If you’ve been in this business for a while, you’ve probably noticed how competitive property management has become! It seems that everyone is a Property Manager! It’s a much bigger challenge than it used to be, to attract and keep a good client base. A solid marketing campaign, consistently applied, will set you apart from your competition.
Here are a few proven tips…
- Make sure your name and photo are on all advertising pieces. We humans are visual creatures. We’re more likely to remember your face, than the name of your company, or specifics about your business model.
- Your website must be well-designed and user-friendly. It does not need to be fancy, with a bunch of bells and whistles. It just needs to work. Navigation should be intuitive. Many industry organizations, including the National Association of REALTORS®, have concluded that real estate consumers use the internet in their search for services.
- Postcard Mailings – Yes, I know this seems counter-intuitive, but the effectiveness of “snail mail” campaigns is making a comeback! Target your mailings to the specific property type and geographical location of the portfolio you want to build.
- Establish yourself as the expert. Often. Write articles for your local paper, appear as a guest speaker on local radio or TV real estate shows. Offer to be a ‘guest blogger’ on property management-related websites. Very often, these outlets are looking for content and guests. If your name and expertise is repeatedly demonstrated, you will soon become the in-the-know expert, in the minds of not only potential clients, but to others who may send referrals your way.
- Network, network, network. Be true to yourself in this effort, however. Don’t join organizations simply because you think they might be good for your business. Your lack of commitment and enthusiasm for the goals of the organization will be apparent, if your only motivation is to grow your business. Get involved only in groups that reflect your values, views, and goals.
- Speaking of referrals, work them! Current clients, tenants, vendors, family, friends, and business associates are all great referral sources. You just need to ask! And then, when you get a referral, follow up promptly! And, don’t forget to thank the referring party for thinking of you. This goes a long way toward building solid relationships.
These ideas will help you get started on your marketing campaign. For other ideas, take a look at what your competition is doing. Is there something you can do better? More effectively? Remember than an effective marketing campaign must be based on specific (and measurable) objectives – increasing awareness of your company and services, establishing your brand, generating inquiries. The campaign should reflect the needs and wants of your audience, rather than your own ego. Lastly, your successful marketing campaign must be focused and simple. Limit your marketing to one or two ideas, and you stand a better chance of getting your message across.
Clear objectives, a well-defined audience, strong yet simple design, and consistent implementation will all ensure your marketing campaign gets you to your goals.
Do you have a marketing tip to share with the property management community? If so, please do so by leaving a comment on this post. Thanks for reading!
As property managers, one of our most important responsibilities is to oversee the maintenance and repair of the homes we manage. In fact, most states’ laws address this, in one form or another. For example, Nevada law, in its Property Management licensing section, states:
NRS 645.019 “Property management” defined. “Property management” means the physical, administrative or financial maintenance and management of real property, or the supervision of such activities for a fee, commission or other compensation or valuable consideration, pursuant to a property management agreement.
(Added to NRS by 1997, 954; A 2003, 932) (Emphasis added)
Despite guidance of both law and “common sense,” too often, our responsibility for overseeing the physical maintenance of the properties we manage is handled in a reactive, rather than proactive, manner. We wait for something to break, as opposed to thinking ahead and planning for maintenance and repair, before things go wrong. In upcoming posts, we’ll explore residential property maintenance, from the property manager’s perspective. Continue reading
With so many of our owner/clients falling into the role of Landlord by chance, rather than by choice in the last few years, it’s no wonder we’re facing challenges gaining their loyalty. Often times, the rental property owner doesn’t have the slightest clue how to manage such an investment. In many cases, the property wasn’t originally purchased as a rental. The investment strategy, if one exists at all, is vague and constantly shifting.
A single expense, a “bad” tenant, or a month without income, and the “Accidental Landlord” panics. “How am I going to make my mortgage payment?” “I can’t afford to pay for that!” Does this sound familiar? Before you realize what’s happening, this property owner is moving on to what he perceives as greener pastures, with another property manager.
Gaining client loyalty is one of the greatest tests of a property manager. Without that loyalty, we cannot succeed. How can we, as professional property managers, create an environment in which the owner/client trusts us enough to remain loyal, even when management difficulties arise?
It starts before the contract is signed… Continue reading
As successful property managers, we quickly learn the importance of streamlining our policies and procedures, by establishing methods to save both time and effort. The profit margin in this business is tight, and if we fail to employ standardization and time-saving strategies, we’ll never succeed. I’ve noticed the average burnout time for most new property managers seems to be about 2 years. That’s how long it takes to realize it’s not a money-making business, unless we have policies and procedures in place that make the job doable.
