Updated: Nov 3, 2021
Property management is a massive industry. In North America alone, it has an estimated market value of over $500 billion and witnessed an impressive 8% growth rate in the last year. The United States is home to more than 300,000 registered property management companies, employing more than 367,000 workers, and generating over $88.4 billion in revenue in 2020. This staggering potential for profit inevitably produces competition, since so many companies and investors will try to enter the industry to take advantage of this commercial opportunity. It is difficult to stand out in such a crowded and competitive field, especially if your property management company is not one of the titans. For property management companies with a dozen employees and a million dollars in yearly revenue, building a reputable brand and acquiring the tenants and properties the company needs to thrive can be daunting and difficult. It doesn’t have to be. Partnering with 150birds allows your company to get ahead of the competition while saving you time and money. If you thought that a marketing campaign wasn’t an option for your company since your business can’t afford to hire a marketing manager; think again. 150birds offers an affordable and efficient solution. When you enlist our team, we do the work of a dozen specialized marketing managers for less than the cost of one. To show you, we made an evidence-based list of the five most effective marketing strategies for advertising your property management company.
The first of the six most essential marketing channels for your property management company is through taking advantage of Google My Business - a program that lets you build a profile for your company for free. Having a presence on Google My Business brings your company to the attention of the customers and increases web traffic. It not only provides free advertising, it also generates results - 64% of customers have used Google My Business to find contact information for a local business and its popularity is increasing dramatically, with a 61% increase in calls between January 2020 and July 2020. The average listing is found on over 1,000 searches every month, and 16% of businesses receive more than 100 calls every month from their listing on Google My Business. At 150birds we know how to craft the perfect listing for your company. When we do, we make sure you use photos for your company’s profile, since listings with photos are perceived as twice as reputable to consumers and get 35% more web traffic.
The second highly-profitable way to market your property management company is SEO. Search engine optimization, or SEO, is the process of increasing the web traffic to your company’s websites through prioritizing its listing on search engine results pages. While there are a variety of search engines such as Yahoo and Bing, Google controls 65-70% of the search engine market share and should be the highest priority for any search engine optimization plan. Search engine optimization is extremely important - not only do 92% of online experiences begin with a search engine page, 75% of users do not look beyond the first page of search results. Your customers are using search engines to find properties and if your business isn’t listed on the first page of results, your odds of getting noticed are vastly reduced. Furthermore, internet search engines are the most significant source of web traffic, generating more than social media by over 300%. Prioritizing your website through search engine optimization generates an incredible closing rate of 14.6%. This is staggeringly more effective than outbound marketing such as print advertising and email - which generates a closing rate of only 1.7%. If you want to grow your business by generating new tenants or new properties for your company to manage, you will need to get their attention first - and one of the best ways to do it is through local SEO. Marketing your property management company with search engine optimization will bring a return on your investment several times over and 150birds can do it at a fraction of the cost you would ordinarily pay.
The third constructive marketing avenue for your property management company is through engaging the community. Sponsoring community charities and events will promote the image and awareness of your company among its largest target market - the local populace. Attending community events such as local rental property association meetings allows you to network with property owners and build rapport. Referring and affiliating with local businesses that your company will need to manage its property, such as housekeepers, plumbers, electricians, banks, and real estate attorneys, benefits both businesses and functions as a free marketing channel. Networking with local real estate agents and investors builds the reputation of your company with face-to-face familiarity that generates referrals. Although often overlooked, marketing through community engagement can be a powerful way to build your property management company’s prestige in the minds of its primary source of tenants - the local community.
The fourth productive marketing approach for your property management company is establishing your business presence on social media. With 3.78 billion users worldwide, or approximately half of the global population, social media is powerful, unavoidable, and its reach is still increasing. As well as a source of news and information, social media is a potent and influential platform for businesses to interact with their customers. Constructing an account on social media for your business is virtually free and allows countless opportunities to advance your company, its reputation, and its brand. A study conducted by DataReportal in 2021 concluded that people spend an average of two and a half hours on social media every day. With all the time people are devoting to scrolling through social networking sites, it only makes sense to capitalize on it. The research demonstrates this too. Market research conducted in 2018 by GWI demonstrated that 54% of social media users use social networking sites to research products and services. A 2018 Forbes study found that 71% of consumers who had a positive experience with a brand on social media were more likely to recommend that brand to their friends and family. A 2019 study conducted by Buffer which surveyed over 1,800 marketers reported that 73% of marketers found social media marketing to be effective for their business. Social media is a powerful marketing weapon, and 150birds will help you utilize it to its optimum potential.
The fifth effective marketing method for your property management company is crafting an optimized landing page for your business. These days, the internet is the primary means through which people conduct their research. Data from The National Association of Realtors showed that in 2017, 95% of people used online websites to inform their decision when researching properties. The same data showed that in 2007, 48% of people used newspapers to inform their decision, whereas a decade later in 2017, only 15% of people used newspapers. The ways prospective tenants are researching property is changing rapidly as digital technology renders print obsolete. In 2007, only 1% of people used mobile sites to inform their search for property - over the next decade it shot up to 74%. With a vast majority of potential tenants and property owners conducting their research online, it is imperative for your property management company to have a website that is organized, well-designed, and mobile-friendly. This includes a sleek appearance with easy navigation, quality photographs of your property listings, videos about your company and its property listings, articles detailing the many venues and attractions around the property, effective sales copy, well-written offers, easy to locate contact information, and readily-available documentation for potential tenants and property owners. Our experienced team at 150birds will forge a spectacular website for your property management company that’s sure to increase its revenue.
The sixth dynamic way to market your property management company is through property listing websites such as Zillow and Yelp. These online real estate marketing websites allow you to list your properties to prospective tenants, and they are one of the most popular ways that people search for their next residence. Over 88% of prospective customers researched properties online and real estate directories collectively record over 120 million visits every month. During the year 2018, Zillow was visited over 7 billion times by over 196 million different users, and 80% of the homes in the United States have been viewed on Zillow, regardless of their market status. Customers are moving away from real estate agents and lawn signs in favor of doing their research online, and we know how to optimize this online experience. Partner with 150birds and you’ll stay at the forefront of evolving advertising technology.
With so much competition in the industry, marketing your property management company is of paramount importance. The scope of the task can seem daunting and overwhelming, but it doesn’t have to be.
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