Most property managers in Honolulu and on Oahu are not in this line of work because of its thrills and challenges. Instead, its often chosen because it provides a steady form of income and it is nearly recession proof.
Any property manager who has grown their business to have close to 1,000 accounts or more will tell you that there are points where growth tapers off and plateaus. Generally speaking, this would normally be around each 300 accounts that are added to your inventory, which is strange but it is fairly consistent. Many theories are behind this. Maybe it’s the universe giving you what you can handle at that time, or possible its that you have reached a point to where new practices and procedures need to be put into place to help improve reputation and/or client satisfaction.
Regardless of your beliefs, these plateaus give you an opportunity to reflect and review. Take the time to look inward to see if you want the company to grow more. You may find that you are comfortable with the number of accounts you have and at this stage, you do not want to take on more risk by hiring more employees or taking on more accounts. If you do decide to grow, now is the time to review current policies and marketing strategies. Some small tweaks can make a huge difference and start generating new business again.
This is an area that will provide everyone the opportunity to participate and let us know what your strategies are. Please comment on this post to let us know what you are doing and how effective it is for you.
Based on experience, the most cost effective advertising is to network with your fellow agents; mainly those who are involved on the sales side. Offer them competitive incentives like referral fees. Another key area is your website. I couldn’t tell you how many sites I have gone too which were outdated looking or poorly laid out. Take the time and money to invest into your site. Not only does this provide a great marketing tool, it also shows prospective clients that you are professional and can even express some personality to add that personal touch.
Other forms of advertising would be in the newspaper, billboards, radio ads, and sponsorship. These are great tools for branding but are often not very cost effective in terms of lead generation.
Be the first one to call the person back and get the information to them. While this does not guarantee conversion, it at least gives them the impression that you are on the ball. Another great approach is to be upfront and honest. We all have that client who tells us that other agents told them their property would rent for more than its really worth, and who can blame them. If someone told you that you could get $1,500 but in reality you could only get $1000, you’d be upset to. Be mindful of this, but also be honest. While they may not like what you have to say, they will at least appreciate you being upfront with them. If they choose to go with another person who quoted them above market value, you will be the first person they will think of a month or so down the line when their property is still sitting vacant.
November 7, 2013