The old saying is ‘It’s not what you know, it’s who you know’. These days, it’s more about who knows you. 

If you want easy wins, reputation is everything. 

Referrals are ‘free’

The cost of marketing is constantly fluctuating and unfortunately the results can be hit and miss. Sometimes, a dedicated spend can result in good leads. Other times, your effort falls flat. 

With so many advertising messages being crammed into our social media feeds and inboxes these days, it is difficult to cut through and build trust. However, your property managers can reduce the need for virtual cold-calling by simply doing what they do best and remembering to ask for referrals. 

Happy clients are more likely to become advocates of your business. They do the marketing heavy lifting themselves by referring friends and family. This delivers the additional win of having more like minded investors as customers. 

How to get more referrals

The first way to encourage referrals is to ask for them. An email or a phone call saying ‘tell your friends’ will let people know you’re looking for more clients. 

To add a bonus incentive, create a referral program so your clients can save some money. For example, offer a month without fees when an investor refers a friend and they stay with the business for a minimum period such as six months. You may find some of your well-connected clients are able to enjoy several free months per year but you will reap the rewards of having more properties on your rent roll. 

If your clients can’t give you referrals, you can also ask them to share positive feedback online. New customers who don’t know a lot about your agency will look at reviews first so having plenty of up-to-date reviews on your Facebook page and Google My Business page will help influence their decisions. 

Having lots of five-star ratings on sites such as ratemyagent and Google will also boost your ranking; if your feedback has a higher average than your local competitors you may surface higher in search results. This can make a difference between being looked over and receiving a click from a potential investor client. 

Build your reputation

An existing client won’t refer a friend unless they have total confidence you will do the right thing by them. 

Your property managers need to take as many of the following steps as possible: 

• Be proactive and call people before they need help. Reaching out simply to check-in can help strengthen the relationship and give the property owner time to ask questions which may have been on their mind for a while. 

• Pay the rent on time. Some agencies are shifting to pay their clients weekly instead of monthly and using real time payments so the money reaches the bank account and clears sooner.

• Keep vacancy low. The sooner an empty property is filled, the less it costs its owner. Your team will need a robust process to advertise and lease homes sooner. This may include video tours and virtual walk-throughs so prospective renters can see the home and make a quick decision. 

• Keep clients educated and informed. Regulations change regularly and rental property owners need to be reassured their property manager is up to date. By sending out newsletters and even letters to ensure clients know what is changing, you’ll build your reputation as a responsible and caring agency. 

• Look after renters. Happy renters stay longer and take good care of the property they live in. Having a good reputation relies on renters being satisfied with the service they receive as well as the property owners… they can also leave online reviews so be highly aware of their customer experience. 

• Go above and beyond. Anniversary gifts, handwritten thank you cards and showing up in person from time to time will set your brand apart from the rest. 

Establishing an excellent reputation will help with organic referrals so you can grow your rent roll without the need for expensive and unpredictable marketing.