Adding property management services to your estate agency can give you a recurring source of revenue, help you build longer term relationships with landlords and help you be seen as an expert in your field.
With annual growth of 10.7% up to Q1, 2022, the lettings market is booming in terms of revenue.
However, with a reduction of stock and a race for tenants to source a suitable property, competition can be fierce for both tenant finding and property management services.
This makes it vital that agencies who offer property management put robust marketing strategies in place to attract and retain landlords for these services.
We explore how email marketing can help you upsell property management.
Knowing the needs of your landlords is key to creating your email marketing strategy.
Typically, your key market will fall into one of three categories:
- Landlords who currently manage properties themselves
- Landlords who use a different managing agent
- Landlords who are renting for the first time and who are undecided on how the property will be managed
Each type of property owner will have different priorities and therefore your messaging should reflect their needs.
Creating different audiences for each email campaign will allow you to pitch your services with the right content for each group.
Selling the benefits
When you have created your segmented groups, you can start to work on selling the benefits that matter to each audience.
Landlords who manage properties themselves often underestimate the amount of time that goes in to looking after tenants or are worried about keeping up to date with legislation and compliance.
Often a property owner will happily manage a property with easy-going tenants, and then find themselves stressed when they encounter ones who are more demanding.
For this audience, consider using email to show how easy their life could be if they opted for management services.
For property owners who currently use a different agency to manage their property, your tone should be a little different. They are already aware of why it makes sense to use a third party to manage their property, but in this case, you are selling the benefits of your own services.
Focus on your USPs – perhaps you use a certain software that your landlords can access directly or have a great track record in dealing with difficult situations such as evictions.
When it comes to managing property, often the test of a great agency is what they do when things go wrong, rather than when everything goes right. Use case studies to show how you provide your services.
If you have a new landlord who has not yet made up their mind on property management, you have a golden opportunity to upsell as you find a tenant.
In this instance it is worth looking at new landlord offers, such as discounts for a short period of time or include extras such as a free tenant checks or even check in services for new landlords.
At BriefYourMarket we help you uncover the value in your existing database and create branded email content. This enables you to quickly identify and upsell to your current landlord database.
Get in touch with us today to find out how we can help you increase your revenue by attracting more property investors to your management services.
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