Whether you have 1 client or 100, as a property manager, growing your rent roll will always be a priority. There is a number of different strategies you could use, but which are the best ones that will actually grow your business and increase your income in 2020?
12 Ways to Grow Rent Roll
1) Use Social Media
Social media marketing is one of the best ways to spread awareness for your property management company. Facebook, Twitter, Pinterest, and LinkedIn are all great platforms which have helped attract new customers for all types of businesses. You can use them to link back to your website. Or provide some helpful posts/articles by answering commonly asked questions among rental property owners. Make a name for yourself in the industry. Once people see how helpful you could be, they’ll be interested in the services you provide.
2) Research Your Market Well
If you’re wondering how to get more property management clients, take a look at your current clients and find out how you got them. Regular research is important for any professional in the real estate industry. You already have the perfect sample for your research- your current client base. Find out why they chose you, what they considered during their search for a residential property manager, and who else they considered. This way you’ll know a bit more about the competition and also what to market for your target client.
3) Start Posting Youtube Videos
We already mentioned the importance of a social media presence for increasing rent roll, but there are other channels to consider. Keep spreading your knowledge about the market, but this time with videos. The content of these videos should be something useful for your target market- local market updates, property management tips, and more. Even though it may require some extra effort and money, it’s a great way for how to find real estate investors.
4) Show Your Clients You Care
You can’t be after more monthly rental income without showing that you deserve it. Set up regular maintenance checks for the rental properties you’re currently managing and get quality tenants for your landlords. Although it is an extra expense, staging your rental properties for showings is worth it. You’ll represent your clients in a good light. Keeping the landlords happy will pay off. You’ll find tenants for your rental listings faster, meaning more rent roll.
This shows your current clients that you’re a responsible and professional property manager. It’s also a great reflection of the kind of services you provide for potential clients to see. Reputation is key, make sure you have a good one.
5) Post Frequently on a Blog
Maintaining an informative blog is one of the best property management marketing strategies to equip to grow rent roll. This is a way to draw active players in the real estate industry to your company before they even realize they need your services. Post frequently, but maintain the content’s quality. Don’t post anything unless you think it will engage the audience. You’ll have a long list of potential clients in no time.
6) Advertise on Google and Youtube
Online marketing is one of the most cost-effective ways to attract a wide customer base and grow rent roll. If someone does a quick Google search for your services, the ad for your property management company will pop up and generate traffic. Youtube video ads are also a good option.
7) Talk to Your Existing Landlords
Of course, every client is different. Some might just be one-time rental property owners, while others could be working every day to grow their real estate investment portfolio. Either way, asking won’t hurt. Find out if they’re up to any new investment activity, or if they’re interested in buying more rentals.
8) Use Mashboard
As mentioned, sometimes your clients are already property owners who are just in need of professional property management. Other times, you need to spot the qualified leads among them and find them a property to invest in for you to manage.
The best way to grow your rent roll is by using the best digital property management tools out there. Mashboard is one of those tools, and it’s got a specific function just for property managers. Our algorithm makes it easier than ever to identify leads that are actually ready to buy and match them with the perfect property listing for them. With this tool, you can easily get more properties under your management. Read more about how Mashboard can grow your property management rent roll in 2020.
9) Try Email Marketing
Give your website’s visitors an option to enter their email addresses when they land on it. This will help you grow an email database that you can use for marketing. Don’t just fill up your subscribers’ inboxes with random emails. Instead, make sure whatever you send has some value. This could be a great way to generate property management leads, but if done incorrectly, you could end up driving potential clients away from over-marketing.
10) Add Some Creative Visuals to the Mix
We already talked about forms of content you can use to attract attention to your property management business, but there’s more. In addition to blog posts and videos, you should try using infographics. You can use these to share your company’s success stats in a creative way or to offer customers summarized property reports. The visuals might attract more attention than you think.
11) Current Tenants Could Be Future Clients
Tenants of the current rentals you’re managing may be interested in owning investment properties. This is an opportunity for growing rent roll. A lot of real estate investors are still renting out their own housing, so it isn’t too far off to think that your tenants could be interested in owning property.
12) Partner With Other Service Providers in the Industry
Buying an investment property involves a lot of steps. There’s planning, buying, and managing. So a landlord doesn’t just need a property manager to help him or her out. What’s more likely is that throughout the process of this real estate investment, they will need the services of other professionals such as buyer’s agents, mortgage brokers, and real estate attorneys. Reach out to these professionals in the industry and ask them to refer real estate investors to you if they’re ever in need of a property manager. This will definitely help in growing your rent roll.
There are a lot of ways to grow your property management company and increase rental income in 2020. Don’t forget to use the best platform for qualifying property management leads, Mashboard. To learn about your options for signing up for our services, click here.