Property Management is essential to the profitability of all real estate investments, regardless if you self manage or contract to others.
Jason Hull, founder of DoorGrow.com, helps property managers focus, grow and make their business more profitable. In episode #179, Jason shares his insight into how to identify an exceptional property manager.
If you self manage, have you considered managing for others? Jason shares how you can turn the work you are already doing into a profit center when you do it for other property owners. Property management has desirable business characteristics that every real estate investor seeks: minimal investment required to start, recurring & increasing revenue, clients who rarely leave, and the inside track to true off market deals.
Successful Property Management
A successful property management company is easy to recognize. For starters, they answer the phone when you call. They are a sales focused organization committed to the growth of the whole organization. Happy clients are the standard. They do not run from crisis to crisis. The experienced team can handle any situation and keep both the property owner and tenants happy. They rely on systems to ensure that success is a constant and they do not recreate the wheel.
Keys to Growing Your Property Management Firm
If you are struggling or considering taking on property management for others, here are some keys to growing your property management company:
- Forget SEO. Paying to advertise your business if you are not ready, will cause more bad than good. Only after you have plugged your operational holes can you consider advertising for additional clients.
- Brand - It is important to be recognized by the public as a property management firm. Too many managers market themselves as a real estate firm that primarily sells and dabbles in property management when asked. Think about who your ideal client is and recognize the value of specialization. If you do property management, don’t just hint at it, own it.
- Word of mouth referrals. Happy clients know others who own properties, and may even have additional properties for you to manage. If you ask every happy customer to connect online, and like or share your page.
- Positive online reviews. A ruined online reputation can be difficult to overcome. You need a strategy that constantly request and receives reviews from happy clients, both owners and residents. When prospects are looking online, if you only have negative reviews, you are sunk. But if you have mostly positive with the stray negative review, you will thrive.
- Price your service properly. In an attempt to attract clients, too many struggling businesses, price their service too low, attracting only bargain hunters that refuse to spend money to maintain their property. Properties in poor condition attract the lowest eligible tenants. This is known as the Cycle of Suck. If you are in the cycle, it’s hard work to get out of the cycle. To get out, you have to recognize the value you bring. You will have to fire clients, and increase your price. In the end it is worth it if you attract and retain quality owners, properties and tenants. Happy, happy, happy!
Now Add More
Once you have a solid base operation that is attracting quality owners and tenants, it’s time to prospect for more. Reach out to local investment groups and offer to speak. Groups are always looking for someone that can add value to their members. This is an excellent opportunity to prospect for new clients as a speaker in front of groups. When you present as an expert in front of a group, it leverages your reputation way beyond any outbound cold call will ever do.
For more go to:https://doorgrow.com/
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