For PMC Owners: Why Do Landlords Choose Property Management Companies?

For PMC Owners: Why Do Landlords Choose Property Management Companies?

As a property management company (PMC) owner, how would you say you approach client acquisition? Why did your current clients choose you? What exactly sold them on your company versus the competition? And, while we’re at it, why did other clients pass you over?

Matthew Whitaker, Evernest’s Founder and CEO, and Spencer Sutton, Evernest’s Director of Marketing, recently sat down to discuss just this. The conversation was rich with actionable insights, which we’re excited to share with you below.

Let’s dive in!

Understanding Landlord Needs: Customer Service and Execution

One of the primary topics discussed was the reasons landlords opt for property management services.

It's clear that landlords are not just looking for friendly interactions; they want best-in-class customer service that can only come from local market expertise and a deep understanding of market conditions. 

“Truthfully, what everybody wants is a high level of execution on managing their property,” Spencer says.

The Importance of Transparency in Financials

Landlords also seek a commitment to providing clear, transparent financial reports. Remember: at the end of the day, this is a financial investment, and likely one of their largest. Finances just can’t be overlooked.

Matthew and Spencer spent some time discussing a pro tip that has proven effective here at Evernest: creating a video walkthrough of a sample financial report. This not only demonstrates transparency but also showcases the property manager's commitment to clear communication. Talk about a win-win-win!

Staying Ahead of Regulatory Changes

Matthew then brought up an excellent point about the importance of regulatory expertise. With laws increasingly becoming more tenant-friendly, it's essential for property managers to stay updated and provide landlords with guidance on compliance.

This expertise is a critical factor that landlords consider when choosing a property management company. So, just how up-to-date can you say your local legal knowledge is?

Building an Online Presence and Reputation

The team also discussed the challenges and opportunities of maintaining a positive online reputation. This is hard for any business. In property management, though, it’s especially difficult.

"Every property manager knows it's hard to keep a positive reputation online,” said Spencer. “Frankly, all of us have screwed up and probably deserve some of the poor reviews that we've gotten."

You can’t let them keep you down, though! We utilize software like Podium to simplify the review collection process, making it easier for clients to share their (hopefully positive) experiences.

Then, it’s like a snowball effect. Social proof quickly builds on itself, influencing more landlords to choose your company over the competition. 

The Power of Referrals and Community Presence

Referrals and word-of-mouth reputation are gold in the property management industry. That’s because referrals have an inherently high close rate, so it’s important you incentivize clients to share their positive experiences.

Whether through personal referrals or visible branding in the community, leveraging existing clients' satisfaction is key to attracting new business.

Spencer said it best: "When you do a great job of getting your brand out there, there's a familiarity created. People will generally choose what they're familiar and comfortable with, and the more familiar you are, the more trust that gets built."

Technology's Role in Attracting Landlords

While technology may not be the direct driver of client acquisition, it plays a role in conveying a property management company's professionalism and modern practices.

A well-designed website and the use of up-to-date online tools can make a significant impression on landlords looking for a company that stays current with industry trends.

Listening to Clients and Adapting Strategies

Throughout the conversation, the recurring theme was the need for property managers to truly understand and cater to the diverse preferences of landlords. Actively seeking feedback, analyzing data on client preferences, and adapting marketing strategies to align with these needs are crucial steps in refining a property management company's approach.

Conclusion: A Commitment to Continuous Improvement

To wrap up this enlightening discussion, Matthew and Spencer underscored the importance of listening to clients and leveraging insights to enhance marketing efforts. 

As property management professionals, our team is constantly reminded of the value of reliable service and transparent communication. By sharing these insights, we hope to contribute to the growth and success of our fellow property managers and the landlords we serve!

Ready for More?

We know what it’s like to grow a property management business from 30 doors to more than 16,000. The journey was anything but easy, and we learned tons of lessons along the way. Our desire to share that knowledge with you motivated us to start the Evernest Property Management Show podcast, a weekly newsletter, and our monthly webinar series for property managers.

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