When it comes to lead generation in the real estate industry, one size definitely does not fit all. Often, property management teams are saddled with strategies that are better suited for the sales department, failing to recognise the distinctive requirements of the property management vertical. As specialists who work exclusively with real estate agents in Australia, we’ve seen this mismatch time and time again.
Here’s why property management requires a unique approach for lead generation and some tips on how to get it right.
One Size Doesn’t Fit All, But Some Tactics Transcend Divisions
Before we dive into the nitty-gritty of property management lead generation, it’s worth mentioning that many of these tactics can absolutely work wonders in the sales department as well. The difference lies in the nature of the calls-to-action.
Traditional lead generation in sales often revolves around transactional actions like property appraisals. While these are effective for quick conversions, they don’t necessarily translate well to property management, which is less about a single transaction and more about ongoing client experience.
In sales, just like in property management, selling the client experience is crucial. But it becomes even more important in property management due to the prolonged relationship you have with your client, extending beyond just finding a tenant or renewing a lease.
The Differences Between Property Management and Sales Lead Generation
Geographical Targeting is Mostly Ineffective
The first key distinction between generating leads for property management versus sales is geography. A large percentage of landlord clients aren’t local, making geo-targeting ad campaigns largely ineffective or costly. However, if you know the locations where investors reside who are purchasing investment properties in your service area, geo-targeting ad campaigns can still be useful but can be costly as your ad spend must reach across many different locations.
Another option, if you have the budget to play with, is to leave your geo-targeting ad campaigns quite broad in terms of location – perhaps to all of Australia – and define your targeting by lifestyle attributes and “people interesting in this your location”:
But given most businesses will not have a budget at the level required for this size audience, it’s probably best you look for a more targeted approach.
Leveraging Lookalike and Similar Audiences for Targeted Reach
A powerful yet underutilised strategy is leveraging your existing database to create audiences that resemble your current client base. In Facebook’s ad ecosystem, these are known as “Lookalike Audiences” whereby you can upload your database of current landlords and build an audience that “looks like” your current clients.
The Value Proposition is Different
Most potential landlord clients aren’t browsing your website to find out what their property is worth. They’re likely unhappy with their current property manager and are looking for a change. Thus, offering a rental appraisal is less attractive to this demographic, as many investors already have an idea of the rent they can achieve.
Video Content is King
Testimonials for Social Proof
If a picture paints a thousand words, then a video probably paints a million. Video testimonials from both tenants and landlords are powerful assets in convincing prospective clients of your service quality. Text-based reviews are great, but they can’t match the authenticity and emotional resonance of video testimonials.
Points of Difference
Rather than waxing lyrical about how you conduct four inspections a year or have the lowest arrears rates, let your clients do the talking. A video testimonial from a client or tenant explaining what sets you apart is far more convincing than a static paragraph on your website.
These video assets not only help in lead generation but are also effective for recruitment campaigns and for educating potential staff about your organisational culture.
The Importance of Google Reviews
You could have an arsenal of terrific video content and a well-designed digital strategy, but poor Google reviews can undo all your hard work. Ensure you’re not just focused on testimonials but are also actively encouraging satisfied clients to leave Google reviews.
The Importance of Specialised Digital Marketing Expertise
Now, understanding these nuances in property management lead generation is one thing, but effectively implementing a strategy around them is another. This is where the expertise of a specialised digital marketing team comes into play.
Many businesses make the mistake of hiring generalist marketing consultants and advertisers, assuming that a one-size-fits-all approach can work. Unfortunately, this often leads to misallocated resources and missed opportunities. These generalists may not understand the idiosyncrasies of property management versus sales, and that lack of nuance can be costly.
Opting for a digital marketing team with a proven track record in the real estate sector can be a game-changer. Such a team will already be familiar with the challenges and opportunities specific to the industry, allowing them to tailor their strategies effectively. They understand that property management is not just another form of sales but a service requiring its own set of skills and techniques for successful lead generation.
By partnering with specialists who get these ‘hard truths,’ you can elevate your property management lead generation strategy, avoiding the pitfalls that come with a more generic approach.
Marketing is a cog in the wheel of your business operations. Before diving into these strategies, it’s crucial to ensure that your service levels are up to par. Use metrics like Net Promoter Score (NPS) to gauge client satisfaction regularly.
Property management lead generation isn’t a matter of copy-pasting tactics that work for sales; it’s a nuanced operation that demands a bespoke strategy. So, the next time you’re brainstorming lead generation strategies for your property management business, remember: tailor your approach for your audience, use the power of video, and never underestimate the impact of Google reviews.
Happy lead generating!