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Get More Properties by Understanding Who Owns Rental Properties

As a property manager, one of your main goals will be growing your business by acquiring new owners and increasing the number of doors you manage.

 

Entrepreneurs and marketers worldwide will tell you, the key to growing your business is understand your potential clients so you can meet their needs. According to Forbes, understanding your target audience and creating buyer personas, will result in stronger and more cost effect marketing by helping you:

  1. Convey a stronger message

  2. Minimize advertising waste

  3. Discover potential objections

 

According to the Rental Protection Agency, there are 22,874,082 landlords in the USA. That’s a pretty big number making up your target audience. But not all landlords are created equal.

To better serve your future clients and grow your business, you will benefit from understanding the types of people who own rental property.

 

  • Investors – Real estate investors purchased residential properties with the intention of using them for rental housing.  This type of owner usually considers their rental property an investment and are not relying on the rental payments for immediate income. They tend to understand the benefit of spending money on property maintenance and updates in order to increase the property’s value overtime and attract the right type of tenants.  Investors are looking for professional property managers who will take care of all the details and provide a rent payment check that will get used for mortgage payments before going into a savings or investment account.

  • The DIY Landlord – The DIY landlord got into the rental housing industry either intentionally, with the hopes of capitalizing on passive income opportunities, or accidentally, through an inheritance or as a result of the housing market crash.  Regardless of how they entered the market, the DIY landlord attempts to take care of all the responsibilities of rental management themselves from marketing vacancies, screening tenants, chasing down rent, tenant turnover, maintenance and property emergencies.  DIY landlords are excellent potential clients for property managers who can attract the DIY, when they reach their breaking point from the time-commitment and stress that goes along with self-managing rental property,  like late night phone calls, non-payers, and property destroyers.   

  • The Accidental Landlord – Whether through inheritance or due to the housing market crash, the accidental landlord never considered owning rental property as an investment opportunity but suddenly owns a home he doesn’t know how to manage.  Rather than spending the time to learn the in-and-outs of property management, a simpler solution is to find a professional property manager who can take care of the property for him.  The accidental landlord client may have come to you during a stressful life-event and will benefit from clear explanation of your management style and simplified explanation of the rental industry and your role in the owner-manager relationship.  

  • The Fed-up Owner – The Fed-up owner has rental property under the management of a competitor, but is not satisfied with how their properties are managed.  Their discontent can be due to vacancies rates, personality differences, frustration with management fees, or overall dissatisfaction with the competitors business practices.  The fed-up owner has experience with working with a property manager and tends to know at least a little bit about the rental business.  The fed-up owner is looking for a new property manager and will have specific expectations based on their previous experiences.  their experience.  They have experience working with a property manager, and should know at least a little bit about the rental business.  are in the market

 

Knowing the types of owners who are in the market for a property manager will help you create a specialized sales plan so you can focus on appealing to the needs of that particular client.



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