Growing a property management business doesn’t happen overnight, and it definitely doesn’t happen by accident.
Sustainably scaling your business requires intentionally tapping into property management growth strategies to both attract new clients and nurture partnerships with existing clients. But how do you do this?
The most important growth strategy, of course, is finding ways to improve the current services you provide to property owners. Beyond that, however, you should utilize the right tech stack and aim to position yourself as a trusted partner in the space.
We’ll dig into these strategies to help you grow your portfolio and attract property owner clients.
#1: Provide Value That Can’t Be Beat
Providing real value and tangible benefits to your clients is a sure proof way to set your business apart and stand out compared to other property managers.
Think about the biggest problems facing property owners today and offer solutions to those pain points.
Those rental property owner paint points can include, for example:
Rent payment collection
Tenant applications and screenings
Vacancy marketing
Maintenance and repairs
Regulatory compliance and evictions
How can you offer tailored solutions to each of these problems? Let’s look at this first pain point: rent collection.
Tenants defaulting on rent payments will always be one of the biggest risks property owners face. Late or nonpayment causes significant financial stress, especially for owners with smaller portfolios who operate under tighter cash flows. Even just one or two months of nonpayment can be detrimental enough to sink an investment for some property owners.
But there are ways that you, as a property manager, can help mitigate this risk for your clients.
Property managers who partner with Steady, for instance, have access to white-labeled forms of rent insurance including:
-
Rent Advance, which provides single-family rental homeowners with up to 12 months of rent, cash-in-hand, the day a lease is signed and gives PMs management fees upfront
-
Owner Benefit Package, which provides up to two months of rent protection or Rent Advance, alongside other value-added services, such as quarterly market and asset reports and real-time legislative updates
Offering value-added services like this makes your business stand out in an increasingly competitive industry, helping you attract and retain clients as your portfolio grows.
#2: Leverage the Right Property Management Tech Stack
Technology and digital communications are a must for any business. As a property manager, the right tech stack will support more efficient and effective delivery of your services.
Plus, tenants and property owners alike are increasingly coming to expect digital communication, virtual services and automation during the rental process.
Where do you start with a property management tech stack? It seems like there’s an app or SaaS tool for almost any problem you could face, in business or life. And that can make the choices seem overwhelming.
At the most basic level, you should look to build a property management software tech stack that includes:
Digital updates and communication
Virtual showings
Online rental applications and tenant screenings
Digital maintenance requests and property inspections
Easy tenancy agreement paperwork and lease signing
A way to pay rent online
Consider also how you can use automation to schedule recurring tasks and streamline communication.
Automation can be hugely beneficial for managing properties because it allows you to schedule recurring tasks and streamline communication. This, in turn, frees up your time to focus on more important issues that will help you scale your business over time, like improving customer service and developing deeper industry expertise.
#3: Position Yourself as a Trusted Partner & Thought Leader
Strategically positioning yourself as a trusted source of information and expertise isn’t always easy, but it’s well worth the effort.
To do so requires setting a solid marketing plan that does justice to your value proposition and your services. As you start to build up your brand, focus first and foremost on the advantages that you offer clients.
This could be anything from the level of customer service you offer to value-added services like rent protection. Whatever features you decide to highlight, it should be clear what distinguishes you from your competitors.
Beyond marketing, however, positioning yourself as a trusted partner requires building connections with others in the community and establishing your reputation.
Offer relevant, quality content that gets to the heart of what your clients – and others in the industry – want to know. This could be through regular blogging, sending newsletters, sharing industry reports that keep owners dialed in on market changes or offering another free resource. As part of your digital marketing strategy, make sure you are optimizing for search engines and consider building out a referral program.
Grow Your Property Management Business With Steady
Partnering with Steady as a property manager gives you the tools to pursue some of the most crucial property management growth strategies.
With Rent Advance and Owner Benefit Package, you have access to a range of innovative value-added solutions to provide additional value to your clients by directly targeting their most pressing concerns and pain points. These tools integrate with the rest of your tech stack, allowing you to leverage the full power of property management technology.
Plus, positioning yourself as a trusted source of information is easy when you can share valuable insights through Steady’s Rental Analysis Report, which is included as part of the Owner Benefit Package.
Interested in strategically growing your property management business with Steady? Contact us today.