Property Management Business Plan Tips

property management business plan tips

Here are three property management business plan tips to think about before expanding your real estate business.

Focus On A Single Asset Class

One of the most important things to do when developing a property management business plan is to focus on a specific real estate asset class, and then ‘drill down’ to a specific sub-class.

An example of this on the residential side would be single- or multi-family homes.  Then then focus on a specific price range, area of town, or number of units in the property.

An example of this on the commercial side would be multi-tenant retail or office.  After selecting the type of commercial property you will property manage, determine the class of property (A, B or C) and the property size in terms of square footage.

Developing A Solid Property Management Business Plan

It might seem counter-intuitive by narrowing the type of property you will manage.  But narrowing your focus is great for your real estate business for three reasons.

First, tenant personalities and issues will be more similar.  Their wants and needs will be as well.

The things that a medical tenant requires are much different from what a mom-and-pop small retail business will need.

Second, owner personalities will be more alike as well.  Real estate investors who buy office property are much different from those who invest in small multi family buildings.

Third, you’ll develop a skill set much quicker when you manage only certain type of real estate asset classes.

This will let you grow your property management business faster.  You’ll be able to transfer the skills you’ve learned in working with similar tenants and owners to other like-kind real estate.  You’ll also be able to target your property management marketing to the audience most likely to respond.

Great Marketing Tips For Property Managers

marketing tips property managers

RentTrack recently reached out to me for an article on marketing tips for property managers.

Here are a couple of great ideas that property managers can use for marketing any type of property.

Know Your Target Market

One of the most important tips for property managers and leasing agents is to know your target market.

And it isn’t just people who want to rent a place to live.

Some properties are better suited for singles or working professionals.  Others for couples just starting out, and some rentals are great for families.

You don’t want to accidentally discriminate in your marketing copy.  But do spend some time thinking about what type of renter is going to be attracted to your rental house or condo.

Make A Simple Website

Having an online presence is pretty much a given in today’s competitive real estate market.

But it’s important not to give too much information to people who want to rent your property.  Instead, focus on gathering info on the tenant and capturing leads.

Make it easy for the prospective tenant to learn more about the rental property by having a short description, map and pictures.

Be sure to provide a rental application for easy download, along with instructions on how to submit it, and what your employment and tenant income qualifications are.

More Marketing Tips For Property Managers

Here are four more great marketing tips for property managers include:

  • Reach out to as many prospective renters as quickly as possible in as many ways as possible
  • Don’t negotiate on the rental amount, deposit, or your tenant application requirements
  • Make it easy for prospective tenants to get in touch with you
  • Include links to your profile on social media sites such as LinkedIn and Facebook

Experienced real estate investors, leasing agents & property managers know that it’s always better to find and keep great tenants than having to go through a costly and time-consuming eviction if the tenant decides not to pay its rent!

How To Tell If A Real Estate Copywriting Client Is Legit

real estate copywriting client

As someone who makes their living as a freelance real estate copywriter, it’s important to be able to tell whether or not a real estate copywriting client is legitimate.

That’s because, as the old saying from Ben Franklin goes, time is money.  The more time a freelancer spends on a prospect who isn’t going to turn into an actual client, the less time there is for a legit client.

Real Estate Copywriting Client Litmus Test

In chemistry a litmus test is used to tell whether a solution is acidic or basic.  Freelance writers look for real estate copywriting clients who are acidic.  We want clients who actually do something – who react.

Basic clients, on the other hand, are those who do nothing.  In other words, they don’t react.

Ways To Make Sure A Copywriting Client Is Legit

First, look at how quickly a prospect responds to a project inquiry they’ve made.  Usually prospects are anxious to get their project completed.  That’s because, just as with real estate freelance copywriting, time is money in the real estate business as well.

Clients who take more than two or three days to reply to an inquiry they’ve made aren’t going to be that serious.  Or, they are actually a middleman in disguise, and they’re waiting for a response from their client.

Next, if the client won’t sign a contract for services, they’re not serious about their project.  Plain and simple.

Talking is one thing, but signing on the dotted line and submitting a deposit is something completely different.

