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Proven Property Management Lead Generation Strategies You Can Use to Get More Clients
Want to grow your property management company?
So you have a property management company and you want to grow?
You have come to the right place for the most comprehensive and up-to-date list of marketing ideas and lead generation strategies with actionable steps you can take today!
We are going to outline a wide variety of strategies for generating rental property owner leads so that you can find (or be found by) owners who need your property management services.
[Don't want to read? Check out the video blog instead]
Property Management Leads Fall Into Two Categories
1. Actively Seeking/Interested
These rental owners are already actively looking for a property manager. You want to be found by those people the most, because they are the hottest leads who are already looking to sign up with a management company (you of course).
2. Self Managing/Unaware
These rental owners are self-managing their property and might not even be aware of the option to hire a good property manager, or they are flat-out not interested in this option. These are people you can try to reach as well, but you'll likely have to do a lot more ground work and convincing to get them to sign up (we'll show you these methods).
First, let's calculate what a client is worth to your business so you can make the right decisions.
What are new clients worth to your business?
Before choosing what leads to go after, it's pretty important to understand what the value of a new client is to your property management business.
Different ways of getting leads come with different costs, and you want to know what makes most sense for you.
Here is how you calculate the profitability and lifetime value of a new property owner client:
Let's say that your average management fee per client is $100 per month, and on average, clients will have you manage their property for 4.5 years.
Multiply that $100 per month x 54 months (4.5 years).
That total income over 4.5 years comes to $5,400. Meaning on average, a new property owner client is worth $5,400 in revenue to your business.
If your average profit margins on managed properties are 80%, that would mean your pocketed profit for an average property management client is $4,320 ($5,400 x 80%)
Meaning, a new clients lifetime value is $4,320. This leaves you a lot of room in the budget for what you can spend on property management leads, also known as client acquisition costs (CAC).
Using the example figures above, even if you spent $1,000 to get just 1 new property management client, you would still profit massively ($3,320).
What does this mean?
It pretty much boils down to the fact that these leads are extremely valuable to your business.
Now that you understand this, let's quit with the nerdy stuff and get into the actual strategies you will be using to grow your business eh?
How to get more property management leads and clients
The type of leads you want to target and the amount you have to spend on lead generation will be different depending on what stage/size your business is in.
Larger established firms might have larger budgets and more resources they can allocate toward this.
Smaller companies that are just getting started might focus on some other strategies that are less expensive but more time intensive.
Because every company is at a different stage/size of their property management growth, we will separate our list of strategies into 3 categories:
Lead generation for new or struggling property managers (Managing 0-50 doors)
Lead generation for established or growing property managers (Managing 50+ doors)
However, there are a few growth strategies that need to be considered by companies at any stage/size, and we will talk about those first.
Critical Strategies for Property Managers at Any Growth Stage
No matter what stage your company is in, you can't ignore these first few. If you do, you'll miss out big-time.
Most prospective property owners will look at a few things without fail when they are looking for a property manager to hire, and if you don't check those boxes, you will simply lose a lot of lead opportunities to your competitors.
1. You Need a Stunning Website That Wows and Converts
What do we all do when we are considering hiring a company and we want to learn more about their services and if they are legit? We check out their website.
Property owners are no different, and they will without doubt want to check out your website, whether they found you online or not.
Your website is one of the first chances you have to impress potential property management leads and build rapport with them. Comparing the website headers below, who would you be more impressed with at first glance? Probably the modern design on the right.
Having an up-to-date website is important for your company at any stage, because regardless of your size, it's a huge factor that is going to build trust and confidence with potential property management clients, and make sales for you while you sleep (literally).
Action: Evaluate your current website compared to your top competitors, how does it stack up? If you don't have a website, create a plan and look at property management website options.
2. Getting Reviews and Improving Your Reputation Online
Along with taking a look at your website, prospective clients are also going to check out your online reputation. People want to know that they will be working with a reputable company who takes care of their client's concerns.
Which of these companies would you want to work with, based off of reviews?
Unfortunately for property managers, as you may already know, tenants are often the ones who feel unhappy enough to go online and voice their frustrations and complaints, whether justified or not.
Because of this, property management companies often have poor online ratings. You should see this as an opportunity to stand out by having a better reputation and rating than a lot of your competitors who are ignoring it this critical blind-spot.
If you are a new company and don't have a reputation, you are in luck
Start off right by asking happy owners and tenants to share their experience with an online review on your Google business listing, Yelp, or Facebook.
If you are an existing company and already suffer from a bad reputation
Start piling up more 5 star reviews from happy clients to increase your reputation and drown out the negatives. Respond to negative reviews genuinely, and try to be reasonable.
