Growing Your Property Management Company

Growing a property management business can be a difficult feat in today’s economy. There are many inexpensive ways to get the revenues rolling without going bankrupt. The worst enemy of any property is vacancy loss. When a unit is sitting empty, it costs a great deal of time and money trying to find the perfect tenant. Most want to expand their property management business, but don’t have the money to invest to do so. How can one make a profit, pay their employees and have all their units full without spending much money?

One of the easiest ways to get revenues coming in is by charging the proper fees. Fees are what keep a property manager going. There should be fees for the applications for new rentals, fees for re-written leases, and pets. Anytime a notice has to be posted to someone’s door, which could be another fee added to their account. There are many chances for extra revenues that are being missed by simply not charging the appropriate fees. Does the property do yearly inspections on the units? If so, then a fee can even be charged for this lease requirement. Many complexes are not charging the proper fees and they are missing out on a chance to increase their bottom line.

The old saying it’s not what you know but who you know definitely applies to growth with a Sydney property management company. One way to help the turnaround of certain complexes is to engage tenants to help fill the empty units. Offer incentives for current tenants to refer new tenants. There can be many types of incentives that can be offered. From half off a month’s rent to gift cards, these incentives probe tenants to get other interested in a home like theirs and keep the vacancy loss to a minimum. Even if the property manager has to give out a gift card for renting a unit, it would be better than letting a unit sit empty for a month. An arrangement like this is a win-win for all parties. Because friends and family are in the tenants units, they can see first-hand what a nice place that it is to live.

Generating leads seems to be a big problem for some managers. The best way to generate leads is by word of mouth. The second best way to generate interest is by having specials or promotions. The tactics of having balloons hanging outside the office with a big sale sign don’t work anymore. People want to see how the normal everyday crowd lives in these units before making a commitment. A great way to showcase a complex is through social media. Anybody who is anybody has a social media page. Not only can you list rental amounts, special promotions and other pertinent information, but pictures can also be posted and this saves time. If someone is searching for a place to live and they can tour the units online, it makes things much easier. Link the social media page back to a website that can give more in-depth information. If the company has several locations, the website can promote complexes in all parts of town.

Having a website is a no-brainer. Along with social media, a website can be dedicated to the property management company and what they have to offer. Be sure to update the site often, as every company needs new and fresh ideas to avoid their site from being stale. A website can help a company to track their success and allow customers to take virtual tours and set up appointments. Many companies will run web only specials to ensure that they can track their sites success. All companies have websites these days; it is just how the new generation looks for their next home. Making the website interactive is another great way to engage with new clients and be able to communicate with them.

Another way to promote a property without any cost is to network in the local community. There are numerous programs in each city that help people find a great place to live. Be the property that stands out from the rest by name recognition for being an active part of the community. From the chamber of commerce to other local establishments, being involved is a great way to have respect among the community. Attend local meetings that occur around town, even if it is though that it will be of little use. Promote the image that the managers are an active part of the community, people like living in a community atmosphere. Not only will this help to develop a great reputation in the town, but it will also put a positive light on the property. These meetings can generate new leads and help to reduce vacancy loss. While this sort of marketing doesn’t bring overnight results, it is a process for establishing as name as a pillar in the community.

Networking locally is great, but what about charities? Is there a favorite charity that the manager or company supports? Why not attend some events or sponsor the charity. Not only can this be a positive aspect for personal karma, but it can also help to develop a reputation of a company that is serious about helping others and those in the community. The goal is to network with as many people as possible to hand them a business card, flyer or brochure.

Old fashioned methods of putting ads in the newspaper are expensive and produce little to no results. Get creative with advertising and search for methods in the local community that are inexpensive and perhaps free. While managers do a great deal of work to ensure their company has a good name, the property must be in pristine condition. This will not only attract new tenants who may have seen some materials and also potential investors. Making a complex profitable will take some work, but the best way for growth in a business is by word of mouth.

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