2023 was certainly an interesting time for the property market, with many investors selling, preferring to hold cash rather than property. As interest rates have become more stable, and property prices continue to rise, savvy investors are either starting to make their way back into the market or growing their portfolio by snapping up properties with good rental yield.
With investors starting to come back into the market, now is the time to work on attracting new property owners to your rent roll. However, there’s a lot of competition in a constantly growing market. This begs the question, what do you need to do to attract new property owners to your agency in 2024?
The answer lies within growth marketing which aims to achieve sustainable growth through a focus on acquisition, activation, retention, referral and revenue. For many agencies, digital marketing plays a large role in growth marketing.
Digital marketing is now prevalent in the real estate world with thousands of agencies having a solid presence online. But this doesn’t mean there isn’t room for more. A solid growth marketing plan could see your rent roll growing before the end of the year.
Here are 10 ways we’ve seen agencies successfully grow their rent roll in Australia.
1. Establish an online presence
If you don’t already have an online presence, you are doing yourself a disservice. Potential clients will be looking for proof that your business exists, and having a quality mobile-friendly website, as well as regularly updated social media accounts goes a long way to establishing the trust that investors need to work with you.
Google pushes through approximately 99,000 search queries every second, and 46% of searches on Google in Australia are looking for results in a particular location. RedSearch makes an interesting point that in 2023, over 50% of Australian businesses hadn’t claimed their Google Business Profile listing.
Having a Google Business Profile provides a great first impression for investors looking for a new Property Manager. Your profile improves your SEO (search engine optimisation) and allows you to engage with and respond to reviews.
If you are part of the percentage of businesses that haven’t yet claimed your Google Business Profile, you are missing out on a quality opportunity to establish your online presence.
When establishing an online presence we also recommend utilising social media and creating engaging posts for your community. We’ve put together the ultimate social media calendar for 2024 to get you started.
2. Provide a breadth of free quality content for owners
It is often said that content is king when it comes to marketing, and when it comes to keeping your owners informed, producing good quality, free content is essential. Some of the best content to share with prospective owners includes blogs, landing pages, guides and whitepapers.
In the ever-growing digital world, having informative content regularly updated not only helps with your SEO and digital marketing efforts but also places your team as industry experts and leaders. This helps to build credibility and trust, helping you to develop your portfolio of owners.
3. Grow and reach out to your network
Networking is essential in the real estate industry, especially when you’re aiming to attract new property investors. There are numerous property management groups, forums and networks online, particularly on platforms like LinkedIn and Facebook. These resources can help you stay updated on industry news and provide opportunities to contribute to discussions, placing you as a thought leader in the industry. Your offline reputation is just as important as your online reputation. Attend industry networking events, and volunteer or participate in local events to create relationships within your community.
4. Implement a referral program
According to the Entrepreneurs’ Organization, “referrals and recommendations make up 65 percent of new opportunities”. Word-of-mouth referrals can result in higher conversion rates than other marketing, particularly for younger generations. To make your referral program work you will need to offer an incentive that makes it worthwhile for your current clients to refer family and friends. This can be in the form of discounted property management services for a period of time, or a cash-back or gift card offer.
5. Invest in your website
How long has it been since you updated your website? If you don’t have an updated website, it’s a great time to invest in one. Your website is often the first thing that potential clients will see, and you need to ensure it reflects the ethos of your business. There’s no doubt that the easier it is for people to find and use your website, the more willing they will be to engage with you. The key to investing in your website is to use a professional web development company, and copywriter to overhaul your copy with SEO in mind.
SEO is all about making your website more attractive to search engines like Google. This helps your website appear higher in search results, driving more visitors your way. For more inspiration take a look at these 11 real estate websites that make a real connection with their audience.
6. Create a sense of community
Creating a sense of community is a great way to attract new clients to your business, and there are two ways to do this — online and in person. You should be creating regular newsletters to go out to not only your current clients but your leads as well. This should include important legislative updates, your most recent blog as well as any other interesting company news. In person, you may consider working with your local council member to organise community events and projects or running workshops for new and prospective investors.
7. Invest in digital paid marketing
Paid digital marketing is a form of advertising, whereby you pay to promote your business or content online. This can be through social media ads, search engine ads or other sponsored placements.
There are several reasons paid digital marketing should form part of your marketing strategy.
Targeted reach: One of the upsides to paid digital ads is that you can reach a highly specific audience based on a range of factors – demographics, interests, behaviours and so on allowing you to focus your marketing efforts and budget on those who are likely to be more interested in your services.
Immediate results: Organic marketing is great but paid ads on social media and Google provide quick results. Your ads can be launched, and you can have traffic visiting your website within hours.
Scalability: Paid digital marketing can easily be scaled up or down based on your budget and objectives. You can start small and increase your investment as you see positive results or change your investment depending on the audience.
Paid digital marketing is a proven tool for agencies looking to enhance their online presence, drive targeted traffic and achieve measurable results in a competitive digital landscape.
8. Invest in sponsoring community events
Sponsoring community events or local sporting teams is a great way to get your business name in front of a lot of people, whilst allowing you to connect with your community. These events give you a great opportunity to meet and mingle with local residents who may be considering turning their home into a rental property. A sponsorship, whether as a one-off or ongoing, demonstrates that you are committed to your local community. For more tips take a look at our blog post here.
9. Demonstrate the benefits of property management software
Here at PropertyMe, we have a plethora of time-saving features for property owners, including our PropertyMe app for owners and tenants. Within the app your owners can view all of their property information in the palm of their hand, staying updated and preventing miscommunications from occuring. This is a beneficial selling point to attract new property owners, as it provides them with added value and insights.
10. Seek guidance from an industry mentor
There’s no doubt that there are always challenges in the real estate industry, whether it be legislation changes, attracting new business or dealing with property issues. But, there are plenty of people to seek guidance from in all facets of the industry.
Industry leaders have typically been through challenges you may be encountering and their knowledge and experience means that they have valuable insights and plenty of practical advice to help you now and in the future.
So there you have it, our top 10 tips to attract new property owners in 2024! Feeling inspired? Check out our top 10 ways to level up your property management career this year.
