Property management can be a lucrative business — if you do it right. Every year, U.S. property management companies, including rental property managers, earn an impressive $69 billion. Successfully managing and renting out housing and multi-family units depends on a number of different factors, and it all starts with marketing. Here’s what you need to know about the top property management companies and the ways they reach their customers:
Advertisements Should Stand Out
The average residential property management company will do at least some work when they purchase a new property. That means that they will renovate homes, add amenities, and make other changes to improve quality of life for tenants. And the most critical mistake when doing these things is to be quiet about it. Let’s face it. Nearly all advertisements for apartment units and rental properties read more or less the same. If you can stand out, it will do wonders for your company. Mentioning recent renovations and new amenities is a great way to do it, too. If you added a new gym, say so. Similarly, adding the words “New heated pool!” isn’t going to hurt, either.
People Like Free Things
Within reason, offering promotional items and free things can also give you a leg up. For example, if you are willing to skip the entire security deposit — or a portion of it — for a favorable credit score, go ahead and say so. Some of the top property management companies offer the first two weeks of rent free, or a month of free rent for a successful tenant referral. Another option is to host fun, complimentary social events, like barbecues and social hours.
What is the key to successful property management? The first and most important step is attracting new tenants and retaining them. The best ways to do it are to show off the homes’ or apartments’ best features, and offer promotional materials when possible.