How to Grow Your Property Management Company
Like any venture, a property management company can get stuck in the doldrums. Sometimes, it feels like there’s no way you could attract more clients and put some wind back in your sails. With the right strategy, however, you can turn things around and build up a new head of steam. All it comes down to is taking a series of brave, decisive actions.
Whether you’re operating a small property management company or a massive business with hundreds of multifamily units, your success depends on how you market and manage your brand. A poor name can hold you back for years, and a subpar website will detract from your business’s potential success. Overly demanding, profit-draining clients can also make it impossible to expand. Luckily, all of these problems are solvable with the right mindset.
To grow your business, start by focusing on three simple tasks:
- Intelligent branding
- Revamping your website
- Taking on the right clients
If you take care of these key elements, your property management company will be set to flourish.
All businesses need to secure and maintain a sound reputation to succeed. The first step toward winning people over to your business is developing an attractive, memorable brand. If you do a good job with your branding, you’ll make it easy for people to discuss and recommend your business. With a few simple tricks, you can ensure that branding is a strength rather than a weakness.
Choose the Perfect Name
Your brand’s name is the first thing most potential clients will hear about your business. If you don’t put significant thought into the name, you’re missing a massive opportunity to maximize your brand’s potential. Avoid generic names that will make it easy for people to confuse your business with competitors. Also, make sure you put “property management” rather than “real estate” in the name. That way, people will immediately understand your business’s specialty.
Procure Positive Reviews
Simply providing good service and waiting for positive reviews isn’t enough to build a strong reputation for your business. You need to be proactive about securing the type of feedback that will cast your company in a positive light. Develop a system for securing reviews from satisfied customers, and respond to any criticism you receive online. That way, you can control the conversation around your business.
Revamp Your Website
In the digital era, it’s imperative that your business has a solid, attractive website. Simply throwing some text up online isn’t going to cut it. Your site needs to show potential clients that your business is trustworthy, professional, and capable of serving their needs. By employing just a few simple tactics, you can make your site a magnet for the clients you need.
Include Images of Human Faces
We’re social creatures, and we all respond positively to real human faces. If your website has nothing but text and impersonal photos of multifamily homes, potential clients will perceive your business as cold and remote. Spice your web pages up with photos of smiling clients and employees. A few human faces will make a significant impression on visitors to your site.
Provide “Social Proofs”
While it’s great to talk up your business to potential clients, it’s even better to demonstrate that other people appreciate your services. Such demonstrations of competence, called social proofs, can come in the form of statistics, ratings from the Better Business Bureau, and client testimonials. Make these proofs stand out on your website so that all readers can see them and feel reassured. Remember, your goal is to make people trust your business.
Answer the Reader’s Three Big Questions
When somebody arrives at a business’s landing page, they generally ask three key questions. The first question is, “Does this business provide what I need?” By making it exceptionally clear that your business specializes in commercial space, multifamily units, or some other area, you can answer this question right from the start.
The second question is, “Why should I choose this business over others?” Much of your site’s copy should be geared toward subtly answering this question.
The third question is, “What should I do now?” You can answer this question by placing clear, distinct calls to action throughout the copy.
Place a Call to Action on the Homepage
If you describe your business’s strengths but don’t encourage readers to act, you’re leaving the job half done. Your site’s homepage should include specific calls to action, telling readers how they can begin working with your business.
Some calls to action are simple, like a link to a pricing page or a phone number with the words “call today.” You can also get more sophisticated with online forms and quotes. Whatever you do, make sure you give viewers some way to continue their journey with your company.
Take On The Right Clients
While growing a business is usually about adding clients, not eliminating them, there are times when it’s best to let certain pesky customers fall by the wayside. Some clients demand far more time and money than they’re worth. If you analyze your weekly expenditures carefully, you might find that a few voracious clients are gobbling up a disproportionate amount of your resources.
Not only might these clients be costing you more than you earn from them, but they’re also distracting you from growing your business in other areas. Try cutting these clients altogether, then focus on attracting the types of prospects who will truly help your business thrive.
Growing a business requires time, dedication, and a sensible strategy. You’ll never see improved results if you don’t change how you go about running your business. Luckily, the keys to success are no longer a secret. With smart branding, a killer website, and profitable clients, you can build a stronger, larger business.
Disclaimer: The views and opinions expressed in this blog post are provided for informational purposes only, and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action.