The Funnel of Residential Rental Property Managers

The residential #rental #propertymanagement industry is a complex and challenging sector that requires a deep understanding of the market for it to be treated as a #funnel.

In this article, I will focus on the property #owners funnel, because with no managed assets there is no rental management business.

Asset Acquisition

One of the most important aspects of property management is the process of acquiring assets to be managed from property owners.

This process can be summed in a #conversion funnel, name taken from the process of turning leads into clients. The conversion funnel of residential rental property managers consists of several steps:

Owner Generation

The first step of the conversion funnel is owner generation. This is the process of identifying potential owners and generating interest in the services offered by the property manager. There are several ways to generate owners' leads, including online advertising, direct mail, and referrals.

According to my #experience, it is important to focus on targeted advertising and referrals. This will help to generate high-quality leads that are more likely to convert into loyal owners, with whom property managers can grow over time.

Owner Qualification

Once leads have been generated, the next step is the #owner qualification. This is the process of determining whether an owner is a good fit for the property manager's services and if you can work together. Owner qualification involves gathering information about their needs, budget, and expectations.

For the owner qualification, it is important to ask the right questions and gather as much information as possible about the lead's needs and expectations. This will help ensure that the owner is a good fit for your services.

Most importantly, this will establish a virtuous and healthy long-term relationship. If you contact an owner to sell to him once, forget it.

Owner Nurturing

After owners have been qualified, the next step their nurturing. This is the process of building a #relationship with the owner and providing them with information about the property manager's services. Owner nurturing involves providing educational content, answering questions, and addressing concerns.

For the owner nurturing, it is important to provide personalized content and build a relationship with the lead. This will help to establish trust and make the lead more likely to choose your services.

Proposal Submission

Once an owner has been nurtured, the next step is proposal submission. This is the process of presenting a proposal to the owner that outlines the services offered by the property manager and the fees associated with those services.

For the proposal submission, it is important to be transparent about the fees associated with the services offered. This will help to establish #trust and make the lead more likely to sign the contract.

Contract Negotiation

The final step of the conversion funnel is contract negotiation and the subsequent signing. This is the process of finalizing the agreement between the property manager and the client. Contract negotiation involves discussing the terms of the agreement, negotiating fees, and signing the contract.

For contract negotiation, it is important to be flexible and willing to negotiate. This will help to establish a positive #relationship with the owner and make them more likely to do more contracts with you in the future.

Conclusion

I am #exposed to the several actor of the #propertymanagement industry. This allows me to get unprecedented intelligence on the best practices of the sector.

At RentYourNest , our goal is to help to you to #grow faster than your peers. Get in touch to discover more!