Focused on client acquisition for your property management company?
Though referrals are a great tool to have in your business development arsenal, too many property managers base their entire growth strategy on these unpredictable recommendations.
If you want to be able to scale your business and project your long-term growth and success, you need a more predictable system to get new clients.
In today’s video, I share a growth-hacking tip that will help demystify this topic. Keep on reading for more details!
In this video, we’re going to be talking about referrals. A lot of property management companies base their entire company’s growth off of referrals.
Now, I’m not saying that referrals are bad for business, they’re great. The problem is that they’re not predictable and they’re not scalable.
Referrals are kind of like the icing on the cake, but they’re not the cake itself.
The problem that I see that’s prevalent in the property management industry is, a lot of companies don’t invest in advertising.
And because you’re not investing in advertising, you don’t have a scalable, predictable system to bring on new clients.
When you invest in advertising and you are able to basically break down your lead generation by the numbers, you’re able to find out exactly what the average cost is to bring in a new lead. And, of those new leads, what percentage you can actually close so that they become a new paying client.
When you’re able to do that, it becomes a lot easier to grow your business in a systematic manner.
If you want to go out there and double your business next year, solely off of referrals, it becomes very difficult.
That’s because you don’t know exactly how many referrals you are going to get in and it’s not a predictable source of growth.
If all of a sudden one month the realtor you rely on so heavily for referrals doesn’t send any, you don’t get any new clients that month.
That is a very tough way to grow your business if you want to get to the point where you have 200, 500 doors.
I’m not saying that you should not have a realtor referral program.
Definitely go out there. Build a great realtor referral program, even build a referral program with friends and family. Let your current clients know about your referral program.
But don’t base your entire company’s growth off of referrals.
You need a systematic way to bring in new clients. At Upkeep Media, we can help you with that.
We specialize in helping property management companies grow by implementing effective marketing strategies.
We do that by creating custom-tailored marketing plans based on your company’s current market position.
If you’re unsure of your company’s needs, we offer something called a free growth marketing session.
You can go to our website at upkeepmedia.com/growth to find out more information about that session.
Thanks so much for watching and I hope to see you again.