As a property manager, the first question that you usually get from homeowners is: “How much do you cost?” We want to talk about why owners are always asking about the fees that come with property management services. So, let’s dive into the mind of an owner.
The Homeowner Who Asks About Rates
Homeowners are going to compare your company to other property management companies, because that is what people do: shop and compare by price. When you receive these questions it is up to you, as a property manager, to showcase why your company is unique.
How to Advertise Your Services When They Ask What You Cost
These owners are asking how much you cost because that is all they know to ask. Most owners don’t know the services that property managers offer and the costs that it entails. They probably will not have the type of questions that will help them find the best property management company. So you need to present those questions and answers to the prospective owner.
In many cases paying a professional to manage their property will end up making them more money in the end, but all prospective clients see is the cost. You need to tell them the many ways a professional property manager saves them money and time. For example, by using his industry knowledge to incrementally raise the rent, keeping up with the market without scaring away tenants, a property manager ends up making a landlord more money than he would on his own.
They might know that you find tenants and inspect the home every now and then, but they don’t understand the value that a professional level of service can provide. For example, you may have the most rigorous and comprehensive tenant screening practices in your town. Cost is not the only factor that influences decisions, safety and peace of mind plays a pivotal role as well. It’s your job to explain to the owner why your company is going to protect their property better than they can on their own.
That Next Lead Can Be Your Next Champion
The best clients are the ones who bring you referrals because they tell everyone what a great company you are because you helped them evict a tenant or helped with emergency repair. There is a great opportunity with people like these because they probably have connections to other homeowners in your service area.
Your next call could be that champion who will bring you more business year in and year out. They’re not calling you to know how much you cost, their calling you because they have a problem. You need to find out what their problem is and show how you can fix it so they can tell their friends and neighbors what you did for them.
So when you get asked the question, “How much do you cost?” relish it. Use it as an opportunity to explain the value that your property management services can provide. Tell them why you’re the solution to their problem, and you’ll bring more property management owners in 2016.
If you have any questions about how to respond to inquiries from potential clients, please contact us at Fourandhalf, and we can tell you more.