When you think about it, owning a rental property is owning a small business. The thing that makes or breaks a small business is marketing. Marketing your property is no mean feat. It involves building relationships online and in person, creating appealing listings that excite renters, and continuous outreach. Excellent marketing takes a considerable amount of time, effort, and can become one of your most significant expenses. This is where a trusted property manager can be your number one asset.
A great property manager will have an established portfolio and access to leads, keeping your property occupied and therefore profitable. When your property manager is experienced, they can also do more with your marketing dollars utilizing their resources.
Another benefit of a property manager shows as you take steps toward gaining a new renter; their expertise in negotiation and sales can turn a maybe into a yes. Finally, a property manager can create a professional digital presence that will give your property the edge required to compete with larger rental sites.
Marketing: It’s Who You Know
Whether you’re just starting or have owned rental properties for some time, establishing yourself and building relationships is a time-consuming process. Conducting a simple internet search of best marketing strategies brings up an extensive list of do’s and don’ts. Many will encourage you to consult with rental brokers, photographers, modelers, and social media experts. All of this before working with potential tenants directly. While these tips can be beneficial, they can also be daunting.
A property manager, however, will have already made these necessary connections. When you hire a property manager, you open the door to a broader base of potential tenants than a single person would. Your property manager will also have worked with experts in previous listings.
This means you’re not just hiring a property manager but a whole network of people, and these people are dedicated to showing your property in the best light and to worthwhile renters. The adage of “It’s who you know” will be taken off of your shoulders and spread out across a team of devoted professionals.
More Bang for Your Marketing Buck
A property manager’s next weapon in their arsenal is utilizing their resources to rent your property and keep it rented, allowing your investment to turn to potential profit. Often, a property manager is part of a team. This team will be working with a larger client base. This allows the individual property managers to leverage their clients and negotiate for better deals with those professionals that will list the property.
This stretches your marketing dollar exponentially. Better deals mean more listing opportunities, which in turn allows more renters to see your property. The ability to scale their marketing and negotiate agreements gives property managers an advantage you wouldn’t have as a single landlord. This ability keeps the costs for your property manager low while maintaining a high-profile status for your property.
Experienced Salesmanship: Turning Potential Tenants into Quality Renters
Along with negotiating the presence of your listing, your property manager is able to negotiate and work with prospective tenants. A skilled property management team will have an equally experienced salesman. This experience is essential once you have those elusive, high-quality renters coming to visit your property.
When you allow your property manager to show the property and work with potential renters, you are gaining years of experienced salesmanship that could turn a maybe into a yes. A property manager can potentially provide a more professional approach to working with tenants, which may prove useful in the long run.
When a tenant decides to vacate, or another unit opens up within your property, the treatment they received from a qualified property manager will lead them to recommend the property to others. Word of mouth can still be highly influential even within today’s digital landscape. The continued relationship between your tenant and property manager could lead to better recommendations and leads, cultivating a better client base for your property than a single landlord could achieve.
The Digital Age of Renting
Though word of mouth can still be a significant influence, an excellent property manager will be knowledgeable about digital marketing. Previous methods of advertising a property such as print ads have become antiquated and almost impossible to access as print media and the yellow pages disappear. A digital listing can reach a broader audience for a much smaller cost.
But, you must also be diligent in online marketing as well as be able to set yourself apart. The expertise of a property manager as well as their network of professionals must now come together to give you the competitive edge. One of the top focuses of digital marketing is the presentation. Many renters will scour the internet, looking at hundreds of listings. To set your listing apart, a property manager will rely on quality photography to grab their attention. All of those lists advising how to best market your property mention the quality of the photography again and again.
Creating a digital walk-through in pictures allows different demographics of renters to experience the property, especially millennials and those with disabilities. Some marketing has even tried to bridge the gap between previously printed ads and digital media with online look-books. Rather than having your renters read endless property listing headlines this method puts the property manager’s most significant asset on display: the property itself.
This is not to say that what gets written about the property is of no consequence. A property manager will use their experience and expertise to create a readable guide to your home that will entice potential renters as well as informing them.
So, what is the overall advantage of having a property manager handle your marketing? Well, with a property manager you’re not just gaining an extra set of hands, but a network of individuals whose expertise and experience help turn your investment property into a profitable property.
If you are interested in having your property managed by Real Property Management Campanas, have more questions, or just want to speak to one of our team members, then contact us online or call us directly at (210) 314-1039 today!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.