Get More Owner Referrals to Grow Your Property Management Business

How to Get More Owner Referrals to Grow Your Property Management Business

Take a step back from your property management company for one second.

What’s one of your biggest business assets?

Our answer? Happy customers. When you are looking to grow your business, look to the customers you already have. That’s because these happy customers are currently helping you maintain your business, AND they can also have a huge impact on the future growth of your company.

Not sure how happy customers can drive business growth? Two words: owner referrals. But there is more to it than it seems.

In today’s blog, we’ll explore three specific things you can do to get more owner referrals, which will then help grow your property management business.

Showcase Referral Programs on Your Property Management Website

Your website is the centerpiece of your marketing campaign. You drive web traffic there, and then you provide people with information they need.

What better place than your website to showcase your referral program?

Remember – your referral program doesn’t just have to be for agents. Open it up to your happy customers as well. Provide convenient opportunities for your customers to refer their friends. Some small businesses find success by creating social media “share” buttons with auto-filled text. Prompt your customers to talk about you online, and make it as easy as possible for your website visitors to spread the word to their social media network.

Get Owner Referrals from Happy Customers

If people are having a good experience with you, take the time to develop that relationship. Give them a reason to talk about you. This goes for both owners and tenants. Tenants may not have rental properties on their own, but they may know someone in their network who does.

Consider whether providing an incentive for referrals is the right move for your business. Many small businesses thrive with an incentivized referral program. Let your happy customers know that if they bring their friends to do business with you, they will be rewarded.

Referral leads tend to be “warmer” and have higher closing ratios because of the personal connection and implied endorsement. You may also find that referred customers tend to be more loyal than customers whose network is not also doing business with you. Whether or not you decide to give a reward for referrals, always thank your customer for referring a friend to underscore the personal connection that you are building.

Get Owner Referrals from Vendors

This is often overlooked, but it’s very important to develop relationships with your vendors. We’ve covered this in depth in a previous blog called How to Get Vendors to Grow Your Owner Portfolio, so if you haven’t seen it yet, we suggest you check it out.

If you take care of your vendors, they’ll take care of you. Think about all the work you provide to your vendors. They’ll be happy to return the favor and bring in some new business for you. After all, more business for you leads to more business with them. They work in properties for landlords and owners every day; make sure they know how much you’ll appreciate any referrals.

Your To-Do List

  • If you have a referral program in place, showcase it. Make sure people know about it.
  • If you don’t have one, this is a great time to think about it, build it, and put it to work for your company.

Contact us at Fourandhalf with any questions about referrals or internet marketing for property management companies. We have more great ideas for you.

Danny Morris

About Danny Morris

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.

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Estimate ROI (Return On Investment) Based on Desired Growth

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)