In the simplest terms, your rent roll is the total calculated potential gross rent amount that the investment properties generate for their individual landlords, and that the property management company is assigned to collect.
This means that the exact rent roll is going to depend on the number of landlords that the property management company represents and the amount of units that each landlord owns and leases.
Considering that the rent roll is essentially also an easy way to tell how well a property management company is doing and what their monthly revenue is like, each company is naturally going to want to increase the rent roll as much as possible.
The only way to do that is increase the number of properties that the company manages by increasing the number of landlords that they work with and making sure that their current ones stay with the company. So here are a few ways that any company can do just that.
- Buy rent rolls
This is honestly the best thing that any new business can do in the beginning. It allows you to get a bit of a head start early on in the life of your business, and it will make growing your profit much easier going forward.
- Never stop doing marketing research
Ask your clients what they would like to get from the services you offer and if they have a service in mind that you don’t offer, but they would still like to see included in the future.
- Learn more about your landlords
There are all sorts of different clients and every single one of them is likely going to have different standards and requirements. Take the time to learn exactly what the needs of your current clientele are and how you can accommodate them.
- Interview your landlords
Taking the previous piece of advice one step further, you can conduct online questionnaires or personal interviews with your landlords and create a profile for them for your website or blog. This will provide a bit more familiarity with the people that you’re in business with.
- Offer additional services
Find out what your competition is doing. Find out what kinds of services landlords are looking for in a property management company but aren’t getting. Find out which of these services you can manage to include and implement them in order to stand out from the crowd and draw in more clients.
- Make a concrete marketing strategy
Decide where you’ll spend your marketing funds early on. This way your team will know exactly what you’re doing to attract landlords or tenants for the apartments and can share their input on how this marketing plan can stand to be improved.
- Hire a business development manager
If you’re having trouble coming up with any good marketing strategies, you can always go to the professionals. This way they can focus on helping you grow your rent roll and client base, and you can solely focus on the property management side of the business.
- Display the statistics you’ve uncovered
Over the course of your research, you’re bound to uncover a lot of useful information. The best way to display this data is to design some helpful infographics in order to highlight the most important points for you and your team.
- Leave a mark on your local community
Sponsor a local sports team, host a charity drive, show support for local environmental awareness groups, do anything that will help you better establish yourself as a part of your community. Any of these examples are a good way to improve brand recognition while also giving something back to your residents.
- Create a social media presence
Share articles that might prove interesting for landlords on sites such as Facebook or Twitter. Even if you don’t see any results from it immediately, many potential clients might stumble on your posts and become interested in your company in the future.
- Share and gain knowledge online
The easiest way to keep up to date with the current news in the property management and real estate field is to check your twitter feed or online forums for posts that other property management companies have made, as well as post relevant news yourself.
- Ask your clients to write online reviews
If your clients are satisfied with the service that you provide, you can ask them to leave a favourable comment on your Facebook page so that others can see your good points as well. Even if they found you lacking in certain aspects of the job, they can still leave a comment of their opinion and help you learn about your mistakes from their review.
- Put ads on your social media accounts
Online ads, and in particular social media ads are effective tools because they can be used to target a specific age, location, or even gender. This is particularly useful if you do continuous marketing research and know exactly the type of demographic that you need to target.
- Google ads
There are two major advantages to google ads. The first is that they are the best way to reach as many people as possible and make them aware of your brand. The second is that there are companies that specialize in this field, so if you don’t know how to get the most out of these ads, you can simply hire one of these companies to do the heavy lifting for you.
- Youtube ads
Youtube is another great platform for getting your name out there. The ads are nearly identical to the Google ads, in that they can also be focused on a specific group that you’re trying to reach.
- Create a Youtube presence
Instead of simply advertising on Youtube, you can create a channel where you could maybe share any relevant real estate news, investment tips, and other information that anyone in the property management field could find interesting.
- Do Youtube interviews
You can contact property vloggers and ask to be a guest on their show. They may ask you to come and provide an expert opinion on certain topics from the real estate field, or they may simply ask for a fee if you want them to feature you. Either way, it would be good exposure to their audience and to new potential clients.
