The property industry is competitive, with many businesses competing for airtime in front of potential property owners and tenants. That’s why effective property management marketing is so important.
But how can you get it right? And how can property management software help? We answer these questions and more in this article.
- Why is property management marketing so important?
- The benefits of property management marketing
- How property management software can help
- Trying to find the right property management software for you?
Why is property management marketing so important?
The importance of property management marketing is just the same as in any other industry — it increases the awareness of your company, ensuring you’re getting the revenue needed to be a successful business.
Effective property management marketing gets your business name in front of the right landlords, property owners and tenants, boosting income into healthy revenue.
Considering that you could see up to a 415% increase in qualified leads through marketing automation software, it’s an area worth the investment.
The benefits of property management marketing
The benefits of property management marketing are varied and far-reaching. While marketing does require an initial investment, more often than not, the result is well worth it.
Here are some examples of the types of benefits you can expect when investing in property management marketing.
Without property owners, your business would cease to exist. That’s why marketing your company effectively is important, building awareness and establishing a strong customer base.
Targeted marketing not only builds awareness but also builds it with the right people. For example, you may specialise in a particular market, location or price bracket. Targeted marketing ensures you attract the right customers and tenants to your property management business.
Tenants are just as crucial as property owners. Marketing to tenants helps keep your occupancy rate high, ensuring revenue is generated for your business and your property owners.
Competition in the property management industry is strong, making it essential to establish an advantage. Effective marketing allows you to showcase your strengths and USPs, giving your business a competitive edge.
Some of the most effective marketing is positive word of mouth from your current clients. Building strong relationships and meeting expectations enhances client retention and the likelihood of repeat business and recommendations.
Client acquisition, effective targeting, tenant awareness, competitive advantage and enhanced loyalty all result in increased revenue. This growth can further fund your business development.
How property management software can help
While property management marketing has many benefits, it’s yet another task on an ever-growing to-do list for property management professionals. That’s where property management software comes into help.
Property management software uses smart technology to streamline property management functions, boosting efficiency and efficacy. Here are some of the specific ways in which property management software can support your marketing efforts.
Marketing tool integrations
Many property management software providers facilitate integrations that help your business functions to run seamlessly, no matter the discipline. For example, your marketing platforms can be integrated with your property management software so you can manage everything from one central source.
Property management software offers powerful data analytics. These can help you understand the market trends, marketing preferences and the ROI of your marketing efforts. The data can also be used to inform considered decisions around targeted marketing strategies.
Marketing efforts are wasted without the right follow-up communication with leads and prospects. Property management software houses all your communications in one place and uses automation to help nurture your contacts and deliver the necessary information and support.
Specific marketing automation examples using property management software include workflows for segmenting contacts, qualifying lead statuses and automated communications to nurture potential customers.
Tenant retention is a big part of the marketing puzzle. Ultimately, if tenants are satisfied and occupancy rates are healthy, you can reduce your marketing budget as you won’t need to attract as many new leads. Tenant portals can help by facilitating strong relationships and information sharing with your tenants.
Trying to find the right property management software for you?
Choosing the right property management software for your business can feel overwhelming, particularly with so many available options. To help make the decision-making process easier, we’ve created a helpful resource to guide you through the process.