Common Marketing Errors Property Managers Should Avoid
- Jun 28, 2018
Marketing is the lifeblood of any business, so disregarding the importance of this department in your company is the worst mistake you could make. Not having a powerful marketing strategy can also cost you a lot. If you consider marketing an expense and not an investment, you already lost the battle against your competitors.
Real estate marketing involves a lot of planning and industry knowledge. So in order to develop an effective strategy to reach your potential customers, you first have to understand not only who they are, but also what they want or need. Without this data, you can’t craft messages that they will find appealing or inspiring. Customizing your plan of action in accordance to each client’s preferences will most certainly bring you brand recognition and a good reputation.
As a property manager, you want to be considered a reliable resource for people living in the communities. Marketing is a handy tool that can help you achieve this, but only if you do it right. Here are a few common marketing mistakes that might keep you from retaining your clients or adding new ones:
- not maintaining a good online reputation on social media platforms
- lack of communication
- not setting clear objectives
- not having a good property management website
- poor or outdated content
It’s all about marketing
Executing an effective online reputation management program is essential, especially since more than 90 percent of potential tenants rely on online reviews and ratings when searching for a new home, according to a study conducted by Kingsley Associates on behalf of RentPath. People trust online reviews quite as much as they trust what their friends recommend, so make sure you set up a Google alert in order to be notified each time your brand is mentioned online.
The lack of communication is another common mistake property managers make, either because they don’t have enough time, sufficient personnel to handle the communication process or because they simply don’t prioritize it in their daily routine. Communicating efficiently should also be on you goals list. Setting up clear objectives helps you keep your eyes on the ball, whether you target a certain amount of revenue, no vacant spaces, or a better customer satisfaction rate.
Client contentment is also related to the last two marketing mistakes listed above. The majority of current or prospective renters use mobile devices in their online searches, so your website needs to look great on smartphones, not only on desktops. The content of your site must be revised regularly, as out-of-date posts may detract interested parties from signing a lease with you if a potential resident makes an inquiry only to discover their dream home has already been rented by somebody else.