The world is full of potential customers, and to have a successful business, you want all of them, right? Not exactly. There are good customers and bad customers, and every business will distinguish them differently: a “bad” customer for your business may be perfect for someone else’s—and vice versa. Having a successful business isn’t about having all the property management customers, it’s about having the right property management customers for you.
Here are a few tips to help you find customers that are a good fit for your business:
There’s a reason you don’t pick up a phone book and call it your leads list: not everyone needs what you have to offer. There’s no reason to waste time contacting people who don’t even own rental properties! A qualified lead is someone you’ve done your research on: not only do they have a property, but they’re looking for someone to manage it for them.
This article notes the difference between a marketing-qualified lead (someone who has what may be a passing interest in what you do) and a sales-qualified lead (someone who is ready to buy). For you, this might be the difference between someone who has a rental property and is managing it himself and someone who is actively looking for a property manager.
If you specialize in managing vacation homes, someone with a long-term apartment rental probably isn’t the best fit for your business. If you typically manage small apartment complexes, taking on a six-bedroom house probably isn’t ideal.
Just because the potential clients (think they) want what you have to offer doesn’t mean you’re the best person and business to give it to them. This is why it’s a great idea to connect and build relationships with fellow property managers. You can refer clients to the businesses that are better able to meet their needs, and they can refer clients to you.
The property should be ready to advertise and rent. This means all appliances are in working order and aesthetic concerns have been addressed. You’ll have a hard time marketing the property if it’s not clean and in good repair. This article offers eight tips for preparing a home for rent, which includes addressing safety issues, making repairs, and removing anything of value that the owner doesn’t want the renter to use or have access to.
You need to be clear about what you can offer, and the client needs to be clear about what he or she wants. If someone is pushing for a service you don’t offer or trying to get something for less than you charge, don’t make concessions or try to work out a deal. Instead, recognize that this customer simply isn’t the best fit for you. Taking those people as clients will probably not be worth it in the long run. Be transparent about what you do and what you charge, and make sure your customers are happy with that before you move forward. If not, it may be best to keep looking.
The right property management customers are out there: your first job as a business owner is to find them! With Property Management Pros, you’ll have the advantage of working with people who have been there, done that. We offer all of our partners thorough training, support, and marketing plans and materials to help you find and serve the right customers. If you have any questions about how we can help you start a successful property management business, please contact us.