Acquire More Property Management Leads
Property management is sustainable. People have been managing properties for thousands of years, and such assets are in most cases passed down through generations. Good management of these assets is essential, and there are measures which can be taken that ensure your company properly manages such properties, as well as regularly acquiring new leads. Following are several ways to increase leads and, subsequently, reputation.
Proper Internet Marketing
When all the variables are considered, a proper management contract is usually going to be worth about four thousand dollars. Marketing cost shouldn’t exceed this value, though sometimes subsequent sales can make such expense worthwhile. That said, for a company that is already established in the community and well-known for their property management expertise, property management leads from a digital marketing company could begin rolling in almost immediately. While smaller organizations take more time to build momentum, organizations that have been in the market a while already have a great deal driving their business model. In that light, adding internet marketing is kind of like adding fuel to a fire. But the newer management firm is a burgeoning flame that’s still mostly smoke. That being said, without fuel a fire can’t burn. A little flame may take a while to consume a lot of fuel, but the more fuel it has, the greater the fire becomes. Internet marketing is a lot like fuel for a fire; it’s a big dried-out log just waiting to be engulfed in the flames of sales. So use it whether you’re old or new; but if you’re newer, do a cost-benefit analysis. A log that’s too big can put out a little flame, but usually that flame can handle more than the person making the fire may expect.
Aggressive Strategies in Marketing
The internet offers more than one way of marketing. While most are bound up in search engines and optimizing content such that you’re making those engines work for you, there are definitely differences between methods. Two will be explored in brief: Pay-Per-Lead, and Inbound Marketing.
With Pay-Per-Lead marketing putsches, such as Google AdWords or other popular services, industry competition inculcates increased expenses over time. The reason is that more people are in competition for the same business leads. And, while this means increased exposure, it comes at the expense of increased cost. For more established property management firms, this could be a great idea. For burgeoning agencies, it could end up being too costly for the sales it generates.
Meanwhile Inbound Marketing allows for the establishment of more regular clientele, such that property management leads steadily increase over time, and the cost involved in marketing decreases. This kind of marketing naturally has a cap to it, in that for it to be profitable, an organization must resign itself to localized business. A management agency isn’t as likely to expand beyond their initial demographic with inbound marketing techniques. While such a thing is possible, it just isn’t as likely. But these techniques are more sustainable and do decrease the expense required in advertisement, etc. This is done through things like the management of your organization’s reputation, content marketing, and proper social media manipulation.
Inbound Marketing drives clients directly to the seller. With pay-per-lead options, potential clients will go to another organization’s site, and the leads you’ll purchase will be from them. There’s a curve where initial costs and dependable sales can equalize, and sales can even increase based on this approach; but if your organization doesn’t have the initial momentum, this equalization may not be achieved, making it a more risky venture for a beginning business.
What a lot of organizations managing properties do is combine both methods. When inbound marketing and pay-per-lead techniques are correctly combined, there’s a sweet spot that will continuously generate property management leads in a positively quantifiable manner.
Get Involved, Managers!
There’s nothing that will drive a team like a business manager who actively encourages his team to generate new leads, and himself gets in on the work as well. There’s nothing that will sap the energy out of a room more than a business manager who could care less, and doesn’t look at lead generation as his or her responsibility. All these things are especially true in the digital realm. When you’re a hands-on, available kind of manager, even if the salespeople underneath you don’t fully understand the marketing trends you’re trying to establish, they’re more likely to positively facilitate them. The advantage of the internet is that regular sales can be increased from the office without ever setting foot beyond it. That can also rot the office from the inside out, if there’s a bad apple leading the team. As with the previous point, balance is key. While it’s difficult to be too hands-on, there is such a thing as micro-management. While with certain teams nothing can be done without micro-management, with many this kills morale. Salespeople need autonomy, and they need direction. Think of them as teenage children, but don’t ever tell them that!
A Selling Process Proven Effective
It’s as costly to miss out on an obvious lead as it is to refrain from chasing a hard sale down, and a poor sales model will let either slip through the cracks. You have competitors, and they are slathering for any lead they can get. Don’t let them get it; starve ’em out! Use a process that allows you to jump on a lead in less than ten minutes. If you can hone it down to five minutes or less, that’s ideal; but it may not be possible. In general, if you can jump on a lead in under ten minutes, provided the agent handling it isn’t a complete Magoo, you’ll be able to count that lead as an asset.
One well-known item for ensuring lead conversion is effective follow-through. Perhaps they’re not interested in talking now. Is this the perspective they’ll always have on the management of their property? Maybe in future something will change their minds–you don’t know! So follow through! Statistically, there will be a regular number of conversions that can be acquired through this process; but be advised: your sales team will not like it. Such follow-through bears a striking resemblance to outbound calls, and those are a son-of-a-gun to make for anyone in the business. Be an example. Make the first few follow-through calls of the day.
On that note, be sure and track everything. It’s impossible to tell how effective certain practices are if you don’t have any numbers to back up your suspicions. Follow through calls will generate a statistical average of conversions, but how many agents do you have conducting said follow-through calls, and how long are they on the lines for? A typical lead is $4,000. If you’ve got three guys on the phone all day and only one lead is made, then even if they’re paid fifty dollars an hour for twelve hours a day, you’re still looking at a $2,200 profit. But if you’ve got forty ten-dollar-an-hour people on the phones during a ten hour day, and there’s only one follow-up lead that goes through, then all you’ve done is make back the cost of employing the agents. So keep solid metrics to let you know what practices work best, and which ones should be excised from regular operational use.
Reputation, Reputation, Reputation
Last but not least is reputation. It doesn’t matter how good everyone on the team is at sales, it doesn’t matter how much you spend on marketing, it doesn’t matter how good your metrics are if your reputation is in the sludge. Managing a property is an investment for the client, and they need to know the agency they’re working through is trustworthy. So spare no expense preserving reputation.