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The property management business is a lucrative industry with huge growth potential. But it’s also one of the most difficult industries in which to succeed. Especially in a tropical country like Costa Rica, where nothing is done right away.
To be a successful property manager, you have to be skilled at organizing work, delegating tasks, and making decisions based on facts. These skills can be learned through education or acquired through experience; however, if you want to get ahead in this competitive field, it helps to have both.
You must know how much your overhead cost is at all times, to keep your property management business lucrative; otherwise, you could end up running low on cash when an emergency happens.
In today’s property market, a property manager can have all the right skills but still be behind competitors if they are not business inclined. Check out how you can boost your business with these 5 tips to increase your property management business.
1. Reach Out to Vacation Rental Homeowners
You don’t even need to work in real estate to contact owners of vacation rentals and attract new business. In fact, many experienced property managers started their business by doing this. If you know your area well, you will probably recognize many of the vacation rentals advertised on the vacation rental platforms.
Hop into your car and drive around in the area where you work from. Talk to the security guards at the condos that you know have vacation rental units and hand out your card. Tell them about the referral fee that you’ll pay them for each client they bring to you. The best time of year for a landlord is when the rainy season hits when there is a low occupancy rate.
You can also get out there on Facebook and other social media sites with ads targeting homeowners who are trying to rent their houses in your area.
2. Organize Your Expenses
When it comes to managing properties for others, what is one of the most time-consuming things? If you said accounting, then you guessed right. Even if you have a property management company, these responsibilities will be yours until you hire someone to do them. You must get organized so that you can take care of your clients and their needs in a timely manner.
It’s important to keep your expenses organized by using proper accounting software, or otherwise, they could sneak up on you. As a business owner, choosing the right software if you know what your business goals are. Keep receipts and file them by their due date for taxes. When it comes to business expenses, some may be tax-deductible while others are not.
3. Network with Realtors
This is one of the best ways to promote your property management business. Very few realtors in Costa Rica also run a property management business. To be successful at networking, establish your expertise in the area that you cover and make yourself known as someone who is knowledgeable.
Offer realtors a bonus for bringing clients to you, such as a nice lunch. Offer to return business when your clients are looking to make a new investment.
4. Have A Content Strategy
If you are serious about attracting new clients to your property management business, you need to develop a content strategy. This plan should include what types of articles you will post on your blog and social media pages.
Also, blogging regularly will help build your credibility in the industry, which I have been doing myself for years! If you are an expert on a certain topic related to property management, people will want to know what you have to say. Nevertheless, be sure to include all types of material in order to attract everyone. For example, if you are targeting pet owners, then include articles about how to take care of pets in the rental property.
Creating written content for your blog has many benefits. This includes driving traffic to your website, even attracting potential customers that aren’t in your geographical area. Therefore, you can also network with other property managers throughout the country and help each other.
5. Don’t Be Afraid To Invest
Growing a successful business takes money. The more you invest, the better your chance of growing your property management business. If you are just getting started, then it’s probably wise that you don’t take out a loan or spend your savings account on your business.
You cannot run a profitable company without investing in computers, software, and well-trained employees. If you don’t have the necessary tools to perform your job, then it’s likely that you won’t be able to attract many clients.
Invest in yourself and your company so that it can reach its full potential of success. You might even consider hiring a professional to help you develop some of your marketing materials or blogging ideas.
If you are struggling to succeed in the property management industry, it’s possible that there are some gaps in your strategy. Follow this guide and feel free to consult a business expert to make headway in your business.