Whether you’re a seasoned property manager with an impressive portfolio or a beginner, you want to grow your rent roll and increase your monthly rental income. Right?
The good news!
Fortunately, there are countless rent roll growth strategies scattered over the web.
But the question is what actually works? Which strategies help deliver real results effectively in a hassle-free manner?
This article shares several time-tested rent roll growth strategies that really work.
Nurture potential landlords and stay in touch with existing tenants
Around 18 percent tenants own investment properties, and the total number of investors owning multiple investment properties is growing year by year.
It means your rent roll could have lots of tenants and investors who own own multiple investment properties.
Nurture your existing contacts to develop a relationship based on trust, respect, and quality of your services. The best way to do so is sending regular email marketing campaigns. When your clients try to considering hiring for new properties, you’ve already put yourself in the best position to be their first choice.
Leverage the power of social media
Facebook, Twitter, and LinkedIn are the three best places for a property manager to start with social media. Post interesting news and helpful articles to build your audience, including other property managers, landlords, and tenants.
Join LinkedIn groups, forums, educational communities, and Facebook groups to listen to what’s happening in the landlord community. You will also get the opportunity to get your name out on social media by answering questions asked by landlords.
Stage your properties for inspections
Presenting all your rental properties well during inspections will gradually establish you as a caring, professional, and responsible property manager. Undoubtedly, it incurs some expenses. But, it will pay off and help you find tenants for your properties quickly and keep your landlords happy, leading to more rental properties and increase income for the business.
Advertise your business online
Google AdWords is the best way to target potential clients in your area. If you’re an expert in AdWords too, do it yourself. Otherwise, it’s best to employ a digital marketing agency or professional to help out with online marketing activities.
Second, YouTube video ads or Facebook ads can drastically boost your profits and grow your rent roll. Advertising online is one of the cheapest ways to achieve huge traffic to your business.
Use excellent photography and videos in your listings
Great, high definition photos speak volumes. Invest in photography and landlords will soon ask to do the same for their listing their properties.
According to a 2013 Google/NAR study, properties listed with videos get more inquiries than the listings without videos. Videos in your listing can be a great selling point. It makes your listing noticeable and helps get the properties rented out right away.
Partner with tax agents and accountants
Associate with other professionals involved in the investment property business. These professionals, generally, involve project marketers, buyer’s agents, tax agents, accountants, mortgage broker, lawyers, etc.
Chances are these professionals will recommend you to their clients when they want to invest in property management.
Attend industry events
Attend exhibitions and events as a guest or an exhibitor. Don’t forget to walk to these events with business cards and make your first impression memorable. Attend meetings to network with people with similar interests to you in your area. Focus on developing a friendly relationship with these people and start with exchanging ideas, instead of pitching your services right away.
Approach a business development manager (BDM)
BDMs are not just advertising agencies! The major responsibility of a BDM is to take care of all the networking needed for the growth of a rent roll and potential customer based. It allows you to focus on existing clients and offer them fantastic services.
The final note
Stay flexible in your pricing for every rent roll growth strategy mentioned above. For a client with multiple properties, be flexible in your price and negotiations. Don’t make them feel like you nickel-and-dime them at every turn.
Looking for more ways to improve your efficiency as a property manager? You can use Bricks+Agent’s property maintenance software. Simply get in touch with the team for a complimentary demonstration.