In a property management business, whether it is student housing, coliving, single or multi-family housing, there are 2 simple ways to grow your rental portfolio and business –
This article aims to educate the readers on a few options you have to increase and grow your rental portfolio.
The greatest asset any property management company has is its relationship with landlords. When looking to scale, the easiest way would be to count on your existing landlords to refer their friends and family to your business.
These are (hopefully) happy customers who have a good relationship with your business. It’s likely that the social circle of these landlords will be filled with more people who have rental properties that need management.
Most managers are aware that referrals are a great way to grow their business, but fail to implement an effective strategy that works.
Social media is an obvious channel to acquire customers, but most property managers end up creating content that is hyper-focused on tenants and completely ignore landlords, or simply don’t focus enough on landlords. It is very obvious that landlords and tenants have completely different content preferences and needs, so you have to keep that in mind.
Put thought into what matters most to landlords, and build content around that topic. Landlords care about increasing the rental yield from their assets, refinancing their loans, and getting cheaper interest rates, maintenance and upkeep of the property, about the quality of their tenants and the experience tenants, have in their property. Have you posted on your social media about any of these topics recently?
If you have, great! Do re-evaluate your social media strategy if you have not.
An interesting approach would be to have a separate social media account for landlords and use that account to build content and community of landlords, whilst using your primary social media handles to focus on the overall brand and tenants.
A recent story that got media coverage was when one of India’s leading property portals tied up with a property management company to offer rental services for its user base (Read the story here). It is a great partnership as tech platforms are looking for new ways to monetize their user base without doing services themselves, and service-focused companies are always looking for opportunities to expand their customer base.
Would a partnership of a similar nature be possible in your country/region? If yes, we strongly recommend spending a lot of time focussing on partnering with online rental marketplaces.
Even if you don’t want to work with property portals, you can definitely try pitching a partnership with other large organizations which offer products/services to property owners. Possible targets can include real estate developers, home interiors marketplaces (or services companies), real estate brokers, etc.
While getting an entry into the B2B property management industry can be challenging at first, it offers great scope for long-term expansion. Real estate funds, family offices, and institutional landlords are always looking for property management companies that they can trust to manage their property.
Winning business in the B2B property management market can be a little challenging – Large companies want to do business with other large companies.
This might be a tricky jump, but you should consider expanding your management portfolio to include other asset classes as well. Admittedly, this is not an easy transition, but we would highly recommend this if you operate in a smaller city with a limited scope of expansion in your existing asset class within your city.
Yes, managing an office space is very different from managing a multi-family residential dwelling, but they have more in common than one might think. The core need for identifying tenants, managing documentation, collecting payments and crediting to landlords, maintenance and upkeep of the property, etc. are all the same in all asset classes – Just the context can be a little different.
Another great way to grow your business would be to expand into multiple cities or regions. This offers a great opportunity to learn about new markets, whilst letting your business grow as well.
Growing your rental portfolio requires vigilance from your end at all times.
Preparing your team for what is yet to come will keep them agile when the need arises. With good property management software, you can make the process smoother, especially if you are transitioning from a small to mid-size, or especially to a slightly bigger portfolio.
Delegate tasks and set up teams for managing accounts and finances, customer support and ticketing, and any and all other tasks of your facility.
Keep a strong system of checks and balances in places as per which you review important tasks timely, and whenever needed may allocate resources to wherever needed.
Building a community at your properties enables you to get a reputation with the tenants, and more importantly, make it easier for you to keep them engaged and entertained. Learn how to build a community at your facilities and reap the benefits.
With TheHouseMonk as your tech partner growing your rental property business can be made smoother and easier. Get your 14-day free trial now to know more!