Marketing for a Property Management Company

Property management companies do more than just the typical day-to-day tasks.  To be profitable as a property management company, property managers must raise the stakes a bit.  Marketing efforts become crucial for a property management company to attract the right tenants for a profitable price.  If your current marketing efforts are falling flat, consider revamping a bit.  Here are a couple of tips on updating your marketing plan:

Perform a market analysis

Perform a market analysis to help you accurately measure where your properties stand in the marketplace.  Through the analysis, find out if your rental pricing is within range.  Look into units, homes or apartments that are similar to your rental property.  Take into consideration how your unit stacks up in terms of space, number of bedrooms and bathrooms, floor design and overall square footage.  Also consider how you compare to others in terms of the features that your rental offers such as gated parking.  Make sure you assess how you can make your unit more desirable.  If you come across features you feel your rental should include, think about how you can make that a feature of your own rental.  Perhaps you see a unit that has a great feature like a gym and your rental does not feature a gym.  Consider sticking a gym in your property.  When you go to market your property, having a new gym will give you the ability to lure renters in who want that bonus feature.  It's a great way to interest buyers.

Assess effectiveness of tactics

Assess the effectiveness of the media you have been using to advertise your vacancies.  How do you feel about the ads you have been placing?  Is the headline strong?  How are the design and copywriting?  Do the words capture the attention of a prospective tenant?  Does it highlight the features of your rental space?  Is there a clear area where a prospective tenants can see how and where to contact you with questions?  Does your website provide accurate, relevant information and online applications for prospective tenants?  Have you pursued other marketing avenues such as providing brochures to agents?  Once you have assessed the ads you are putting out, consider the vehicles that you have been using such as newspaper advertising versus online advertising.  Assess which one is more worth your time and money and don't be afraid to scrap what is not working for you.  

Use marketing materials to your advantage

Assess costs on repairs and maintenance over the past year or two.  This information will help you analyze what the cost is for maintaining each unit.  Armed with information, create a marketing strategy to get your tenants' help in reducing costs.  Assessing costs can help you discover ways to lower expenses on things like appliance repairs or plumbing.  Give tenants tips and advice on what they can do to help out.  Put marketing materials to good use.  Consider creating a monthly newsletter or e-blast to distribute to tenants featuring different ways they can help.  Feature topics like cutting down on heating, air-conditioning, or electricity use.  Money spent on great, informative marketing collateral can help you save big in the end.

Looking for more tips on performing marketing for your property management company?  Feel free to comment below or contact us.