We love to hear about property management successes—but sometimes it's good to look at some ways in which we can also fail. Knowing what not to do is as important as knowing what to do. When you make mistakes in marketing for property management, you affect not only your current client base—but your potential for future clients as well. You are also putting your marketing budget at risk every time you commit to a strategy, so knowing what not to do is essential to making sure every dollar is well-spent. Let's look at several ways in which property managers fail at marketing:
1. Failing to Understand The "Buyer's Persona"
To be successful at property management marketing, you must understand your buyer’s persona.
- Who is it that you are trying to connect with through this marketing campaign?
- Are you looking for accidental landlords or seasoned portfolio builders? Perhaps you are looking for both to fill out your property management portfolio.
Knowing who it is that you are trying to reach will define your marketing strategy.
Know your focus: In the property management business, your marketing should be directed at your ideal property owners. Generally speaking, the goal of marketing for property management is to increase your doors under management. Your revenue comes from having the right type of clients - and plenty of them - who trust their investments to your expertise. Marketing specifically to these clients is essential to maintaining a healthy volume of business for your company.
2. A Marketing Strategy That Lacks Cohesion
Come up with a strategy and stick to it: "random acts of marketing" can waste both time and money—which are the two most important aspects of your business. Know your customer base and where to find them: your property management marketing should be aimed at potential clients—not just plastered wildly across the internet. If you know your customer base, you know where to find them and pull them in.
Once you have a viable strategy, give it enough time to take effect and pull in the clients that you are aiming to gain. Not all successful strategies show immediate results: you may have to give your marketing time to produce the results that you are seeking. If you've given the strategy plenty of time—but still aren't seeing the outcome you expected—then it may be time to take a look at different avenues.
3. Failing to Make Data-Driven Changes
So you've made a persona and a strategy—but you're unsatisfied with the amount of traffic that your marketing is pulling in. Perhaps it's time to look into the data and strategically make changes. Keeping up with the latest marketing trends and adjusting your strategy accordingly is one of the most important aspects of carrying on an ongoing property management marketing campaign. Failing to look into this data—and make the necessary changes—is one way in which many property management marketing campaigns fail again and again.
- What were you aiming for with your property management marketing campaign?
- How far from this goal were the results of the campaign?
- How much traffic did the campaign see from web pages, email, and social media?
This is the data that you should be considering when looking into why your campaign failed—or even when your campaign succeeded. Knowing your strengths and your weaknesses is vital to understanding why your campaign succeeded or failed. This information will help you when launching your next property management marketing campaign.
4. Lack of Urgency and Individualism
Marketing for property management should include both a way for the client to take action and a sense of individualism. Giving your potential clients a reason to join your team as soon as possible keeps that idea fresh in their minds. If they know that they need your services right now, they are more likely to click the link and browse your company's website.
Setting yourself apart from the other property management companies is a must when it comes to your marketing decisions. A client who sees a unique company is more likely to click the ad than one who sees the same tactics on repeat. Find your individualism and use it to get those clients!
5. Poor Review Responses
Reviews are one of the first things that clients look at when deciding which property management company to go with. The truth is, you can't make everyone happy all the time. Sometimes you have to compromise or make tough decisions. Sometimes, even the right decision can be looked down upon by the client.
In cases such as these, the client may choose to leave an unflattering review. Instead of replying to the review with arrogance or rancor, take this opportunity to apologize and explain your side of the story. Doing so will show potential clients that you really care about them—and want what is best for them and their business. Make them understand that their concerns are the number one priority of your property management business.
Knowing how to respond correctly to reviews or tweak your property management company's image in response to data isn't the only component of your marketing that matters. Have you analyzed your current SEO practices (if you have any)? A lack of understanding surrounding the power of SEO as it impacts your website is another marketing fail.
With this in mind, we put together the Rent Bridge "Property Manager's Guide to SEO in 2020." It's designed to help you do what you do best as a property management business: dominate the rental market. If you're ready to watch your marketing campaigns take flight, incorporating SEO is like rocket fuel! Download your copy today.