3. Contacting/Meeting Your Leads as Quickly as Possible
When you do have a property owner interested in your services, the faster you can move in on them the better your chances will be at getting them as a client.
Action: Aim to contact leads within 15 minutes, and setup a system for this to be consistent.
Strategies for New Property Managers (Managing 0-50 Doors)
1. Referrals from your current property owners
Referrals are often the warmest type of leads that take less effort and have a shorter close cycle. If they trust whoever referred them, there won't be much selling you have to do. Your client was essentially acting for you as a salesman, and you just have to finalize the deal.
Although referrals don't usually flow in abundantly, they are a great way to pick up some new doors to manage here and there.
Action: Create an incentive plan for your existing clients and be sure to remind them of it from time-to-time. Offering to waive their management fees for a month or two is an example.
2. Loop in your family and friends
Your family and friends are another resource for potential property owner connections.
Don't go overboard, but make sure your family and friends know about your property management company's services and ask them to mention you to anyone who could use help with their rental property or properties.
You probably don't need to offer a referral fee in this situation, but you could consider it to give them extra incentive for sending you more rental property owner leads.
Action: Tell friends and family about your services and how you can help their friends/family
3. Real Estate Agent Referrals
Real estate agents are always shaking hands with investors who buy and sell rental properties and investments.
Some real estate agents don't offer property management services, and they could use a trusted partner who they can refer these rental property owner leads to.
That's where you come in.
You would connect with real estate agents and offer to pay them a commission (referral fee) for each property management client they bring to you. Some states have limits on how much these fees can be, so check your local real estate laws.
Action: Make a list of local real estate companies. Call them to ask if they offer property management. For those who don't offer property management, drop by their offices personally with some flyers or business cards and speak to agents in the office about your lead referral program.
4. Cold Calling "For Rent By Owner" Rental Listings
In the United States, there is a bit of a problem when it comes to awareness about the property management industry.
Most rental properties in America are self managed, either because property owners don't know about property management or because they don't trust property managers. That's a lot of properties out there waiting to be managed. The problem is, how to make these people aware of good, reliable property management services?
One way is to browse local rental listings and cold call landlords.
When cold calling property owner leads, make sure to offer something valuable for free to get their attention. You could offer a free rent price analysis to see if their rent is below market rates.
If they can make more money by hiring you and have no stress, what is there to lose?
Action: Browse local "For Rent" classifieds and cold call the Landlords to gauge their interest in hiring a property manager.
5. Partner with businesses who serve Landlords
There are a handful of different businesses and services that Landlords and investors will use from time-to-time. Connect with these businesses and offer a referral fee to them for any property owner leads they send your way.
Action: Contact local business like these about your property management referral program
Real Estate/Landlord Law Attorneys
6. Landlord/Investor Groups on Facebook
Find local landlord and rental property investor groups on Facebook and join them. Try to be active and don't be too "salesy" since it will do more harm than good.
Just strive to answer peoples questions with real valuable info when you can and make sure that your Facebook profile is updated with your property management company info and business page, website link, etc.
People will start to view you as a trusted resource. When the time comes, they would likely turn to you for help, and if they had someone they know who needed a property manager, they would likely send the lead your way.
Action: Join the more popular Facebook groups in your area and be a helpful contributor for the questions and topics being discussed.
7. Network with local rental property investor clubs
Find local networks who meetup to discuss rental property topics and real estate investing.
These are your ideal clients, and by rubbing shoulders with the people in these groups you can make connections that will turn into leads and prospects down the road when they decide they need an extra hand managing their rental properties.
Action: Go to meetup.com's real estate investor groups area and find groups near you. Join them and find out about meetings and how you can get involved.
Lead Generation Strategies for Property Managers Who Want To Scale Their Business (Managing 50+ Doors)
1. Create a content marketing plan for your website
Creating helpful, unique, in-depth website content and blogs that answer property owner questions is a great way to generate inbound Landlord leads for months and years to come.
In order to do this, you are going to want to create informative content that is based on the local keyword "search phrases" that local property owners are searching for online.
Creating the right content and doing it the right way is absolutely critical. This is a major foundation or your marketing campaign and you can't afford to do it wrong.
Action: Create "SEO friendly" content by following these guidelines below
Answer real questions property owners have with helpful info
Focus on your target audience and your keywords
Provide real value, give people helpful info they can actually use (like in this article)
Go long - Longer, descriptive content is loved by search engines
If you need help, work with a company like Goodjuju (us) that specializes in doing this the right way for property managers.
2. Search Engine Optimization (SEO)
Remember when we talked about being found online by the property owners who are actually ready to hire a property manager, and "actively seeking"? That's where SEO comes in.
