Knowing how to retain owners is the key to success for property management companies. Yes, gaining new property owners is essential, but keeping the owners you have is critical to having a stable and growing business.
Being a great property manager goes a long way towards keeping owners happy, but there’s more you can do to make sure your owners keep coming back. If you want to retain your owners and grow your business, here are seven things you should focus on.
Find Your Niche
No two businesses are alike, just like no two people are alike. We all have our strengths and weaknesses. TakingSpending the time to learn more about yourself and your business is an excellent investment.
You need to know your strengths. What do you do better than anyone else? You need to know your weaknesses. What parts of your business need to be improved?
Pinpoint what makes you uniquedifferent from the competition, and lean into it.
Is there a specific demographic you’re targeting? Are there certain types of owners that you should avoid? Knowing the answers to these questionsyour strengths and weaknesses will help you identify who your target audience will be.
Identifying the types of owners that are the best fit for your business will cut down on any turnover and allow you to retain owners year after year.
Spread the Word
The first step to retaining an owner is to sign them in the first place. Unfortunately, too many companies believe that customers will magically find them just by starting a business. “If you build it, they will come” might be an excellent quote for a movie, but it’s a terrible mindset when it comes to your business.
They can’t hire you if they don’t know you exist!
You need to market your property management company. You must have an updated website and an active social media presence. You can also try get aggressive with paid ads. The key is to have a presence wherever your audience is.
You’ll then want to refine your sales technique to seal the deal once the potential new owners are in your funnel.
Keep Up With the Times
It’s human nature to stick with what you know, especially if the status quo is working. Unfortunately, this is often a terrible business strategy.
The world is constantly changing and technology is advancing.and evolving, Yourand your business needs to adapt as well, or else it will be left behind.
The best way for property management companies to do this is to expand the services they offer to their clients. If you can do that, it will be tough for an owner to drop you for one of your competitors. Become an invaluable partner for your owners so they can’t envision success without you.
Show Your Appreciation
Sometimes, a little act of appreciation goes a long way. Sending your clients a thoughtful note or a small gift can entice them to stick around. It doesn’t have to be much: some flowers on Valentine’s Day, a handwritten card on their birthday, or a small gift during the holidays.
Another way to do this is to offer a referral program that rewards clients for sending more business your way. Not only will your owners enjoy getting these perks, but it could entice new owners to sign on with your company.
Building and maintaining a relationship with your owners will help them start to see you as “their” property manager. And once that happens, it will take a lot to get them to leave.
Analyze the Data
It’s said that without data, you’re just another person with an opinion. You should be tracking everything about your business, your owners, and the properties that you manage. Then, use that data to run various reports regularly.
You’ll be able to use the reports to help you gain critical insight into what’s happening in your business. You can use this information to help you with your day-to-day activities and correctly plan to ensure your company is set up for continued success.
Your owners will love the data as well. Presenting the information in a friendly and clear format will help your property owners fully understand everything you do for them.
Get an Amazing Software
The right software can make your job 1000x easier. Quickbooks might be a favorite among entrepreneurs, but there are several areas where it falls short for property management companies. For example, it doesn’t have great trust accounting capabilities and isn’t specialized for the vacation rental industry.
Property managers who use Quickbooks, or any other accounting software that isn’t ideally set up for the industry, will find that they either will miss out on key features or have to do so many workarounds that they will be far less efficient.
Property management software such as CiiRUS, Hostfully, Hostaway, and Owner Rez on the other hand, are a one-stop-shop for short-term rental management. They were designed specifically for the vacation rental industry and are a vital tool for property managers.
The software helps you manage the day-to-day operations of your business and attracts visitors to your properties. Softwares like the ones mentioned above are capable of running the trust accounting measures, so you can assure your owners that their funds are kept separate and secure from the rest of your business’s funds.
Hire a Consultant
It doesn’t matter the size of your business or how long you’ve been in the industry. We could all stand to learn a few new tricks. Learn how to spot inefficiencies in your current operations, discover new software and techniques that will make your business more effective than ever before, and tap into new and upcoming trends before your competitors.
Hiring a qualified and experienced property management consulting company can allow you to expand your business’s potential, increase profits, and take your company to the next level.
GCO Property Management Consulting
We started GCO to help property management companies of all sizes improve their business. We work behind the scenes to ensure you’re set up with everything you need for your business, including property management software, accounting & bookkeeping, marketing, and more. It doesn’t matter if you are just beginning or a seasoned pro with several years of experience. Our services will either get you started on a solid foundation or fine-tune your workflow to maximize efficiency and profit.
Contact us today to see how we can help you with your property management business.