It is essential that you keep adding new properties to your client list in order to keep your property management Canberra company growing and profitable. And there’s no better time than right now to get started. “By the second quarter of 2016, homeownership had reached its lowest level since the [Census] Bureau began recording it: 62.5 percent, down 0.9 percentage points year over year and 6.7 percentage points below the peak of 69.2 percent reached in the fourth quarter of 2004,” according to a report by Property Management Insider. Since the early 2000s, the population of renters has increased across all age groups, with the youngest being the youngest.
What strategies do you use to take advantage of the steadily increasing number of renters? A list of strategies that your best property management in Canberra company can use is provided below.
Inquire about referrals.
You must be unafraid to ask for more business, just as you would in any other industry that involves selling. Property managers, by their very nature, have an extensive list of referral sources at their fingertips. Inquire about referrals from the following organizations:
- Clients who are completely satisfied
There is truly no better form of marketing than positive word-of-mouth marketing from satisfied customers. Inquire about referrals from some of your most satisfied customers. There is a good chance that they know other people who are similar to themselves and who may require your services.
Realtors are a group of people who specialize in real estate. You should contact realtors with care since they may see you as direct competition; nevertheless, they may still be a valuable source of recommendations. In this market, it is probable that realtors have homes that they are unable to sell for a variety of reasons. Consider reaching out to homeowners for recommendations to see if they are interested in considering renting out their homes.
- Additional property managers ‘
When dealing with other property managers, you want to concentrate on those that do not specialize in the same kinds of properties that you do. On the other hand, if they have property kinds that you do not, you might offer to make the referral agreement a reciprocal one.
Locate Opportunities for Networking
Property management Canberra firms are no different than any other sales organization, which means that you must raise your exposure and establish relationships with businesses and individuals that may assist your company in its growth and expansion efforts. “Good networking skills are essential to any company, so go out there and meet people,” Landlord Sidekick writes in a blog article about expanding your business. Visit http://modon-development.com/secret-real-estate-tips-every-property-owner-in-canberra-should-know/ to read about Secret real estate tips every property owner in Canberra should know.
Investors Organizations should be contacted.
No secret exists that property managers often get a bad reputation among property management Canberra community investors; nevertheless, it is still worthwhile to contact them and try to establish a working relationship with them. Your ability to demonstrate that you run a respectable company and that you have their best interests in mind, in addition to your own, is invaluable.
Collaboration with Home Owners’ Associations (HOAs) (HOA)
When homeowners in local communities decide to rent out their properties, the majority of homeowners associations are less than thrilled. As a result, contacting homeowners associations to offer your services must be done with caution. Mention that by hiring your property management Canberra business, they will have peace of mind knowing that you will monitor tenants’ compliance with their rules and regulations, as well as working with the HOA to develop and enforce stringent rental policies.
Take into consideration Search Engine Marketing (SEM)
Using search engine marketing to drive consumers to your website is an excellent strategy. It’s a little more complex than just boosting visitors and, as a result, generating revenue. You must ensure that visitors are directed to the appropriate section of your website in order to maximize the likelihood that they will convert into real purchases, which is a much more difficult task than it seems. It goes without saying that after you have generated interest, you must ensure that your follow-up and client service are both excellent.
Rental Report Databases may be obtained.
Rental reports include a wealth of valuable information that you can collect and utilize to establish the most competitive rental rates and to reduce the amount of time unoccupied for the properties you are responsible for managing. Other rental rates in the same region as your property are available on websites such as Rentometer.com, which allows you to establish the most lucrative, but similar, rental prices for the properties you manage. That’s a significant selling point for prospective customers.
Leads may be purchased.
Paying for leads is frequently one of the most successful methods of acquiring new customers in the property management Canberra business. Even though it is one of the most despised. It entails cold contacting and doing research, which may not be your favorite activities. It is worthwhile to consider, however, during quiet periods and whether you have the necessary time or personnel to make the necessary calls. You should make sure that if you do decide to purchase lead lists, you have a customer relationship management (CRM) system in place that will assist you by automating most of the work that is needed. The proper sales automation software may make a world of difference in your bottom line.
Preparing to Purchase Your First Home: Some Considerations
Payment of current debt does more than only assist you qualify for a loan; it also helps you improve your credit score. It also serves as a safety net after you become the owner of the rental property, protecting you from situations such as emergency repair problems, unforeseen vacancies, and instances in which your tenant fails to pay the rent.
It is something that every competent property owner would advise you to do.
- Establish a budget — Making a tight budget before investing in a rental property in your property management Canberra business can help you avoid going in over your head and ruining your investment. Take into account the purchase price, upkeep and improvements, an emergency fund, and the expense of putting a tenant in your rental property before making a decision.
- Put money aside for a down payment – Even if you have previously bought a house, it is important to understand that investing in rental property is a very different experience. Because there is no private mortgage insurance (PMI) available to safeguard the banks in the event of a failure on the loan, you will usually require a down payment of at least 20 percent.
- Be on the lookout for opportunities in the market – Knowing when to invest is nearly as essential as having the money to invest. When making an investment decision, keep an eye on the market and interest rates to see how they are trending. Keep in mind that investment property loans often have higher interest rates than conventional mortgages, which may have a devastating effect on your bottom line, even if you can command high rent rates from high-quality renters.