- Do Podcast interviews
You can implement the same tactics by making an appearance on a property management podcast. In fact, there may even be a lot more real estate related podcasts that people listen to than there are property-related youtube channels.
- Do TV interviews
This is a bit more difficult than getting a youtube or a podcast interview. However, if you have any contacts in your local TV station, then now might be time to call in a favour to try to get on screen and talk about current property investment tips, industry trends, and so on.
- Do more with videos
Aside from interviews, you can also make video tours of your properties and post them under the online listing. This can better acquaint potentially interested tenants with the layout of the units and will help distinguish your properties from a lot of others on the market listed on websites that just post photos of the rooms.
- Use billboard ads
While this is a bit more old-school than some of the methods we mentioned up until now, a billboard ad placed at the right location can be a really effective way to draw the attention of a lot of potential clients to your company.
- Use newspaper ads
Placing an ad in the local paper is another good old-fashioned way to advertise your company if you want to get the attention of potential clients. And since most statistics say that tens of millions of Australians regularly read the newspaper, it’s safe to assume that at least a few might be interested in the services that you have to offer.
- Reach out to a few journalists
Getting in touch with local or national level journalists is much easier if you have a noteworthy piece of information to share with them. This way, even if you don’t have any contacts in that particular field, you can still get some exposure for your company, as long as you offer a story that’s worth reporting on.
Engage a professional photographer to create an interesting portfolio of images and post them on a Pinterest account that you created or on an online real estate blog. Place the company logo or a watermark on the images, and that way people will know where to go if they want to find the source of the pictures.
- Take better pictures
The images that you post on the listings of the rental properties leave an impression. Bad pictures can not only turn away potential tenants, but can also make the property owner question whether they’ve chosen the right property management company. However, if you take a bit more time and care when taking pictures, you might just get new property owners lining up and asking you to do the same for their properties as well.
- Stage your properties
The way that you present the property will have a significant effect on how quickly you’ll be able to find a tenant for it. Making the unit more welcoming and attractive will increase the number of potential interested tenants, which will lead to better results to show to your landlords.
- Always put your best foot forward
Putting in that extra bit of effort to ensure that you always come off as friendly and approachable will really pay off in the long run. If you build a good reputation, then it’s almost guaranteed that more people will come to you the next time that they need to rent out their property.
- Write better listing descriptions
Property owners aren’t very likely to be impressed by lack-luster descriptions that sound like you wrote them in five minutes. Take some time and really describe the property layout and features, and paint a picture for the potential tenants that might entice them enough that they want to check out the property in question.
- Use LinkedIn articles
LinkedIn allows you to post long-form content on their platform. This particular blogging feature allows you to spread awareness of your brand by simply creating content that anyone on your network can read and share however they like.
- Contribute to property blogs
A good way to get your name out there is to contact notable property blogs and ask if they would allow you to write articles for them and include a link to your website somewhere in your articles or your bio on the site. This particular content marketing tactic is called guest posting.
- Maintain your own blog
Instead of tapping into other audiences, you could try to cultivate a following of your own. This should be pretty easy, as long as you post content on your blog that is informative and relevant for the visitors to the site. Try to focus on topics that landlords might be particularly interested in, like market trends or rent prices in their local area.
- Email database
The way to collect enough emails to grow your database is to hide what might be valuable content for landlords on your site behind an email subscription wall. This will only work if you have data that’s good enough to justify them having to enter their emails, but if you do it right, you can capture plenty of new potential leads using your newsletter.
- Email marketing
Continuing from the last point, once you have subscribers, you’ll need to keep them interested in order to stop them from leaving. You can achieve that by utilizing the email subscription service to send them vital real estate content in order to help establish the value of your service in their eyes.
- Work with professionals from other fields
There are a lot of moving parts when it comes to property investment. You’ll occasionally need to consult accountants and tax agents in order to handle the aspects of the job that you can’t handle. If you have a good working relationship with these professionals, you could ask them to recommend your company if any of their clients ever need a property manager.
