This article is the first of a three part series to demonstrate how putting efficient property management systems in place can increase your success in procuring new owner accounts.
Recently, I received an email from a property manager asking if I had any scripts for owner presentations. They had difficulty expressing the reasons why the property owner should sign up for their services. I gave this considerable thought because many managers do not know how to communicate their expertise or the company’s strengths. A verbal presentation doesn’t just depend on a good “gift of gab” (although a great asset); a large part of confidence comes from effective systems or foundation within the property management company.
Webster defines a system as a group of related parts that move or work together.
Perhaps there are missing parts or systems that defeat the success of the property manager’s efforts in obtaining the account. A prepared script is extremely useful but is it the complete answer? It is only one “part” of a system required to make an effective property management proposal. Systems are the roadmaps to success in property management.
If you get a call, are you ready to “talk the talk?”
To start, are you confident in your property management expertise?
Have you ever made an appointment with an insurance agent, banker, financial advisor, or even a doctor and left thinking, “why would I use their services, they know nothing.” When you pitch your company’s services, you want to avoid that appointment or phone call ending with the property owner having the same thought.
During your presentation, a property owner is going to have a sense of whether you are a well-informed professional or your competition has the edge. You need to convey a thorough knowledge of the property management industry – good documentation, tenancy, current legislation, maintenance, and much more. Keep learning and develop a system for increasing your property management knowledge and skills. It will impart confidence to owners and pay great dividends when you are competing for the account.
Are there well-organized systems in place in your company?
Think carefully about this statement. If there is a lack of systems in your office, it will either precede you or follow you into an owner presentation, whether it is by telephone, email, mail, or direct contact.
More than likely the property owner developed an impression of the company prior to your presentation. What did they see and hear when they made contact with you and/your office? What source attracted them your company? Did the owner encounter difficulty when calling your office requesting information about property management services? Is there information to send to prospective owners? Did an investor request information but never receive it? The next time you meet with a new investor, engage them in sharing their initial experience with your company. This could help you dispel any poor impressions while seeking their business.
Do you have the right systems in place to procure a new management account?
The office receives a call from a property owner looking for a management company. What occurs in your office?
- Do personnel know where to direct the call? If there is no one available, does everyone know how to take the right information? Is there prompt follow up?
- Is there a management package ready to send out to the prospect? Do the materials convey a professional image, brand identity, and expertise? If so, does the material go out in a timely manner?
- Is there an organized owner presentation that includes a sound management agreement, a rent analysis process, persuasive company brochure, additional legislative information, and more? Having a plan and the right materials will assist when you present your dialog.
- Is there a system in place to process a new account immediately with as few difficulties as possible if the property manager procures the account?
It is true that some people adapt more easily to giving owner presentations. If you have trouble in this area, you can improve your skills, particularly with preparation. However, it is much easier to concentrate on the words when you know your information, have good materials, and effective property management systems are in place.
The second article in this series will be “Preparing the Talk,” detailing steps for successful investor presentations. If you need some additional tips on creating a marketing message for your property management company, read Lifecycle Marketing for Property Managers: Generate & Convert Leads.
Jean Storms, MPM® is the founder/author of LandlordSource and has been a NARPM® member since January 1993.
Disclaimer: LandlordSource does not represent the article content in this website as legal advice. It is shared information only and up to the reader to use this information responsibly, seeking legal advice as necessary to their business.