Qualifying A Real Estate Copywriting Client

After we know a real estate copywriting client is legit, it’s important to know if their project is as well.  Not legitimate in the sense of an actual project existing, but in the sense of whether or not that project can be done well.

Is the project defined?  Are the characteristics of the target audience known?  Or is the real estate copywriting project vague, with the target market being everyone who is buying and selling real estate?

Some clients already know how to get the most from their freelance real estate copywriter, while others will need to be guided through the writing process.

The end goal is to make the real estate copywriting project a win-win for everyone involved.

Why Use An American Real Estate Writer?

american real estate writer

“Why should I use an American real estate writer?”

A potential – and now current – client of mine in Australia recently asked me this question as part of our mutual, two-way interview process.

The truth is that in her case I couldn’t answer the question because at that point I really didn’t know enough about her or her project.

She wasn’t trying to be adversarial.  On the contrary, she was being inquisitive.  But it did start me thinking about why somebody in another country would want an American real estate writer rather than a local copywriter.

I’ve written about real estate for clients in Canada, the U.S., Sweden, Saudi Arabia, Dubai, China, and yes, Australia.

Sometimes the project has involved writing for a foreign company wanting to introduce their clients to another country.  In one case it was a private REIT fund in Saudi Arabia wanting their investors to begin thinking about opportunities in the U.S.

In another case the real estate writing project involved writing for a company in one country whose investors were mainly from another part of the world.

Other times I’ve written real estate copy for use within a certain country, such as a green energy system in Sweden or a real estate attorney in Canada.

Reasons To Choose An American Real Estate Writer

My future client had asked a good question.

I thought about it for a while.  I realized that unless one is using slang words, writing about real estate isn’t really that different from one part of the world to the next.

True, the words may be slightly different to reflect the local language.  But buyers, sellers, investors, tenants, and managers of real estate are all looking for the same thing.

Sometimes it’s return on investment or appreciation, other times it is maximizing cash flow or finding & keeping good tenants, or maybe it’s all about moving from one real estate asset class to another.

Other times, the reason for choosing an American real estate writer is to get an American view point.

 

 

 

 

How To Get The Most From Your Freelance Real Estate Copywriter

freelance real estate copywriter

If you’re hiring a professional freelance real estate copywriter for your project you want to be sure you’re getting the most for your money.  Be it a small ad on Facebook or a real estate profile for LinkedIn, a blog article for your real estate website, or an entire content creation project.

Here are three things that you can do to ensure you get the five-star product you’re looking for.

Know Your Freelance Real Estate Copywriter

A lot of the real estate copywriting that I do is through the Upwork platform (click for my profile there) where I am a top rated freelancer.  But that doesn’t mean what I write is going to be a match for every client.

Some clients may want a different writing style.  Others may find my rates out of their budget.  Or I simply may have too much on my plate to complete their project in the time frame that they’re looking for.

Upwork makes it easy to see the past types of project a freelance real estate copywriter has worked on and their client satisfaction rating as well.

Know Your Real Estate Topic

Oftentimes clients who hire a real estate writer have only the vaguest idea of what their real estate topic is going to be.  Usually this happens with real estate people who are launching a new website.  Other times they are entering a new market – for example, a Middle Eastern client wanting to introduce its readers to the U.S. real estate market, or vice versa.

Sometimes a client not having a specific idea of a topic can be good, provided you have a good writer who can work from the basic guidelines that you give him or her.

Other times not having an idea of your topic can create problems, especially when clients – either accidentally or on purpose – ask for multiple revisions from their freelance real estate copywriter as a way of figuring out what they really want their real estate article to be about.

Know Your Target Audience

In order for your real estate writer to create the most effective copy possible, they need to know who they are writing too and also how to ‘get inside the head’ of your target audience.  The more you know about the characteristics of your potential buyers- or tenants if you are a landlord – the better.

Some clients believe that everybody is a prospect for what they have to sell, and on a very generic level that may be true.  But that’s how you end up with a generic piece of copywriting.

Take this article for example.  I could have written about copywriters in general, but instead we’re discussing freelance real estate copywriters.  It’s a subset of the copywriter category topic, and something that both you and I are specifically interested in.