3 Strategies for Rent Roll Growth in 2020

Quick question for you.

How many letterbox drops did you do in 2019?

Hundreds?

Thousands?

Tens of thousands?

And how many of those letterbox drops resulted in calls from landlords wanting to list their property for lease?

Not “how many do you *think* resulted in calls from landlords?”

How many actually turned into in-bound landlord leads.

If there’s one thing I learned last year, it’s this.

Traditional letterbox drops don’t work for lead generation.

They might be good for brand awareness, but they’re terrible for lead generation.

And if you’re anything like me, you like getting landlord leads much more than you like brand awareness.

So if getting more landlord leads is something you want for 2020, let me share the 3 things that worked the best for my clients last year…

1. The 9 Word Email for Rent Roll Growth

There’s an old marketing concept, called the 9 Word Email, that is designed to resurrect any leads that have gone cold.

So if you’ve got landlord leads sitting in your database, not calling you back, you need to try the 9 Word Email. When my client, Lyn tried it, she got a 15% success rate. This means that, for every 100 of these emails they sent, 15 prospective landlords replied wanting to talk further about transferring their property over. Here’s Lyn’s 9 word email case study.

Want to try it yourself? Check out the 9 Word email formula here.

2. Getting Referrals from Current Landlords

When your landlords are happy with you, they tell their friends, right?

Wrong!

Happy landlord clients thank you, but then they go on with their lives, and forget about you altogether.

It’s not that they don’t love you, it’s just that they’re busy, and it’s not a priority for them to refer their friends and family to you.

You know what that means?

It’s up to you to ask for these referrals. They’re waiting for you, trust me. You’ve just gotta ask.

So, when should you ask for referrals?

There are three times that are ideal for you to ask for referrals:

1. When you’ve just approved a tenant for a property.
   At this time, the landlord is thrilled with you for finding a tenant quickly and they’re relieved that they don’t have to worry about any vacancy.
2. Happy Calls.
   We all plan to make them, right? These are the “nothing’s wrong at your house and I’m just calling to say hi” calls.
   How about you make 2020 the year you finally commit to some Happy Calls and ask for those referrals.
3. Rent Increases.
   Landlords love it when you’re proactive and you suggest a rent increase before they ask for it. So get proactive, use your software to automate this (if you can) and then, when the landlord is thrilled with you, ask for a referral!

 

3. Social Media

David Alston said it best when he said: “Social media is not a media. The key is to listen, engage, and build relationships”.

My clients who used Social Media in the way it was designed (to be social, not salesly), got recommended and tagged when their followers had friends and family looking for a property manager.

The key is to be social here, not salesly.

If all you do is promote your property management services, you’re not going to get great engagement, and you’re certainly not going to get those opportunities.

So, get social!

Not 100% sure what to post?

Need help with your social media strategy?

Join my free Social Summit, which is starting soon and runs for an entire week. 5 days of training all about Social Media for Rent Roll Growth.

Register for the Social Summit here.

 

And if you haven’t read my last blog 3 Questions to Ask BEFORE You Hit the Boost Button on Facebook be sure to check that out next