In this article, we’re going to cover the most basic (yet significant) steps you can take to quickly grow your property management business.
“Back when I was new to property management, I used this strategy to get from zero to 350 doors in 2 years. And it was really easy too, since all it needed was talking to people who already knew me and asking them for referrals” – Jay Berube.
Key Takeaways:
- Use your relationships with realtors to get referrals from them. Often, their home won’t be selling or they’ll represent investors who want to rent their property for the time being. These realtors are a great and steady source of clients.
- Partnering with brokerages helps you get in touch with more agents and opens lots of opportunities.
- Set up a daily routine where you’re calling and talking to at least 30 brokerages or realtors on a daily basis—this part is non-negotiable.
- Don’t overcomplicate anything. You don’t need any fancy automations or high-level tools yet.
Assess Your Current Position
Before you get started, it’s crucial to gauge where you stand with lead generation:
- Assess your current position and determine your current strategies. Be honest with yourself; how much time do you need to dedicate to growth every day?
- Tailor your approach to ensure you’re meeting your business goals.
Keep it simple. Simplicity is your best friend.
While automation and complex systems are tempting, companies who use them are in a different (and more stable) spot. Where you’re at now—and I mean this for property managers who’re below the 300-door mark, you don’t need to bother yourself with any complicated tools.
- Perfection is the enemy: avoid getting bogged down in making everything flawless.
- Track progress: even if it’s just small numbers, monitoring your progress is essential.
Use Realtor Referrals
Here’s how it works. Often, realtors will have properties that aren’t selling. They’re sitting liabilities and turning them into rentals is a great way to turn them into assets while they wait to sell.
You just need to let these realtors know that you can manage these properties for them (since they won’t have the time or resources to do it themselves).
First things first, you’re already in a great spot—the realtors who personally know you, already like and trust you.
Realtor referrals can be a goldmine. Here’s how you can make the most of it:
- Direct contact: you’ll need to step out of your comfort zone and make those calls to agents.
- Prospect relentlessly: even if cold calling isn’t your cup of tea, it’s a necessary step to forge new partnerships.
Step 1: Leverage Relationships
Jumping into committees and leveraging your current connections can really kick your network and business opportunities up a notch, especially if you’re already part of an association. It’s all about using what you’ve got to expand your reach.
Here’s how you can make the most out of these relationships:
- Pinpoint the right people: ask around. Who should you be talking to? Specifically, you’re looking for realtors who are struggling to sell properties. They can direct you to owners who might be ready to switch gears and rent instead.
- Spot the slow sellers: keep an eye out for realtors with properties that aren’t moving fast. These places are perfect for rental, making their owners potential clients for you.
Don’t overlook realtors working with investors, either:
- Focus on investor relations: these realtors often deal with clients planning to rent out their properties. Getting to know these needs can turn them into ideal clients for your property management business.
Step 2: Make Strategic Calls
Reaching out to brokers was a crucial part of my early strategy to grow the business. I set myself a goal right from the start: make 30 contacts every day. I carved out three hours each day just for this. It sounds intense, but talking to 30 people every day made a huge difference. It’s about getting your name out there, and honestly, many overlook this simple yet effective tactic.
Here’s how I kept it straightforward:
- Simple script: I’d start my calls with something like, “Hey, is this Joe? Hey, Joe, I’m Jay, the local property manager around here. Just wondering, who do you usually refer your property management business to?” This easy opener worked wonders for starting conversations.
Following up was key:
- Quick email: after each call, I’d shoot over an email that laid out what we do. It wasn’t anything fancy, just a quick overview to keep us in their thoughts.
- Follow-up text: I also sent a quick text right after the email. Something like, “Nice chatting with you! Just sent you an email.” It kept the interaction warm and personable.
Staying focused was sometimes tough:
- Blocking out distractions: think about it like this—if you have something non-negotiable, like picking up your kids or being at your day job, you make it happen, right? It was the same with these calls. I treated them as non-negotiable, setting aside dedicated time to ensure I did them without fail.
And don’t forget about networking:
- Engaging at events: I made sure to get involved in events where I could talk about property management after adding value to the conversation. These weren’t just meet-and-greets; they were opportunities to share knowledge, establish myself as an expert, and gently steer the conversation toward how we could help.
This hands-on, practical approach helped me not just meet, but really connect with a lot of potential clients and partners. It’s all about making genuine connections and keeping the momentum going.
Step 3: Forge Brokerage Partnerships
Brokerage partnerships were a game-changer for scaling up my business. I set up a few with top brokerages, where I paid a monthly fee to tap into their network of thousands of agents. This gave me direct access to a massive pool of potential leads. I made it a priority to build personal connections with these agents, letting them know exactly who I was and how we could mutually benefit from our partnership.
Here’s what I focused on to keep these partnerships strong and productive:
- Regular check-ins: I stayed top of mind by keeping in touch regularly, ensuring agents didn’t just remember me, but also saw the continuous value in our partnership.
- Monthly updates: Every month, I sent out an email titled “Your Referral Fee,” which clearly broke down what was in it for them and kept the offer simple and appealing.
- Solid value proposition: I made it clear that working with me meant they got referral fees, their clients were protected during sales, and they could expect nothing but top-notch service.
Keeping these relationships warm was crucial. The monthly email wasn’t just a touchpoint—it was a reminder of the ongoing benefits they reaped, such as earning referral fees and ensuring their clients received exceptional service. I also included tools like an investor spreadsheet to help realtors shine in their client presentations, making these tools indispensable for them.
Conclusion: Keep It Simple and Consistent
To wrap it up, here are three key strategies to keep in mind:
- Outbound calls: make regular contact, and don’t let excuses stop you.
- In-Person Events: create and host events that provide value and end with a strong call to action.
- Brokerage partnerships: invest in relationships that provide continuous opportunities.
Stick with these methods, keep things straightforward, and watch as your business grows steadily from the foundation you build today.
BetterWho—What Sets Us Apart
At BetterWho, we provide expert coaching and consulting services tailored to the property management industry. Our decades of experience in property management equip us to offer unparalleled guidance and solutions.
We stand behind the quality of our consultations with a unique promise—if our advice doesn’t meet your standards, your next session is on us.
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When we started our journey in property management coaching over 10 years ago, we learned from every mistake. These lessons have shaped our expert approach to offering the most effective, cost-efficient consulting services available.
We know exactly how to refine your operations and strategies to boost your profits right from the start.