- Host live events
Using local venues to hold in-person gatherings where you can teach landlords about the specifics of property investment is a good way to spread brand awareness and meet potential clients that might be interested in leasing a property that they own.
- Create informative webinars
Much like our previous tip, the purpose of the webinars is going to be to inform potential landlords on how exactly the property investment field works all while getting the name of your company out there.
- Keep in touch with your landlords
Make sure that you maintain a good work relationship with your landlords and that you frequently call or meet up with them. While catching up you can also ask them if they have any new properties that they might need a property manager for.
- Keep in touch with your tenants
There’s a good chance that at least a few of the tenants that you keep in touch with may have a property that they are looking to lease, or they may even be looking to invest in a property and break into the rental property business themselves.
- Keep in touch with your tradesmen
Same drill as the previous two tips. The same tradespeople that you frequently work with may also be landlords or may be looking to invest in a property. Strike up a conversation and tell them that you’d be happy to help them manage any property that they might be looking to lease.
- Ask your friends
The same way that you might want to have someone you know and trust fix your car or do your plumbing, most of the people you know might just feel safer if they know the person that’s managing their property. You might also want to ask them to recommend you to people they know that might have a unit they need managed as well.
- Ask people who aren’t your friends
Try to bring up your profession in casual conversation, but just remember to not go on talking for too long or give overly complicated explanations. All you really need to do is mention to the person that you’re having a conversation with that you’re a property manager and you could help them or anyone they know with managing their units.
- Give out rewards to clients
If the landlords that you already work with are successful in referring new clients to your company, then the least they deserve is a really nice bottle of wine. The rewards are entirely up to you, and they can range from a simple financial reward to gift cards, or anything you deem suitable.
- Give out rewards to your sales team
Instead of simply looking to sell a property, offer your employees a financial benefit for finding new clients that are more interested in renting out their properties.
- Sponsor giveaways on property blogs
The giveaways don’t have to be anything spectacular that could bankrupt your company. All you really need is to get a stack of investing books and offer them to a property blog as a reward for their audience, as long as they in turn provide a link on their blog that leads to your site.
- Attend as many events as possible
You don’t have to be a speaker or an exhibitor in real estate conventions in order to attend. Mass printing hundreds of business cards and handing them out at these sorts of events is a simple, but effective way of getting your name out there.
- Attend meetups
Meeting and building a relationship with potential clients and other professionals in the same business is much easier in an environment that promotes the sharing of ideas. Simply put, it’s much easier to offer your services to people that are already looking for property managers.
- Follow up with your contacts
Even if someone isn’t currently in a position where they can be a client, you never know when they might need a property manager in the future. Which is why it pays off to keep in touch with people, even if they aren’t immediate client material.
- Try to keep your clients
Finding new clients is important, but doing everything you can to keep your already existing ones is even more important. Retaining your landlords really isn’t all that difficult. All you need to do is listen to their requests and complaints and try to accommodate their needs as best as you can.
- Think a bit more about the advice you give out
While this might seem simple, giving good investment advice is actually not as easy as many people think. However, if you can prove that you’re knowledgeable when it comes to the property management and investment field, then not only will all of your clients come to you for consultations, but they might bring in some new interested landlords as well.
- Pick the right property management software
The right software can help you keep all of your files, reports, and tenants organized, and help you do all of your daily tasks with nothing more than the use of simple workflows menus. Bad software can actually slow down the productivity of your company if it has unintuitive layouts and useless features.
- Publish case studies
Compile statistics reports on the feats that your company’s accomplished so you show them to potential clients. These statistics can range from the average customer ratings that your company has had, the number of tenants and units that you currently hold, the number of properties that you can manage at once, and so on.
There are plenty of ways to increase the number of landlords that are interested in working with your company, as well as keep the ones that have been with you for a long time already.
You really don’t have to do every one of the mentioned steps in order to increase your rent roll, but you might want to pick out the ones that you think are the easiest to implement or might get the most results and try them out.