#6 Strategies to Ripen Your Rent Roll
There’s no doubt 2020 has been a year we won’t forget anytime soon. COVID-19 has led us down a path of economic uncertainty, huge debt and escalating unemployment rates. For some real estate agencies, these challenges have forced them to pivot in ways that would once be deemed unimaginable in order to stay afloat.
Despite the unavoidable economic outcomes, there are still some opportunities to grow your rent roll and cement loyalty from existing clients and customers. Success will come to those who see the opportunities, whilst their competitors only see obstacles. So, how do we create growth in such uncertain times?
1. Nurture the relationships with your existing clients and tenants: Many of your current landlords are anxious about maintaining an income on their investment property, particularly if they’ve been impacted financially. The ‘fake news’ and scaremongering surrounding the property market has undoubtedly caused anxiety and stress with investors and real estate professionals alike. As property managers, it’s time to become educated on the facts – what do the new regulations mean, how does it apply and what impact does this have on your clients and tenants? The REIQ have been at the forefront in providing daily updates across social media, via webinars and online toolkits – use these in order to provide educated and regular updates to your clients and tenants. Communication that’s delivered clearly and concisely will allow you to be viewed as a proactive property manager and expert.
Don’t forget to keep your tenants just as informed as your landlords. Whilst it’s good service, it will also help you grow – after all, many tenants are investors themselves. Rentvestors and clients will rave about your services and support if they’re impressed by your level of customer service. In turn, they’ll become your promotional campaign for their friends and family. If you’re not already managing their investment properties, they might be inclined to switch over to you – especially when other agents are failing to keep their tenants in-the-know as we continue to navigate COVID-19.
2. Use the power of social media: Facebook, Twitter, and LinkedIn are the three best places for a property manager to start with and maintain a solid social media presence. Posting news and helpful articles about the rights and obligations for landlords and tenants as well as practical videos on how to facilitate negotiations between landlords and tenants will help build your audience. You should also consider joining LinkedIn and Facebook groups, forums, and educational communities to listen to what’s happening in the landlord sector. You will also get the opportunity to get your name out on social media by answering questions asked by landlords.
Don’t be scared to use Instagram either. While it’s often dubbed as the less-serious platform, it can be a fun way to engage with your clients. Take a look at the Solutions Property Management Instagram as an example – their fun, relaxed posts (especially featuring Cliff the Skeleton) allow their followers to get to know the team behind their agency. Let’s face it – the last few months have been tumultuous, and people are looking for some light-hearted content for a reprieve from reality.
3. Partner with accountants, financial planners and other relevant affiliates: Associate with other professionals involved in the investment property business. These professionals are being inundated with questions from their clients around COVID-19 and their investments. By developing a relationship with these professionals you can become their go-to for advice which will hopefully result in referrals.
4. Attend industry catch ups (virtually, of course): Attend as many meet ups and networking events as much as you can. They don’t always have to be property management events. Attending events outside of the scope often means you might be one of the only property managers in attendance, so it’s your chance to showcase your expertise and field any questions around property management and more.
5. Put yourself out there: You’ve probably noticed a theme throughout this article – and that’s in order to grow your rent roll, you must establish a presence and reputation for being an expert. So, put yourself out there. How? Whether it’s developing a blog that’s useful for tenants or landlords, asking to be a guest speaker on a property podcast or simply reaching out to leaders in the industry and asking them for a (socially distant) coffee, putting yourself out there can only prove to be fruitful – especially if you’re the only one creating post-COVID-19 content for tenants and landlords.
6. Brainstorm with your team: Sometimes, the best ideas come from within. Sit down (virtually or otherwise) with your team and discuss any strategies they may have about developing the business and rent roll. You’d be surprised at how many ideas your team has, that haven’t even come across your radar.