new business using the Three Magic R’s, contact us.