Being found on Google by property owners who are actively looking to hire a property manager is the ideal type of inbound lead. All you have to do is sit and wait. People come to you. No chasing down Landlords at meetings, no begging for referrals, no cold calling.
SEO gets you found by property owners online in two ways: Local results and organic results
Local "map pack" result
Each of these requires a lot of different in-depth strategies and knowledge, both being equally important places you want your company to be found for local searches.
SEO is a long term strategy that pays off majorly with organic traffic, clicks, and leads for months and years to come, but it's not an overnight ordeal. This is an investment into your business.
Action: If you are just getting started and don't have the budget, focus your efforts elsewhere for now. If you are a growing company who wants to scale in the coming months and years, you need to consider working with a company like Goodjuju who does SEO for property managers.
3. Run Paid Ads on Google
Another way to be found by property owners who are looking for property management is to run Google advertisements that will show up in the search results when someone types in something related to local property management.
Google text ad example
You can choose what specific Google searches your ad will be shown for, like:
"property management in (city or county)"
"property management company in (city or county)"
"property managers in (city or county)"
You only pay when someone clicks on your ad. When they click on your ad, they will go to a landing page on your website.
Google ads are great lead generation strategy for property managers but you need to make sure you know what you are doing with keyword types, negative keywords lists, ad copy, and optimization or you will waste a ton of money on wasted ad clicks that you don't want.
Action: Create a Google ads account, campaign, ad set, and ad to send traffic to your landing pages that are setup to target those clicks.
4. Advertise on Digital Billboards
Usually advertising on a billboard would be extremely expensive and require long term time commitments, but the digital age has brought out some cool new opportunities for business owners.
You can advertise your property management company on a digital billboard at surprisingly affordable rates, and there are no long term commitments. This might be an interesting strategy to increase your brand awareness and exposure.
Action: Look at some different digital billboard advertisers and see if there are any options in your area and what the pricing would be. This is not necessarily going to generate leads, but it's going to create brand awareness.
5. Wrap your car with your branding and company info
If you are driving around town all day meeting property owners and tenants, let your car be a moving advertisement while you are stuck in traffic.
Action: Find a local company that does car wrap advertisements and see what options they have for you and your property management business. Similar to the billboard, this is not necessarily going to generate leads, but it will help you build more brand awareness.
6. Buy a company's property management portfolio of clients
If you have a large chunk of change and you want to get a lot of new property management clients quickly, you could offer to buy portfolios from other local property managers who either want to get out of the industry or offload their workload.
Action: Reach out to the Broker/Owner of local property management companies and gauge if they are interested in selling all or some of their porfolio.
7. Run Facebook Ads To Rental Owners and Investors
Because Facebook has so much personal details about everyone on their platform, businesses can target their advertising pretty specifically to get their advertising in front of certain people.
Action: Craft a Facebook ads campaign to target property owners or real estate investors.
8. Email Marketing to Your List of Property Owners
If you have a list of property owners that you have compiled from website forms or other lead magnet strategies, you can develop a sequence of emails that go out periodically with updates and local property management related info. This will help you stay on these owners minds so that you can be the first person they think of when they have a question or need help managing their rental property.
Action: Create a list of topics you can write email updates about. Manually email your list monthly or bi-weekly. To automate things, use a CRM that will send scheduled email sequences.
10. Increase conversions with videos
People tend to hire companies they feel stronger connections with. Rental property owners are no different.
To create a more personalized experience and build more trust with your prospective leads, having videos on your website to introduce your company, your people, and your services is a great hack that you can use to maximize your brand confidence and trust. There are also SEO related benefits because people will be spending more time on your website pages on average and this is a metric search engines like Google care about.
Your videos don't necessarily have to be expensive, you can film them and put something together yourself if you don't have much of a budget (but the more professional the better). The most important thing is being genuine and building a connection.
Now you are ready to take over the world (or just get some leads)
These property management lead generation strategies really do work if you put in the time and effort or hire a professional to take care of them for you. Contact us at Goodjuju if you have any questions or need help generating property management leads.
Choose which tactics and strategies make the most sense for you and your business and dive right in, head first. Download our free lead generation checklist, print it out, and get started.
Seriously, what are you waiting for?
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Hear from our client Seth with Five Seasons Property Management in Vermont and how Goodjuju helped them totally transform their online presence and google traffic in a few short months.
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Charles from Valiant Realty and Property Management explains how we have put his company on the map and helped him set his company up for more leads and growth
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We have been using Landon and Goodjuju for our Property Management SEO for the last several months. Our rankings have gone up significantly since that time. Landon responds promptly to any communication that we have.
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