How Property Managers Can Leverage Referrals to Grow Their Residential Rentals Portfolio

#Referrals are one of the most effective ways for property managers operating in the residential rental sector to accelerate the growth of their #portfolio assets. By leveraging referrals from property #owners, property managers can gain access to a wider pool of potential leads and increase their chances of closing #deals.

Being in touch on a daily basis with both #propertymanagers and #propertyowners, I listed some of the most relevant ways to leverage referrals.

Service Excellence

Everything starts from the basics: #quality of service. Happy #owners are more likely to refer you to their peers when you provide them with an #excellent service, so it is important to go above and beyond to meet their needs. This means responding to their requests in a timely manner, addressing their concerns promptly, and meeting their expectations.

To provide excellent service, you need to understand your clients' needs and preferences, and tailor your services accordingly.

Value-added #services resonate behind a 360 degrees offering, where you go beyond mere property management. This means proposing a #bundle that may include:

• maintenance and repair services
• tenant screening
• placement services
• payments collection

By offering these services, you can #differentiate yourself from your competitors and provide your clients with the best-added value. This will increase their satisfaction and loyalty, and make them more likely to refer you to their peers.

Incentives?

To incentivize your existing owners to refer you to their peers, you may offer them a discount on their next rental or a cash reward for every successful referral they make. However, I saw that this #rarely works. Owners are not interested in putting their credibility on the line for some cash rewards, because they do not do this as a #business.

For this reason, you should concentrate on building a long-term #relationship rather than treating them as one of the steps of your #funnel.

Relationship building

It all starts by understanding your property owners' needs and preferences, and providing them with high-quality services that meet their expectations. Make sure to follow up with them regularly and keep them informed about your services and portfolio.

You need to create a professional website, use social media platforms like LinkedIn to connect with property owners, and list your properties on online rental platforms like HousingAnywhere, Uniplaces, Roomless, Spotahome, InLife, etc...

By using these platforms, you can reach a wider brand awareness and communicate a #professional services offering.

Best Ways to Get in Touch with Property Owners

This last part will be the most useful (I hope). The following list has been crafted during my years of experience in #propertymanagement, speaking on a daily basis with several stakeholders of the residential rental sector.

Here are some ways to get in touch with them:

1. Attend industry events and conferences where property owners are likely to be present. This will give you an opportunity to network with them and build relationships.
2. Join professional associations and organizations that represent property owners. This will give you access to their network and provide you with opportunities to promote your services.
3. Use social media platforms to connect with property owners. You can send them personalized messages and engage with their content to build relationships.
4. Use online directories and databases to find contact information for property owners. This will give you a list of potential leads that you can reach out to directly.
5. Use referral marketing software to automate the referral process and track your results. This will make it easier for you to manage your referrals and measure your success.

Conclusion

We could write an article, if not a book, on each of the above-mentioned points. One thing I learned is that, as much as we in the property management industry have all the same problems, the situation of each company is somewhat #unique.

My (and RentYourNest 's) goal is to support #professional property managers in delivering the highest amount of value to their stakeholders, regardless if it is to their tenants or owners.

The support we provide goes well beyond offering a mere property management #software, because our main goal is to support you to grow your portfolio #faster than your peers.

Please do not hesitate to get in touch if you want to know more :)