Effective Ways to Boost Your Property Management Portfolio
Whether you own a well-established property management company or seek ways to grow your business as a newcomer, we’ve put together effective ways to boost your property management portfolio to attract new owners and increase cash flow.
Bring In More Owners
How can you grow your property management business? The obvious answer that first comes to mind might be to increase guests. Another way to boost your property management portfolio is by bringing in more owners. Nurturing both streams of revenue can simultaneously grow your business, but we’ll focus more today on how to increase your owner portfolio.
What’s the first step in acquiring new property owners? First, you’ll need to listen and discover the needs of short-term rental owners and develop a plan to get those needs met. You can conduct research on the needs of owners through surveys or online forums. You may also want to attend networking events or conferences to connect with owners in person.
Answer some of the following questions when considering the needs of property owners:
– How does your property management business protect the owner’s property investment?
– How does your company ensure consistent cash flow through bookings?
– How does your business maintain good communication with property managers?
Once you have a clear idea of the needs of property owners, you’ll want to determine the current gaps in the market that you can fill. In other words, what makes you stand out as a property management business? This involves realizing your niche and how you can satisfy the specific needs of owners better than competing property management companies.
Building Your Brand
Once you’ve identified your niche, you’ll want to develop branding that clearly communicates it to owners. Branding should include visual elements such as the logo and color scheme but branding should also come across in messaging. Prospective owners should be able to clearly understand your brand at a single glance and realize how you can help meet their needs more than any other property management business.
Developing a Portfolio
To help attract more owners to your property management business, you’ll want to put together a list of existing properties that you already manage. You can use this to present to prospective owners and give them an idea of your expertise. Make sure to present your brand in a professional way that looks like a success story to convince more owners to join your portfolio.
Getting your name out there can take some time. Referral programs give current owners, influencers, and local associations incentives to find new properties to include in your portfolio. Take City Relay: The London-based property management business offers extra money and waves commissions for referring hosts. The key is to stick with a straightforward promotion that participants can easily understand.
Plan an Event for Property Owners
Organizing a get-together with all property owners helps in building a sense of community within your business and further strengthen relationships with your hosts. Inviting local associations and influencers can also provide networking opportunities for all or a chance to educate hosts on the latest trends in the real estate market.
Property Protection Plans
Show property managers that you have their backs with protection plans. Companies like FBM Holidays offer owners the option to purchase insurance for their holiday rentals through Property Care Scheme. Protection plans cost an additional service fee but cover expenses of damage or replacement as well as cleaning costs. This can also present upselling opportunities to get a little extra cash flow for your property management business.
Integrating your business strategy with property management software will help better manage rentals and increase cash flow. Revenue management tools like Beyond Pricing, PriceLabs, or Outswitch use real-time market data to suggest nightly rates based on current supply and demand. In this way, you can charge the ideal rates to maximize revenue while staying competitive.
Owner portals represent another type of property management software that improves communication with hosts. This tool allows a property management company to create profiles for each owner in their portfolio and keep track of important details. You can keep owners updated through their portal with push notifications, share important documents, and send monthly statements. Meanwhile, owners will enjoy a well-organized experience and high-level of customer service. This will make owners more likely to recommend your property management business to others, unlocking the potential to build your property management portfolio organically through word-of-mouth.
Partner with Other Hospitality Companies
Partnering with hotels and other hospitality companies can bring a big boost to your business. Hotels looking to invest in a property management company will make a great match and help expand your network. For example, the recent pairing with Marriott International and Hostmaker or Châteaux & Hôtels Collection and Airbnb.
Build a Good Reputation
Positive reviews online or offline can help promote your property management business and build a strong reputation. Your owners will likely be happy to take a few minutes to leave a positive review on your behalf on your website, listings or social media pages. These first-hand recommendations can help attract new owners to join your management portfolio.
Get the Word Out with Effective Marketing Materials
Once you have come up with all these great methods to boost your portfolio, you’ll want to make sure owners hear about them. Marketing materials provide a way to show all the perks of joining your property management company. Ideas for effective marketing materials include blog posts, targeted ads on Google and social media, or downloadable ebooks and thought leadership content.
Marketing materials should include standout features of your business like how you leverage property management software to maximize profits, offer referral programs, host events, or cover owners with protection plans. Perks like these will give owners incentives to list their property with your business and you’ll have your portfolio growing consistently with new property listings.
About the author: Originally from Pennsylvania, Allison Dienstman lives as a digital nomad working as a freelance writer. Her travels over the past decade have taken her through China, Israel, India, and Europe. Allison also enjoys yoga, paddleboarding, cooking, and having a laugh with friends.