5 Ways to Get More Property Management Leads

5 ways to Get more Property Management Leads

Today at Fourandhalf we wanted to address one of the most important questions that we, as an advertising agency often get asked: when do I see results for my marketing efforts, and what can I do to about it?

As a company that handles internet marketing for property managers, we are aware that there are a number of crucial factors that our customers must consider when seeking the correct solution for their company, beginning with establishing a value for Management Contracts.

1) Internet Marketing Budget for a Property Management Company

How much are you willing to spend per Management Contract? First, we would like to put a value on a contract. On average, a monthly commission, times two and a half years of retention plus extra fees gives us a total value of about $4,000 per management contract.

During a property management marketing budget survey we conducted with our customers in 2013, we found that on average, a property management company spends $1,154 on marketing per month.

However, the acquisition cost of each new contract can vary. Some of the costs associated with popular methods include:

• Some property managers pay up to 25% realtor referral fees, and up to $750 per Management Contract
• Some companies spend $1000s with Google Ads, happily paying $200-$500 per Management Contract

In the property management industry, the budget rules don’t change much from company to company – the more you spend, the more you get – but if you are already an established company with past advertising, good word of mouth, and a domain with existing authority, you already have a momentum. This means any kind of digital marketing efforts would start rolling in a lot faster then a relatively new company. However, it’s important to realize that as a smaller company you still need to have an aggressive marketing budget if you want to win more business and compete with companies around you.

2) Property Management Marketing Strategy

There are two major ways to market on the internet, both related to search but using different techniques. The best and easiest way to understand the benefits of both is by viewing it on a graph:

5 Ways to Get More Property Management Leads

a) Pay-Per-Lead This includes investing in services such as Google Ads and other property management specific lead sources. With the pay-per-lead strategy, as the industry gets more competitive, the cost increases as more people compete to and bid for the same leads.

b) Inbound Marketing Building a sustainable online business development platform through content marketing, social media and reputation management to get your own marketing.

This means people are coming directly to you, compared to the pay-per-lead strategy where people go other companies’ sites and you buy the leads from them. This strategy will have initial higher costs as you are still building your content, but in time, will deliver good inbound marketing results and a dramatic reduction in per-lead costs.

The left column on the graph represents the money you would pay per contract while the column below represents the results a company would expect to see as time goes on. The main difference between the two strategies is the effect on the customer acquisition cost after each method matures.

It is possible to find a healthy combination between these two strategies; you would have to look at your budget and how much you’re willing to spend for results.

3) Business Owner/Manager Involvement in Marketing Efforts

This is an important factor in how quickly a company will succeed with digital marketing. In our experience, hands-on owners/managers show much better results compared to owners who are unresponsive and generally unavailable.

4) An Effective Sales Process

Missing out on available leads could be costly for your company because if you don’t get that lead, your competitor will. Getting to the lead in 10 minutes or less is crucial. Have a dedicated sales line and an email where you can be notified immediately.

a) Stellar follow up process – Just because somebody is not ready to talk to you now, it doesn’t mean they won’t be in the future. Touch base at least three times with calls and emails.

b) Tracking tools – A simple spread sheet or other tracking systems will help you understand which parts of your marketing are and aren’t successful.

5) Reputation Management

Even after you’ve got a lead – and paid for it – you can still lose the opportunity if your property management company’s online reputation isn’t up to snuff. Why would a prospect call you instead of the 4-star management company down the street? Get your ratings up, and if you haven’t got the time for it, look into a reputation management solution for property managers. Strategies that work for restaurants won’t work for you go with a company that understands your business.

Finally and probably the most important thing to remember, is that doing nothing is not an option!

In property management, like every other business, you are either growing or shrinking. An average portfolio turnover can be as high as 30% per year. You have to keep renewing your client base, meaning you have to spend the money in the right places and invest in marketing to grow your property management business.

For any questions or further information you can contact us at Fourandhalf – Internet Marketing for Property Managers. Feel free to read more of our educational articles for property managers by visiting our blog.


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Alex Osenenko

About Alex Osenenko

Alex’s professional mission in life is to help small businesses grow and thrive. Alex is the President and CEO of Fourandhalf.com and a Co-Founder of the PM Grow, Inc. His business philosophy is simple: Happy Customers are created by Happy Employees, which results in Happy Shareholders. Alex's deep commitment to entrepreneurship and improving the lives of small business owners everywhere empower him to host “The Property Management Show” bi-weekly Podcast and speak internationally on the subjects of Growth, Marketing, Sales, and Entrepreneurship.

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Desired Growth (# of properties) :
Average Monthly Rent :
Annual Contract Value: $0
Customer Lifetime Value: $0
Estimated Annual Profit: $0
Estimated Lifetime Profit: $0
Estimated Portfolio Value Upon Sale: $0

How we got these numbers

• Annual Customer Value (8% of average rent multiplied by 12)
• Customer Lifetime Value (4 multiplied by ACV)
• Estimated Annual Profit (at 20% of ACV)
• Estimated Lifetime Profit (at 20% of LCV)
• Estimated Portfolio Value Upon Sale (1.2 times ACV)

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Alex Osenenko
President and CEO

Alex’s professional mission in life is to help small businesses grow and thrive. He is the President and CEO of Fourandhalf.com and is serving his 5th year on the Board of Directors for CALNARPM.

After spending 9 years in the trenches with his property management clients, Alex draws on his experience to host “The Property Management Show” Podcast and co-authors a weekly Property Management Blog on Fourandhalf.com. Alex has extensive experience speaking for various NARPM events at the local, state, regional and national level.

