Neighborhood Knowledge
It does not matter if you specialize in residential or commercial property management; it is still important to know the neighborhood! Not only does a property manager need to know the area but also have a solid understanding of the rental fees that should be charged to be competitive in the area. Many property owners have unrealistic expectations as to what they think their property may be able to yield in rent on a monthly basis. So they look to a professional to provide them with current market conditions to justify the rent being charged.
Just as real estate agents need to know neighborhoods, property managers do too. While it may be difficult to be an expert in every neighborhood, it is important to have a good working knowledge of school locations, utility providers, and other specifics about a rental. Many potential property management clients want recommendations as to what neighborhood might be the best fit for them. Neighborhood knowledge can be an invaluable tool in the property management industry and set you apart from the competition. Demographic information can easily be found online through American FactFinder and other similar websites that provide area specifics such as cultural amenities, schools, and libraries.
It is easy to claim to be a neighborhood expert, but it is much more beneficial to be one. The property management niche must know the local market and with that comes the various different neighborhoods and respective areas. By closely knowing the market, it will aid in better knowing your target market. Local marketing efforts can also create an image of being a neighborhood expert by targeting a specific community or subdivision.
Knowing the local market can be extremely beneficial and increase traffic to a rental. By having a strong presence in the local market, you will guarantee not only a successful business model but also happy clients as the property may not sit vacant for extended periods of time without a tenant. Some apartment complexes can dominate the market in a specific area through offering blowout move-in specials or rent price reductions to obtain tenants. While this may not be feasible for properties you manage it is important to know what differentiates not only your properties from the competition, but also your services. The value that you can provide to both tenants and property owners can set yourself apart and better position you as the neighborhood expert. Conducting market research is another way to better position your company within the local market.
Hosting annual block parties or piggybacking off of other neighborhood-based events are fantastic opportunities to establish a household name. Many property managers never even give a second thought to leveraging neighborhood events and knowledge to increase business. The result will be enhanced interest in properties and neighbors getting to know one another. Crime watch is also better when neighbors know one another. Many people across the United States do not even know the neighbor four houses down let alone the neighbor that lives next door!
The more you establish yourself in a community, the more business can be developed. When people drive by signs for rent that are branded to your company, see print advertisements and online postings the name recognition begins. Perhaps someone is not in the market to move right now but when he or she do decide to look for a rental your name may come to mind. Staying top of mind can be done through for rent signs and other marketing efforts that they have seen focused on their desired area.
By playing a strong role in local neighborhoods and communities themselves, property managers can increase client base and strengthen community ties amongst citizens. Positive impressions can be made on property owners, as well as potential and current tenants.