According to a 2013 report from the Joint Center for Housing Studies of Harvard University, a whopping 43 million American households now live in residential rental properties. For entrepreneurs considering property management, this growing figure represents a staggering pool of business opportunities. While the growth potential of this industry has skyrocketed, both would-be property managers and established firms need to formulate a strategic growth plan to maximize profits and build momentum. The following steps are among the most crucial for anyone looking to start a property management company.
Build a Reputation
Are you eager to court homeowners en masse, but struggling to make an impact in your local market? Building a great reputation takes time, but there are certain keys you can use to accelerate the process. First and foremost, focus on providing exceptional service to the customers you already possess. Some business owners mistakenly direct their zeal at reaching new clients, in turn neglecting those who already entrust their homes to the property firm.
Organic feedback and reviews from your customers will help firmly establish your business’ credibility, but consider joining both national and local housing associations to further polish your image. Groups like the National Association of Residential Property Managers (NARPM) and the Better Business Bureau (BBB) provide affiliate membership to real estate professionals. Joining these groups gives you access to a powerful network of other players in the industry, while also offering peace of mind to potential customers.
Master the Art of Marketing
The modern business owner must remain versatile and in tune with current market trends. If you haven’t already established a marketing plan, begin working on identifying the niche you’d like to target and craft a strategy for reaching those individuals. Consider using a combination of both offline and online marketing campaigns to better connect with homeowners, property investors, and tenants. When in doubt, turn to a professional team to polish your company’s vision and create an aesthetically pleasing brand image.
Embrace Technological Resources
Whereas property management websites once featured nothing more than a few simple lines of text about available properties, today’s real estate firms have access to cutting-edge tools that make it easy to find new clients, process tenant applications, and interact with existing customers. Property management portals like AppFolio and Propertyware are two notable examples. Don’t hesitate to integrate these tools into your business website—not only will this approach satisfy your customers, but it will help to streamline your workflow and maximize your staff’s efficiency.
When the various responsibilities of running a property management company are addressed appropriately, this unique industry can prove quite lucrative. On the flip side, neglecting the fundamentals of building a vibrant, modern brand could have devastating consequences for the longevity of your company.
Are you ready to take your business to the next level? Schedule a consultation today and let our marketing experts take the reigns. We’ll analyze your current property management site, provide you with practical feedback and advice, and help you build a strategy moving forward. From advertising campaigns to property portal integration, our talented team of developers, content creation experts, and marketing gurus can’t wait to help bring your vision to fruition.
Call us today to learn more.