Everyday in our role here at Real Estate Agency Sales we are talking to Principals and Property Managers about the Property Management portfolio and how they can grow it. Here are some quick tips on how to grow your rent roll.
What are the top 5 proven strategies to growing your rent roll?
- Your Sales department. Does your sales team recommend you at every opportunity? Do you train your sales team on how they can easily create Property Management leads? Do you meet with your sales team to discuss how both departments can be of mutual benefit?
- Networking. Do you actively meet with people of influence and who can refer Landlords to you. Do you network with potential new landlords?
- Database. A key fundamental to the successful growth of your portfolio is an actively utilised CRM system.
- Communication. How do you communicate with your Landlords and other potential contacts? Do you have a plan for what message you would like them to receive from you?
- Newsletters. We rarely see Real Estate Agencies with a planned, consistent newsletter which targets all the businesses potential clients. Of those offices with a Property Management newsletter (approx. 50%), almost all only go to the current Landlords.
5 other key components to creating growth.
- Have a clear Plan
- Implement the Systems necessary for it to work
- Make someone responsible for growth
- Create accountability for growth
- Ensure clarity about tasks required to be performed