Alex is a graduate of San Francisco State University with an Electronic Commerce Systems Degree. His business philosophy is simple: Happy Customers are created by Happy Employees, which results in Happy Shareholders. Alex serves on the Board of Directors of CALNARPM (California Chapter of National Association of Residential Property Managers) and hosts a Podcast “The Property Management Show“, available on iTunes.

 

John Bykowski
Chief Operating Officer

After graduating from the University of Michigan with a film degree, John proceeded to do everything but. During his career, John has specialized in operations and has developed processes for small companies in diverse industries, such as bleeding-edge marketing technology, social networking, trade shows and exhibitions, and cloud software. John and Alex had worked together previously, and when he needed someone to help take Fourandhalf to the next level and beyond, Alex brought in John as his first employee, and later, business partner.

In addition, now that he’s using his film school know-how to help property managers look their best in their blogs, his mom no longer feels his degree was a complete waste of time.

Danny Morris
Director of Account Management

Born in Australia and growing up in Israel, Danny has spent a lot of time traveling the world between those two places. After completing his military service in Israel, Danny began following his biggest passion, writing, which he discovered while backpacking South America and publishing his first book.

When it was time to unpack, he returned to Australia to complete his Journalism studies amongst the beaches of sunny Perth. Danny is a huge online fan and after working in a number of related jobs, he finally gets to combine his two favorite things, working with media and people.

Marina Osenenko
Product Manager

Marina draws upon her real estate, business operations and customer service expertise for Fourandhalf. Her favorite part of being with Fourandhalf is the opportunity she has to really get to know our clients, build professional customer relationships and truly be part of a team that assists in their success.

Her time away from work is happily spent watching her children grow up and attempting to keep up with them! Any spare moments beyond nurturing her children are filled with hiking, spending time with friends, exploring the Bay Area and squeezing in a non G-rated movie every now and then.

Marie Liamzon
Product and Marketing Manager

Before joining Fourandhalf, Marie worked for one of the largest banks in the world. She took on different roles, but couldn’t find what she was looking for. She pursued a variety of side projects until she finally decided it was time for a career change.

Marie is very passionate about helping people and learning new things. In her spare time, you might catch her exploring new places and taking far too many pictures.

Kyle McLean
Customer Success

Born in San Diego County, Kyle McLean has since migrated to the Oakland woods. A fan of tall trees and tall tales, he holds a bachelor’s degree from the creative writing program at the University of California, Riverside and is a licensed California Certified Shorthand Reporter.

After a few years as a freelance court reporter, Kyle has joined Fourandhalf for an opportunity in sales and digital marketing. In addition to reading and writing, his hobbies and interests include gardening, hiking, soccer, coffee brewing, and craft beers.

Karen Wyle
Account Management

Originally from the Philadelphia area, Karen moved eight times in seventeen years all over the East Coast and to the Midwest before settling here in Northern California six years ago. She is an alumna of Brandeis University with a BA in American Studies and earned a MBA in Marketing Management from Indiana University in Bloomington. Karen’s business career has been well-rounded, with experience including advertising, direct marketing, corporate retail, product management, new product development, and new customer generation. Beyond an office setting, she has been thrilled to volunteer her time giving back to the community with KPMG’s Family for Literacy, at her daughter’s school, and as a Girl Scout Troop Leader. Karen enjoys music, good food, traveling to new places, completing jigsaw puzzles, meeting people and making connections.

Karen became a part of Fourandhalf’s Account Management team in 2016, relaunching her marketing management career after a pause to raise her family. She is excited to rejoin the business world and to work with such a strong marketing management team.

Paige DeRuyter
Account Management

Paige graduated from Chico State University with a degree in Journalism. Her favorite part of working at Fourandhalf is helping clients create and produce educational blog content to grow their business. She is an avid sushi enthusiast who enjoys riding her bike and watching college football and in her free time.

Nissim Boozaglo
Web Hosting Support

After working as a Radioshack store manager, Nissim decided to change his career path and pursue his passion for music production by getting his B.A.S. from Expression College for the Digital Arts. Nissim has a beautiful 8-year-old girl and loves cooking delicious homemade food and going camping with her! At Fourandhalf, Nissim is responsible for the implementation of the clients’ Landing Pages and Google Adwords campaigns.

Theresa Barnes
Campaign Director

Theresa Barnes was born and raised in the Bay Area and graduated with her Bachelors Degree in Communications Studies at San Francisco State University. She worked in aviation at a private FBO for 3 years, and other industries, before joining the Fourandhalf team. She finds a balance between being a young mother, work, and living a healthy lifestyle outside of work by staying as active as possible. She is dedicated to customer satisfaction and having a great work ethic.

Brittany Stephens
Campaign Director

Brittany recently moved to the Bay area after graduating from California State University Chico with a degree in Business Marketing. She is known for her excellent communication, customer service skills, and shameless nerdyness. Her passions include: music, tabasco, Lord of the Rings, and the Golden State Warriors.

Logan Jones
Business Development

After graduating from CSU Chico with a Degree in Business Marketing, Logan moved back to the East Bay and pursued a career in sales. With an attention to detail and a relentless drive, he strives to improve himself and his passions each day. When not at work Logan enjoys playing guitar and writing songs, and occasionally performing around the Bay Area. He is an avid sports fan keeping up with everything SF Giants, 49ers, Cal Bears, and Golden State Warriors.

Hope Lumbley
Account Management

Hope recently moved to the Bay Area after graduating from Chico State University with a degree in Journalism. She is coffee crazed, dog obsessed and hopes to visit all National Parks. One of the greatest times in her life was when she lived abroad in Costa Rica and hopes to travel more of Central America in the future. She feels blessed to work for a company who supports her love for travel and the need to learn more about what the world has to offer.

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