Any property manager who’s been in the business long enough knows that every lead can turn into a new client with the right approach.
Part of that approach usually includes setting yourself apart from other property management companies.
If you’re searching for easy guidelines to help you start converting more rental property owner leads into clients, then get ready to read exactly what you’ve been searching for.
Best Sales Tips for Property Managers Who Want to Close More Deals
Getting property owner leads is one thing but turning them into revenue for your business is another.
In this article, you will find the 5 most important tactics you can implement to improve your closing rate. We’ve learned these strategies from studying the sales process of the best in the business.
Follow these easy tips and I guarantee that your closing rate will be higher than ever before.
1. Reach out to New Property Management Leads Within an Hour
It is critical that you reach out as quickly as possible whenever new property owner leads appear on your radar.
According to a Harvard Business Review study, companies who attempted to reach new leads within an hour were much more successful at converting than their counterparts.
How much more successful?
These businesses were nearly seven times likelier to have meaningful conversations with decision makers than the companies who waited a full sixty minutes.
Roughly translated, this means you have less than 1 hour to make contact with a lead before they start going cold.
And it’s important to remember that faster is always better. This could mean that you will have to hire a dedicated sales rep to take care of incoming calls.
2. Provide Great Customer Service From the Start
You’ll significantly improve your closing rate if you make sure your customer experience is great from the very beginning.
When a lead reaches out in any way, you should always be there to greet them with open arms.
Speaking of greeting, how you greet new leads can be just as important as when.
Unfortunately, some property managers still answer their phone with a
“this is John, what’s up?”
You need to say goodbye to that kind of greeting.
Think I’m being snobbish?
I am, but studies also confirm that the tone of your voice on the telephone is what we use to decide if we like them, trust them, and want to do business with them.
With no way to communicate through gestures, smiles, or other non-verbal cues, the tone of your voice has everything to do with what you’re getting across to that lead.
Don’t fret. You can use a simple opening:
“Hello! You’ve reached Rob from R&L Property Management Corp. How can I help you today?”
It also helps to answer your calls with genuine interest instead of sounding unexcited or monotone.
You can practice your greeting with a friend or family member. You can even practice by recording your voice and listening to it to hear where you can improve.
3. Predict and prepare for potential objections
If you’re able to get into your lead’s head, then most of the sale work is done.
By knowing their needs and hesitations you’ll be able to address objections before they come up. This will make it a much smoother close.
An example of a common investment property owner concern is the uncertainty they might have over the value of hiring a property manager.
In cases such as these, explain all the benefits your services provide. By addressing the problem before they bring it up it will help calm any of their worries.
It is important to be a good listener if you want to sell.
Make sure you have a solution prepared for any of their problems but don’t forget about how you deliver the facts.
Don’t be hesitant or apologetic about the information you are providing a lead. Confidence is key if you want someone to trust you with their investment.
If you start to address all of your leads’ concerns before they discuss them, you’ll immediately improve your relationship.
By doing this step, you are building a solid business relationship that is founded on trust and rapport. This translates to more closed deals, which results in more revenue for your property management business.
4. Pricing choices
As you read this sentence, property owners are comparing your company with your competitors.
Who isn’t guilty of doing this before making a big purchase?
But wouldn’t it be great if you could force rental property owners to choose between you and…you?
You can, with the help of pricing options, of course.
One way to use this trick is to divide your price lines into three zones: prestige, popular, and competitive.
- The prestige price zone is the one at the top of the line that will improve the image of your property management services and enhance the rest of the line, but not chase customers away.
- The popular zone is in the middle, where most purchases are made.
- The competitive zone is at the bottom, where you might price a service package simply to compete with another property management company nearby.
If you have one price, your lead has the choice of working with your company or finding someone else.
But, by providing pricing options it forces a lead to change their mindset. They now have to make the decision between plan 1, 2, or 3, and not between you and another property management company altogether.
5. Make a lasting impression
Generic documents will make your property management company blend in with your competitors.
To stand out in the eyes of potential clients, make sure that all the documents that they received from you stand out from the rest of the pile.
If not, your documents and your company will be forgotten.
Some basic points to consider when looking at the design of your paperwork include:
- your slogan is clear and catchy
- your company’s phone number is easy to find
- your business’ website URL is always listed in your contact information
- your logo is in color and present on all paperwork
You should also give them something that positions your property management company as the only reasonable choice.
By leaving more than just the estimate they asked for, you are showing the lead that you are the property manager that will always go above and beyond for their clients (which is a great reputation to build when you are trying to get a leg-up over the competition).
An example of what to leave can be a pamphlet that outlines the services and benefits you offer to your clients, with a case study, and a few testimonials sprinkled in.
If your documents set you apart from your competition, your odds of landing the client will drastically increase.
Now you know the top 5 property management sales tips for closing more deals!
Turning property owner leads into revenue for your business is one thing, attracting leads to your property management company is another.
If marketing isn’t your thing, then book your free marketing growth session today.
You’ll get a fully customized blueprint that will show you how to immediately boost your property management company’s sales.