4 Crucial Tips To Follow For a Successful Property Management Practice
A career in property management is never dull. While some property managers drop out after only a few months of activity, others manage to “have it all.”
You probably wonder how do they do it?
Every property manager has their own individual style and process. It takes a little savvy to become successful in this competitive arena. What’s also true is that there’s a steep learning curve behind every success story, and you have to be open to consistently practice new ideas in order to master those property management skills. With a few adjustments here and there you’ll be able to build up the right habits and scale to a high-six or seven-figure business.
Here are some tips for rocking your property management business:
1. Foster Relationships
One thing is sure: real estate is a relationship business. Successful property managers know that working in this industry means you have to build up your own client network if you want to sell (or rent) and cash in.
So what’s the best recipe?
Approach your role with a sense of confidence and respect. As long as you treat people with integrity and care, you’ve automatically paved yourself a strong path for getting more leads and closing more deals. (Bonus points if you’re able to anticipate your clients’ needs! )
Building and maintaining connections are everything in this business. Even if people don’t need your help now, they’ll keep you in mind for future or, if they like you, they may even refer you to someone they know who needs your assistance now.
2. Engage and Follow Up
Want to stand out from the crowd and sign more real estate contracts? Then follow up!
The key to keeping the revenue flowing is to build a strong pipeline of leads. Great real estate bosses are known for returning calls and emails at lightning speed. Some of them even keep in contact with past tenants and prospects for years before signing them.
Try to understand your prospect’s requirements and respond to their issues with sensitivity. A one-time nurture sequence probably isn’t going to cut it, but with the right system in place, you can be there at the most relevant times for your potential renters.
3. Build a Stellar Online Presence
Yeah, we’ll say it: your career depends a lot on how you appear online.
One of your best allies online is your professional website, so make sure it’s flawless. You need high-quality pictures, lots useful info, and clear and compelling property descriptions and photos for all your listings.
Make sure you market your services in a professional way and that you’re not afraid to meet your audience where they are. Needless to say, Instagram, Facebook, Pinterest, Twitter, Linkedin are all channels you should have mastered by now. Constantly update your social media accounts — they’re a goldmine for getting more people interested in your properties and services.
Find the best websites to advertise your listings. You don’t have to stop at Craigslist, Zillow or Facebook — just make sure they’re relevant websites with high traffic and that you have a system for reaching out to leads consistently when they come in from other websites.
4. Know Your Stuff
We know you have a lot on your agenda—we all do—but knowing your properties inside and out is crucial in this business, especially if you want to outrank your competitors.
It’s a known fact that people usually do their own research when it comes to buying/renting a property, but let’s face it: nobody wants to close the deal with a person who hasn’t done their homework.
Remember: knowledge is power. The more you know about your properties, the better your chances of successfully renting them.
Be prepared to answer all your prospects’ questions about the neighborhood, school districts, nearby freeway access, pet policy, shopping centers, etc. Show people you have all the info they need and you know how to use it.
Being a property manager is a rewarding job and if you’re willing to do the work, it can give you the lifestyle you want.