Building Our Rent Roll??

[jesskaye101]

I'm a licensed Property Manager and would-be investor (4 investment properties accumulated since 2003). I'm keen to grow the rent roll of the small boutique agency I contract to and I'm interested in any general tips/marketing ideas that other PM's can share.

Thanks in anticipation.

And on a side note - has anyone got any positive experiences they might like to share with respect to utilising a professional PM? I know there can be a lot of negativity surrounding this industry. I strive each day to be customer focused, it can be a thankless job at times but the days that I get to make a difference is what keeps me coming back.

 

[Simon]

I think that word of mouth is the best form of marketing.

You have to make sure that all of your landlords are thrilled with your style. Not just content but happy enough that they want to tell others.

Give them more than they expect. Bend over backwards to solve their problems immediately. Understate and over deliver.

 

[Jacque]

Hi Jess

What Simon said.... but also:

Don't manage too many properties so as to lose the "personalised" side of service. Far too many PM's I know have more than 150 properties on their books and in my experience this can be too much for a single PM.

Don't be too cheap with fees- focus on your wonderful service and points of difference that make your management worthwhile.

The best PM's I've hired have been the ones that I haven't had to "micro-manage" ie: they send out renewals on time, email or phone with 3 or 6 mthly report outcomes rather than waiting for me to "remind" them of when the next inspection is due, are active in promoting rental increases when appropriate, organise small repairs/renos when needed, are anal about outgoing inspections and bond refunds etc

Know the Act. With all the changes upon us given the recent review of the RTA the rules have changed and a competent PM will know them all and be able to act accordingly when the time is right.

Best of luck with it all- I think it's great that you're being so pro-active and seeking investors advice here

 

[JamesGG]

I think that word of mouth is the best form of marketing.

One of my old advisors used to tell me that the best way to get word of mouth referrals was to;

1. Do a great job (and Simon and Jacque have made some very good points, as always),
2. Tell the client that you've done a great job (as often, good work can go unnoticed and thus unappreciated), and then,
3. Ask them to tell everyone about how great you are.

We've found that this method has worked pretty well for us, for whatever that's worth.


The other advantage that you've got in your industry is repeat business. As well as looking for new clients, I wonder if there would be much advantage to working with your existing clients and perhaps showing some of them how they can afford to buy another property...?

 

[JustRent]

Offer an exceptional service! Makes sure that you stand head and shoulders above your competition.
Property management is a service based industry, ensure that your service levels are better then your competition; regular/fast contact with your clients, constant monitoring of the rental market conditions (maximising landlord's rents) and excellent tenant selection, thereby reducing the risk of property damages.

Good luck