New updates have been made to my Nevada Schedule of Classes and Workshops. Each course title links to more information and registration:
The finishing touches have been applied, and it’s ready to go! A brand new class entitled “What’s New in Fair Housing: Cases, Settlements & Trends for Property Managers” is the result of many months of research, analysis, and compilation of information about the steadily-evolving trends and cases around the Federal Fair Housing Act, today. As a property manager, you’re undoubtedly aware of the huge impact this body of law has on our industry. Still, you may find yourself confused about such things as
- The differences between a “service animal,” “therapy animal,” “companion animal,” and “assistance animal.”
- What you can and cannot ask a prospective resident about his or her disability.
- Whether you could be held liable for a discriminatory statement made by someone else.
- Whether you can continue to use the same tenant qualification criteria you’ve always used, without risking a fair housing claim.
This course was designed as a 3-hour program, but can be extended to as many as 6 hours, depending on the needs of your organization. Believe me, there’s plenty of information to fill the time!
Not only will this class be an eye-opener for all who attend, you’ll actually take away some very practical tools for use in your day-to-day business – stuff you can put to work for your company right away!
Want more information? Ask away, by leaving a comment below!
Hot off the presses! The U.S. Department of Justice just announced a settlement with a Reno, NV apartment complex regarding the management’s treatment of residents with assistance animals. From the DOJ’s press release:
“The department’s complaint had alleged that the owners, employees and management company of Rosewood Park Apartments violated the Fair Housing Act by limiting individuals with certain assistance animals to a particular section of Rosewood Park Apartments; subjecting such individuals to pet fees; requiring assistance animals to be licensed or certified; and barring companion or uncertified service dogs altogether.”
The settlement in this case was $127,500, payable to a family who was denied housing (because of their assistance animal), Continue reading
I can’t quite put my finger on it, but something’s just not right…
Whether you inspect your occupied property management homes annually, semi-annually, quarterly, or more often (Careful here! How does your state define ‘harassment?’), you undoubtedly use a form for that purpose.
Is there a perfect form for an “interim inspection” of a rental home? Maybe. But, in most cases, the property condition issues vary with the locality and climate. Would you stress AC operation and maintenance a bit more strongly in Las Vegas, than you would in Bozeman, MT? Probably so.
The art is not in the form itself. It’s in knowing what to look for – with your own inventory, with your particular geographical location and weather conditions.
Short, and sweet, Nevada’s AB 194 was passed by both houses of the legislature, and signed by the governor this week. It becomes law on October 1, 2013.
The new law specifically calls for criminal liability for renters who willfully damage or destroy the rental property:
“This bill clarifies that a person who holds a leasehold interest in the real property of another person may be criminally liable for the willful or malicious destruction or injury of that real property.”
The text of the bill is nice and simple:
“THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Section 1. NRS 206.310 is hereby amended to read as follows:
206.310 1. Every person who shall willfully or maliciously destroy or injure any real or personal property of another, for the destruction or injury of which no special punishment is otherwise specially prescribed, shall be guilty of a public offense proportionate to the value of the property affected or the loss resulting from such offense.
2. It is not a defense that the person engaging in the conduct prohibited by subsection 1 holds a leasehold interest in the real property that was destroyed or injured.”
Tip for Nevada Property Managers: This might be good language to add to your residential and commercial lease agreements, as a deterrent to willful property damage. At the very least, you’ll want to remind your tenants of this provision of law if you become aware of any tenant-caused damage to the property.
This is a revival of a post from a few years ago. I’ve had a couple of emails recently from property managers across the U.S. who are dealing with this issue right now, and they’re looking for answers. So, what does the property manager need to know (and do) when a tenant of ours dies in one of our rental units?
Yes, I know. This is a rather depressing topic. Not something we ordinarily want to discuss. Yet, if you’re in this business long enough, eventually, someone’s going to die in one of your rental units. It happens. In my 30+ years as a property manager, I’ve had three deaths. The first was a drug overdose; the second a “peaceful” death, and the third was suicide.
No matter the circumstances, there isn’t anything much more disturbing than to find a dead body in an apartment or rental house you manage. The event can haunt you for months. At the moment you discover the death, it’s easy to make critical mistakes – confusion takes hold, and we don’t always think clearly about what we should be doing.
Following are a few guidelines to help you deal appropriately with a death in one of your rental units: Continue reading