Property management is a multi-billion dollar industry in Australia, with thousands of property management companies in both the commercial and residential fields. The large number of businesses that are vying for success in this environment means that there are quite a few that don’t survive for more than a year before going bankrupt.
If you’re a more experienced property manager with years in the field, or even if you’re new to the business and are just starting out, and you want to start your own company, the first thing that you’re going to need to do is make a solid property management business plan.
What does a property management business plan include?
As long as you have a concrete idea of what your goals are and what you can do in order to achieve them, you’ll have an easier time figuring out what you need to do in order to grow your business. Here are a few tips on how you can do just that.
- Get a better sense of your circumstances
- Know your company’s exact financial standing at all times
- Find out how much you can realistically invest in marketing
- Gather more information on your owners
- Develop a better understanding of SEO strategies
- Learn the most used search keywords from the real estate field
- Create SEO articles using the keywords
- Post the articles and blog posts frequently and consistently
- Hire a professional SEO agency to take care of the job for you
- Grow your social media presence
- Share news-worthy real estate articles on your Twitter or Facebook feed
- Link to articles on your site
- Use the platform to inform everyone about your working hours or any changes in the company
- Learn more about your competition
- Learn more about what kind of services the other companies are providing
- Try to match the prices that they’re offering
- Use the good points of their business models to improve yours
1. Get a better sense of your circumstances
It’s vital that you take stock of your company’s current holdings before you even start developing your marketing strategy. This will give you a better understanding of where you stand financially, how much you can realistically afford to invest in marketing, which avenues might be the most lucrative, and where to focus your marketing tactics.
The number of funds that you have available can be calculated by simply going through your financial records and calculating how much can be reallocated towards marketing, without bankrupting the company of course.
You’re also going to need to profile your owners and find out what the common denominator between all of them is. Simply put, you want to gather as much information that you can, in order to find out your target client persona.
2. Develop a better understanding of SEO strategies
Search engine optimization (SEO) has become a crucial tool for pretty much every business that wants to get the most out of their presence on the web. SEO is simply an online marketing method that uses keywords.
For example, if a potential client is looking for a property management company there is going to be a certain phrase or word that they are going to type into their search engine. If you knew the most commonly searched words, you could include them into blog posts or informative articles in order to ensure that the potential clients can find your site more easily.
You can create a blog adjacent to your main site, or simply host the articles on the site itself. Additionally, you also have the option to outsource an SEO agency to write the content for you. This will require you to spend some of your marketing funds on the company in question, but if you can afford it, it’s a great way to let the professionals do what they do best, while you focus on the property management side of the business.
With a thorough and consistent content marketing strategy, you can start working your way towards making your website an authority on real estate and property management news and slowly increasing your Google rankings.
3. Grow your social media presence
It’s not all that difficult to post at least one to two interesting property management news articles a day on Twitter or Facebook. Not only is this a good way to draw attention to the fact that you are aware of what’s going on in the real estate world, but you can even use this method to link to articles that link back to your site, which can help you generate more traffic.
Aside from articles, you can also use the company’s Twitter or Facebook accounts to post updates and changes in the company. This is a great way to ensure that all of your clients and potentially interested parties can access your company contact information, are aware of your working hours, and can follow updates.
Even if you only post one thing a day, everyone that visits your social media accounts can still get a better understanding of the state of your company, which gives both current and potential clients a bit of a sense of ease, because they know exactly what’s going on.
4. Learn more about your competition
Find out what the other property management companies in the area are doing. Look at the services that they’re providing, the prices that they’re charging for their services, even the specific property management software and features that they’re using.
Learn everything you can about them, especially how you can use their business and marketing model in order to be able to improve yours. It could also be useful to use the previous segments of this article in order to get a better sense of their marketing strategy.
Meaning, if you uncover which customer base they’re targeting, what SEO strategy they’re using, and how they’re managing their social media presence, you might be able to learn a lot about their company as a whole while also maybe picking up some useful tips from them along the way.
There are also plenty of other marketing tactics that you can use in order to stimulate the potential growth of your company, and we only went over the very basics in this article.
If you would like more information on other useful topics in this field, you can check out our articles on how to hold on to your clients, how to use real estate data to your advantage, and the best tech tools for property management companies.