Management Rights

3 Best Ways to Market Your Business to Owners, Prospective Tenants and Guests

9/7/2019

I like to say, “The riches are in the niches”. On-site managers are in a niche sector, and they have many unique advantages compared to outside agents, such as achieving higher rent rates, lower vacancy rates and being able to perform more inspections at times that are convenient for the prospective clients.

But some managers are in a better position to recognise and market these advantages to their owners and residents than others. Once they’re identified, managers can systemise their marketing funnels and use the latest technologies to target their prospective clients as identified by following these three simple steps:

Create lead magnets with promotional offers that are attractive for the prospective clients.
You can use market funnels like social media, email, text messaging, phone calling, your website and portal advertising.
Add value to your prospective clients on a regular basis.
Creating content that’s relevant to your clients’ interests, such as special events in the area for guests and residents, or tax benefits for owners with property and fixture depreciation that will increase their after-tax income. These value-adding ideas are promoted to your current and prospective clients using your marketing funnels.

3. Identify their issues, and offer them your services.
For instance, some owners may have their unit vacant for some time, and you can offer them your letting service with a professional photography rebate after you’ve leased the unit. Once again, these services are promoted using your marketing funnels.

Just remember the rule about fair exchange: only charge the fair amount for the value delivered.

At SIRE, we have a panel of experts who can assist you with improving your productivity.

There is no greater reward than working from your heart, and making a difference in the world. - Carlos Santana

How can someone keep ahead of other operators?

More and more smaller management rights owners are thinking like big businesses. The following are the four areas in which you need to take action and continually work on:

Always work to improve the quality and value of the products and services offered to the clients.
Make sure investor owners know about your positive contributions, such as building improvements, renovations and the higher returns you get for your clients.
Create an automated client capturing and marketing system, steadily build your database of investor owners and craft and promote attention-grabbing messages that your investors will share on their social media networks.
Automate your marketing by creating a database of your most valuable clients, and then figure out ways of improving their assets and helping them when they need it.

Although this sounds like a lot of work, it will all pay off in the end. If you follow these steps, you’ll increase your chance to attract investors.

The typical profile of a building will have some units that are owned by investors, but they’re using outside agents for letting and sales services. There’s always:

A. 3 percent of owners who are actively shopping for a different agent

B. 67 percent of owners who are interested in your agency services

C. 30 percent that don’t want your services.

Your marketing effort should concentrate on the 70 percent who are interested in your services and those who are actively shopping for a different agent. Once the trust is built and they become the 3 percent, you’ll get their business. It’s that simple.

Own a management rights business? Planning on selling? Fill in your details below to find out the current multiplier, Or call Richard Skiba or Jessica Dong for an appraisal.