Branch Out This Spring
04/20/2022 | Stephanie Castillo |
Branch Out This Spring
Grow your business with these fresh ideas for property management.
Flowers are blooming, birds are singing, and growth is in the air. But growing up isn't just for plants and animals ... this is an excellent time for you to stretch outside of your comfort zone to try new techniques, services, and even add new properties. Take a look at these fresh ideas to help your property management business flourish.
FRESH IDEA 1: Refresh your materials
If you've been in business for a while, chances are that you haven't experimented with new products or techniques recently. That's normal! Part of running a successful property management business is finding what works for you and sticking to it. But trends and products change. Make sure you're not missing out on finding new ways to work better.
For example, does your team have a set protocol for dealing with outdated interior cabinets? If you usually just replace them, why not try keeping them fresh by painting them instead? You'll save money and trees, and your tenants will love the custom, stylish look. Our soon-to-be-released DECOGLO® and DECOPRIME® system for interior cabinets, doors & trim is specifically formulated for exceptional hardness, scuff/chemical resistance, and excellent flow and leveling—to ensure that your interior woodwork looks like new year after year.
And when it comes to floors, do you usually replace wall-to-wall carpet with more of the same? Why not consider durable vinyl tile and plank flooring? It's virtually indestructible and comes in a variety of finishes that will stay in style for years to come. Or if your tenants expect something more unique, manufacturing advances have significantly improved ceramic tiles, with some types that look identical to stone and wood (without the necessary and costly maintenance).
FRESH IDEA 2: Give your properties their own social media accounts.
Although it may not be practical for single family residences, multi-family properties can build communities, attract quality renters, and enjoy a more engaged and informed group of tenants by having a social media presence. Starting an account on Facebook, Yelp, or NextDoor can help boost your property's online presence and give it a modern, high-tech, friendly feel.
It's relatively simple to do—the hardest part is remembering to add fresh content to keep your account active. Mark your calendar and aim to post at least one new image or update per week (more posts are better, but start with an achievable goal and expand later as you feel comfortable). Make sure to promote the account with signage on the property that tells residents where they can find it online. Include a QR code to take tenants directly to your social media account.
Ideas of things you can post include:
- Photos of newly renovated units or common areas
- Lifestyle photos that allow prospective renters to picture themselves in the property; for example, some nicely folded towels on a lounge chair by the pool area, or a cup of tea and a book sitting near a window nook
- Promotional deals
- Community events and notices
- Safety tips
- Nearby places of interest (e.g., restaurants, shops, venues, schools, etc.)
- Photos of friendly property maintenance team members
- "Good will" posts that show the work you're doing to help tenants can go a long way toward making them more responsive to your requests, and it can create a more respectful and personable atmosphere for all; these include things like photos of property beautification, a mention about the care that goes into the work or maintenance materials (e.g., tenants love to know that you're using low odor, low VOC and environmentally friendly paints!)
FRESH IDEA 3: Grow with upselling.
Upselling and sales can be uncomfortable for some people. Because we recognize that there is a clear benefit to us, we can have the flawed perception that we're manipulating someone else into doing us a favor. This isn’t true. Getting more comfortable with sales and upselling comes with the recognition that your services offer a real benefit to the client as well.
Shifting your mindset around selling and upselling allows you to see opportunities to help your clients even more. For example, during regular check-ins with your clients, be sure to ask them if they own any other properties or have plans to purchase more properties in your area. Provide clients with additional opportunities at their current properties—coin/credit card operated laundry equipment, vending machines, and on-site storage units are all a tenant benefit and can provide new income opportunities for the client, and a way to add incremental fees to boost your profits as well. Oftentimes, your insights can provide your client with ideas that they might not have had, but would be happy to entertain. It can be a win for everyone involved.
With a willingness to experiment a bit, you might find that small growing pains are worth the gains they provide. Make a commitment to try at least one new technique or product this season and watch how adopting a growth mindset will make your property management profits bloom!