2019 is on track to become the year of property management strategy and adjusting your operations to get the most out of your business. Targeting your competitor’s client base is a lucrative strategy that is growing in popularity among property managers.
Whether your new to the scene or have been operating as a property manager for years, there comes a point where you need to grow your rent roll and increase tenants.
With 2019 already being predicted as the year that business models change in real estate, there’s no doubt that this change will carry over into property management.
Whether you are new to property management or have been in the business for a while, you will always reach a point where you need new clients to grow.
Here are five strategies to secure new tenants, right from the grips of your competitors!
Offer more for less!
Matching or beating your competitor’s rent price is a common strategy, especially for new businesses. When you are dealing with rental properties, value for money is one of the most essential factors potential tenants look for. Something as simple as filling your property with additional amenities that none of your competitors are offering, for a lower price point can sway tenants minds into picking you to sign a lease with.
Service is Key
A lot can be said from reading landlord reviews. Being a property manager means you are expected to provide your guests with a service that they may already have standards set for due to previous experiences. Good or bad it’s your job to one-up their tenancy experience and provide a service that no other company can compare to.
People talk, you want your service to be so good that others can’t help but mention it to their friends and family. This results in the most powerful type of referral; organic. It’s even better if they compare you against your competitors and express how much better you were.
“Like” your Target market
Over a third of all renters rely on social media to locate their next rental property, Making it crucial that your business has relevant social media accounts. Keyword ‘relevant’ too many times we see companies advertising on social media platforms that do not capture their ideal target market. Check out our social media guide if you are unsure where your preferred demographic is hanging out.
Alternatively, if you are unsure where to begin, start with Facebook, Instagram, and Twitter will cover most companies target demographic.
To show up on potential tenants radars, you need to be posting engaging, relevant content that grabs the attention of your audience. Make sure your accounts remain up-to-date and active across all channels for the greatest chance of success.
Tip: Try engaging and following people who follow your competitor’s pages. Chances are if they are interested in them they are interested in you and your content too.
It’s a borrowing world.
Let’s face it humans copy humans, and original ideas are hard to come by in 2019. When it comes to creating engaging content that will perform well in the eyes of your audience the best place to start is on your competitor’s website or blog.
Make notes of what looks good, what looks bad, what’s engaging, whats boring and anything else that catches your eye. Remember, if you more or less are targeting the same people if something doesn’t work on their website what makes you think it will work on yours?
Obviously, we are not encouraging our readers to go rip off their competitor’s word for word. Look at their online presence and draw inspiration from it, but don’t blatantly rip it off.
If you want to experiment with your audience, you are not limited to only checking your competitor’s website. Google content trends, what’s hot at the moment, what is converting leads and anything else you can find that will help you out when it comes to making content.
SnapInspect suggests checking out Neil Patel and his antics on producing great content.
There are countless methods you can use to win tenants over to rent with you and your property management company. Allure them with creative content, top of the line service and an overall prestige that outshines any of your competitors. Be sure to conduct yourself in a diligent, fair manner. Over-stepping the boundary with your competitors can create stressful, unwanted situations.