5 Steps for Growing Your Property Management Company
Property management is on the upswing these days, with more mobile individuals and families opting to rent–and property owners without the desire (or expertise) to handle daily management of properties.
Try these expert tips to attract your share of new business for your property management company:
Sharpen up your online storefront
Make sure you look great online. Your modern, up-to-date property management company website (with fresh, helpful content) must load quickly and look good on mobile devices. Use keywords relevant to your geographical area, property types, services, etc., so you’re easily found online. Create problem-solving blog posts, answer questions and discuss your city’s amenities on appropriate websites. Socialize with real estate investors and multiple property owners online. Your goal: speak to, advise and attract both renters and property owners. No time? Hire an expert consultant to jumpstart your online marketing.
Become THE expert in your niche
Position your property management company as the multi-family guru, for example. Or choose an underserved neighborhood/town to represent. Don’t try to be all things to all people–instead, specialize. It’s simpler to keep your business and time organized when doing multiples of the same thing.
Manage the cash flow
Be financially prepared for interruptions in income or excessive expenses. Develop savings or lines of credit that you can draw on inexpensively, if necessary to fill a gap in rent payments, for example. Partner with a financial firm the offers business lines of credit, SBA loans, commercial RE loans and more.
Avoid, but be prepared for, lawsuits/disputes
Document everything in writing and images. Don’t make verbal changes to leases, to allow pets or re-assign parking spaces, for example. Always amend in writing. Take photos of lease violations, or before-and-after shots of damage you’re withholding from rental deposits, etc.
Be tech savvy
Invest in tech devices and software that speeds communications and/or aids record keeping. Set up a renter portal for rent payment and/or where renters can submit and track repair work orders, etc. For property owners, create a secure online area where they can access statements and pertinent info about their properties.
Get specific advice about finances and marketing for your property management company. Call the experts at Wexum by calling 512-646-0902 today.