The current economic climate is serving a lot of people well. Today, we’re talking about how you can make being a property manager work for you in both strong economic times and challenging economic times.
The Swinging Door Effect: Property Management + Real Estate
Let’s talk about the swinging door effect. When things are going well economically, profits from real estate sales soar. Investors want to sell during a bull market because prices are high, and property management companies can cash in by offering real estate services. When things go south, you can focus on growing the property management side of your business. Prices are low, so property owners are holding, not selling.
If you’re not embracing both of these business strategies, you’re missing out.
Succeeding as a property manager means being flexible and responding to the economy.
There’s no crystal ball. No one knows when the economy is going to rise and fall. And if they did, they probably wouldn’t tell you anyway. But, we do know that the economy fluctuates somewhat regularly. It pays to be prepared for the door to swing the other way.
Responding to the Economy with Content Marketing
At Fourandhalf, we have an interesting barometer for what’s going on in the economy. We talk to hundreds of property managers around the country, and we can see the effects of economic fluctuations.
Just look at your blog content.
When this company was started in 2012, the primary property owner that our clients were trying to reach with content marketing and video blogs was the accidental landlord. These were the people who inherited a home or kept the home they had been living in and rented it out. They often needed landlord rescue.
There has been an interesting shift.
These days, property managers want to get investors to look at their company. We’re seeing far more topics related to attracting investors. That tells us things have been going well in the real estate market. Investors are buying properties to rent them out. It’s a reflection of the stock market being up, interest rates being low, and people being willing to buy. The accidental landlords of 2012 are selling while the market is up, so property managers are turning their attention to investors who want to buy more and hold while watching those property values increase.
Does that mean a crash could be on the way? We don’t know. No one does. But, we should be prepared.
Blending Real Estate and Property Management
So, let’s get back to that swinging door effect. Real estate agents have been doing property management since they learned about it after the last economic crash.
Property managers must do the same.
This isn’t new to you. We talk about it with our clients all the time. Some property managers just don’t want to do sales and if that’s you, make sure you’re at least getting those Realtor referrals.
If you do sales, make sure you’re telling everyone about it.
Put this in your property management newsletter, blog about it, and make sure your clients know you’re available to provide that service. This will help you make money while things are bullish.
Plan for the Turnaround with Your Content
So, with the economy on the upswing, you should keep doing those blogs geared towards investors.
But, you need to do those accidental landlord blogs, too. Keep your eyes on the flip side and be prepared for the economic turnaround. If you start blogging on these topics now, you’ll gain traction in search rankings and strengthen your authority online. That means, when those topics are trending again, your content will be at the forefront.
If you have any questions about how to navigate your property management company through bear and bull markets, please contact us at Fourandhalf – Internet Marketing for Property Managers.