Marketing Techniques in Property Management
A major part of property management is reducing the vacancy rate by finding new tenants. Hence, a property manager needs to be proficient in marketing the property to prospective people looking for rentals. Various marketing techniques are employed today, including business networking, developing presence on the social media, pay per click campaigns, and other marketing efforts. However, it is very important to have a well-developed system for managing leads, to make sure the marketing efforts do not go in vain.
One Fact to Know Before Employing the Marketing Strategy
Lead management starts with recording the origin of the lead. The property manager should know where the lead has come from. To do this the manager should note the email id or phone number that was given to the prospect from various marketing initiatives. It could be a blog, social media profile, or special email campaigns, where the lead originates. Knowing where the lead has originated from, the manager will be able to gauge which marketing initiative is working the best.
The response time plays a major role in establishing contact with leads. For instance, it may not be possible to attend all the phone queries, but there is a major advantage if the response is given within ten to fifteen minutes. Providing a quicker response there is the higher likelihood of directly speaking with the lead. Hence, calling back quickly, the management can close leads faster.
Constructive Sales Calls
After the initial contact with leads, it is important to have a clear plan and system for follow-ups, whether it is through phone or emails. However, be careful not to spam or be a nuisance on the phone by calling many times. Initially you could call twice a day if the prospect shows interest. After that, a follow up call or email can be sent three to four times within a fifteen-day period. What you talk on the phone or the content of your follow-up email has to be designed carefully to prompt the best response and early closing.
Keeping a record of the full process, right from the time of origin of the lead, to different stages of follow up is quite essential. Each month, the property manager can review the full history of each lead and decide whether any further action or follow up is required. This data is also a rich resource for knowing how the lead management system is performing. The management can see where the system is falling short and what marketing efforts are not bearing any results. Reviewing the whole process is an important part of lead management, and it is possible to improve the outcome dramatically simply by making a few tweaks.
The Results will Bear Fruit
Ultimately, the success rate will depend on the closing strategy. You might do all the required follow ups, but if your closing is weak the lead might slip away. It is shrewd to accompany your closing pitch with some enticement or deal that is highly beneficial for the prospect. Marketing in property management is not easy and the property manager might have to put up with many rejections. However, having an effective and outstanding lead management system will always pay off.