Updated almost 6 years ago on . Most recent reply
Property Management Client Acquisition Strategies
Looking into starting a property management business and have some questions on acquiring client properties. Decently familiar w/ sales funnels and CPC advertising w/ Facebook and Google. I have a couple strategies in mind I would probably try.
1) Referral payments to RE agents for clients. Something like $X per unit when a client agrees to a management contract. Possible marginal fees (ex. $50 per unit up to 5. $75 units 10-15, etc.)
What dollar unit amounts make sense here? Is this even a viable strategy? Some agents double as managers so likely would not happen with them. My guess is this might have to be in the hundred(s) of dollars to make it worth their time. Really only thing they would have to do is fill out a form to submit it to the CRM and then we'd handle the rest from there. If the potential client signs a contract then they would get paid.
2) FB/Google CPC advertising
Having done this before the strength of geo targeting would be nice. I'd be concerned about wasting money advertising towards people looking to rent a property vs. looking for a property manager. It has been a few years since I've advertised with them and had success. Google AdWords might be better because they are searching for "Property Manger X city".
3) BiggerPockets
I'd likely explore advertising here obviously. Need to do some more research on the offerings. I know there are service ads. Haven't read into them much.
Most Popular Reply
It's not the most opportune time, considering Covid, but have you considered networking at your local REIA and other real estate investor groups? I can't help with the digital advertising, but in person networking has been the biggest boon for my business that I can point to.