Growth Hacking for Property Management Companies
Welcome to 2023! 2022 was an expectedly challenging year for landlords, tenants and property management companies.
Yet, we’re moving past the pandemic era, rental property acquisitions are growing and both landlords and property management companies will see more opportunity to grow their businesses.
From apartment rent defaults, renter migration, to virtual showings and mobile property management software, it’s hard to comprehend all the changes that have taken place these 12 months. The big change is the conversion to online property management and areas such as virtual leasing, online rent payment, and online rent collection.
And on that note, there was and is opportunity to improve and grow. But success won’t be handed to you and we make a case for ManageCasa as the center of your business growth in 2021. With the right tech tools and a few cool management strategies and tactics, your business can thrive this coming year.
Growth Hacks Are Practical
I like to look at growth strategy as a frame of mind. It’s a basic awareness that markets change and you need to visualize ahead at how you’ll succeed in them. Tomorrow arrives fast. Property management growth hacks may be tactical, but they can be powerful when added to market leader business models. Some business people found that growth hacks were more effective than any overall plan they had.
A recent survey of property managers found that growth, efficiency and profit were their top 3 goals.
What’s does your business environment look like in the next 5 years?
- property management fees and rent prices will flatten
- property management competitors will be more powerful
- property management services will be delivered via technology
You’ll be doing a lot more with less, and technology will be your greatest asset.
As a growth hacker, every strategy you execute, every tool you implement and every technique you develop should be informed by your desire for growth. It might seem self-evident that the singular goal of growth hacking is growth, but the beauty of this, and what makes growth hacking such a valuable practice, is its flexibility. It doesn’t matter if you’re a one man startup or a multinational corporation; growth hacking doesn’t discriminate and anyone can leverage it — digitalmarketinginstitute.com
Technology in Property Management
Technology is important. Growth hacking is easier using the software platform. Doubling down on useful technology solutions including property management software will help you manage in a way tenants and landlords respect. Landlords will judge your potential to them based on your integration of technology. They want to know you can progress, grow efficiencies, and take on whatever portfolio growth they achieve.
Tenants as well, will let landlords know one way or another that they’re frustrated and unhappy. Tenants want high tech tools and your tenant turnover rate will be affected by tech amenities you can’t offer them.
Here’s 9 Key Growth Hacks for Property Managers
- review prices for your property vs competition: find the price points where tenants are sensitive, and determine how competitors are sweetening their value proposition to support high rent requests.
- adopt new tech amenities for some of your tenants: then promote your use of them online to raise your brand value, and gather tenant testimonials. Modern appliances, free wifi, new keyless door systems, free led light bulbs, tankless water heaters are examples of tech solutions some prospective rentals and current tenants may really appreciate.
- create leads with more quality content on your website: owners and tenants see your brand online. Write helpful blogs to show insight and authority, engaging videos, and create some case studies which convey your value proposition. A standard website and Facebook page doesn’t really differentiate you enough to landlords and poor quality content may cause you to lose leads.
- use your website traffic to learn more about prospects: many aren’t ready to contact you so getting feedback is vital. Use surveys, contests, and ask the expert questions pop ups, to learn more about them.
- create a newsletter to capture emails (high ROI and conversion rates): this increases brand visibility and lets you stay top of mind with renters and landlords. Potential landlord clients want to see you in action.
- advertising offers huge targeted reach: it’s impossible to beat the power of online advertising for reach and targeting. Remarketing helps you stay persistently in front of people who have visited your website, particularly those in your target neighborhoods. PPC ads help you understand what tenants or landlords are interested in (keyword, content viewed, engagements).
- do industry site sponsorships: Advertising with big portals such as Multifamily Housing Executive, NAA, etc creates exposure and builds credibility for your company.
- get closer to Realtors: Real estate agent’s extended network includes tenants and rental property owners. Create content on your site that is relevant to them so you get on their radar. Give them direction so when they have a landlord who now needs management help, you’re first in mind.
- explore new markets such as short term rentals and multifamily: You may be in this already, but not enough to make it produce good leads. One outstanding multifamily account will be business changing, so begin shaping your marketing content and value proposition so these institutional level owners take your company seriously. They’ve probably visited your website and turned away. Ask yourself why.
Property management growth hacking requires a budget, however, your marketing and communications budget is your future. You decide whether you’ll be around in 5 years.
Growth is Very Good
Growth hacking is a great way of getting over inertia to improve the potential of your business. Once you get moving, you’ll see how they fit into a plan to grow your reach and optimize your property management company’s value proposition. That improves your odds.
The big payoff in property management growth hacking is when you coordinate your hacks. Timing and focus helps you parlay your growing visibility into real events that create more revenue.
If you do decide to adopt a better property management software solution, you’ll find you can communicate your value proposition better.
Landlords will see the improvement and tenants will like the convenience. So go ahead, get started on your property management growth strategy. You’ll see right away how your PM Software solution fits in.
At the heart of any great property managment company is excellent software. Adopting a better property management solution is Hack #10. Go ahead and find out easy ManageCasa is to adopt and implement, and how it streamlines your work processes.
See also: Property Management Software for Landlords | Property Management Companies | Property Management Software Comparison | Property Maintenance Companies | Hire Moving Companies | Property Management App | Houses for Rent | Property Management | Rental Unit Advertising | How To Write Leases | Tenant Management Tips | Manage Casa Property Management Solution