The 5 Secrets to Rent Roll Growth
Growing the rent roll is the stated aim of many property management companies. Why wouldn’t you? It’s a sign your portfolio is growing, your revenues are rising and that clients trust your team with their investment property.
Making rent roll growth happen may not be so easy.
There are a lot of things which need to all come right at the same time for ONE new client to add a property into your management portfolio.
Five Secrets that lead to success of Property Management Companies
Secret #1 is to have a happy team.
A successful team is a happy one. Knowing what Property Managers are going through is key here, so support is provided where and when it’s needed.
Because stressed-out teams are unhappy, unmotivated and distracted.
Secret #2 is to have happy tenants.
Keeping a great tenant in a property for a few extra months can significantly improve your client’s return on investment - just avoiding rental voids after a lease ends makes a huge impact.
Secret #3 is to have happy landlords providing strong testimonials.
Enabling the public to see what your clientele say about working with your team and keeping these up to date and current gives a strong signal about what it’s like working with you.
Secret #4 is to have a new business function who sets time aside each week to pursue new clients.
Combining new business with property management tasks frequently means that the “urgent” tasks overcome the “important” tasks. And new business gets set aside for a time when they are less busy. And we all know that never happens.
Secret #5 is to have a pro-active referral programme.
Setting up a plan of action whereby clients are enabled and encouraged to share their views about working with you should be on your business strategy plan for this year. We all know how easy it is to win a new client who has come from a trusted referral network.