Australia’s residential rental market has faced significant upheaval in recent years. With rising interest rates, new legislation, and industry turnover (especially during the pandemic) many landlords have exited the market. Property managers now find themselves in a position where growth is essential for survival.
While the strategies to expand your portfolio may not be groundbreaking, they are more relevant than ever in the current climate. Here are some key ways to grow your property management business.
Leverage Existing Clients
One of the easiest and most effective ways to grow your portfolio is to work with your existing landlords. Many landlords spread their investment properties among multiple agencies to reduce risk or simply stick with the agent who originally sold them the property, unaware they can switch.
Building trust with your current landlords is crucial before asking for additional business. By consistently doing a great job and fostering a strong relationship, you’ll earn the right to discuss other properties they may own. Listen for cues in your conversations, such as mentions of dealing with other agents, and ask questions like, “Have you encountered this situation before with your other property?”
Annual discussions about your landlord’s property goals, particularly at the start of a financial or calendar year, can be an ideal opportunity to open the dialogue about managing more of their portfolio. Once you’ve identified landlords with additional properties, wait for the right moment to ask if they’d consider consolidating their portfolio under your management.
Tap Into Your Personal Network Your personal network can be an untapped resource for expanding your portfolio. Friends, family, and the tradespeople you work with regularly might have valuable leads. Casual conversations about what you do can often lead to opportunities. People love talking about real estate, and you never know who might need a property manager. Listen for hints that someone owns investment properties or knows someone who does, and don’t be afraid to ask directly if they could use your services.
Harness the Power of Your Sales Team Most property managers assume that their sales team is referring all potential investors to them. In reality, the sales team often gets so focused on securing listings or closing deals that they overlook potential property management opportunities.
Get proactive by aligning with your sales team. Find out when they’re conducting open home callbacks or walk-throughs and ask them to inquire whether buyers are investors. After a sale, check if it was to an investor and offer your management services. You can also review current listings and ask the sales agent whether investors are showing interest. It’s easy for these opportunities to fall through the cracks, so make sure your team is on the same page.
Boost Your Online Presence In today’s digital world, a robust online presence is essential. Surprisingly, many property managers have yet to fully embrace the power of personal branding and social media to grow their business. Unlike sales agents, who regularly use social media and online platforms to market themselves, property managers often miss out on the potential for growth through digital channels.
Online testimonials, Google reviews, and LinkedIn can effectively convey your expertise and enhance your credibility, making you a prominent and trusted voice in property management.
