You’re looking to grow your rental business. Where do you start?
Maybe you already have a well-established rental business and are looking to expand your reach. Or maybe you’re new to real estate and are just beginning to find tenants and convert units.
No matter what stage in the journey you’re at, there are plenty of ways you can use technology and other tools to grow your business. Whether it’s more revenue or more tenants you’re after, property management software for landlords help you achieve your rental goals.
If you can identify an aspect of your business that could use growth, there’s probably a tool or resource out there designed to help you realize it.
Here are six property management growth strategies and some ideas for implementing them.
1. Hire Team Members
Maybe you’re experiencing rapid growth on the tenant side. If this is the case, you may need to extend your management as well to meet this developing need.
If hiring additional team members isn’t a financial burden, the extra help and task delegation can help you manage an influx of tenants. However, you also want your team to seamlessly integrate into the rental management organization you already have in place.
With property management software, you can add your team members as additional users of the software. Multi-user management also allows you to designate which people should be able to view and manipulate which features.
2. Add Revenue Streams
Creativity isn’t out of the scope of your job as a rental manager. If you’re looking for growth but haven’t found any leads in the traditional avenues, it might be time to get creative.
For instance, maybe you add secondary revenue streams. This could include renting parking or storage spaces, converting units for corporate housing, or adding an amenity or service. The extra revenue you generate could propel your rental business forward and allow you to pursue more financially ambitious goals.
3. Use Listing Syndication
Let’s say your goal is to grow your tenant intake. You want more applicants, more choices, and ultimately more eligible tenants to move into your units. How do you achieve this?
You should start with rental advertising. Many property management software companies offer rental listing syndication, a tool for streamlining the rental advertising process. With this feature, you can write a single listing and upload it to many listing sites simultaneously. Instead of wasting time with individual uploads, listing syndication software is a means of maximizing your time so you can see results faster.
4. Try Audience Targeting
Audience targeting is another strategy for increasing the number of promising applications you receive. When your application pool is strong, you waste less time screening ineligible tenants and can dedicate your resources to tenants you know will pay rent on time, every time.
First, decide what kind of renter you’re looking for. Are you aiming for long-term renters? Young professionals? What about income, credit history, and references?
If you know who you want, you can cater the language in your advertisements to appeal to those tenants. For example, if you want long-term renters, showcase the retirement-friendly neighborhood, in-unit amenities, or proximity to town. Renters who appreciate these things are likely to be looking for long-term housing, and your ads can entice them into applying.
5. Use Property Management Software
Finally, one of the best ways to grow and progress your business is to use a property management software tool. With software, your business can surpass thresholds of professionalism and convenience that are unmistakably attractive to tenants.
Property management software offers the features and functions necessary to handle an influx of tenants or revenue growth when it does come. For example, managing multiple revenue sources or keeping track of different types of rental units can quickly exhaust your capacity to stay organized on your own. With software, these tasks can be organized, delegated, and completed without any hassle.
Leveraging Your Tools for Rental Growth
Growing your rental business is not an impossible task, no matter what the current market looks like. As a landlord, you have many digital tools and resources at your disposal to make the daily tasks of renting manageable. Whether you choose one of these strategies or attempt a combination of several, rental growth is not too far in the future.