Brand Building for Property Managers: 5 Tips to Stand Out in a Competitive Property Market
Property management follows the trends of the real estate market, which means it’s highly competitive right now. You need a way to outshine your fellow property managers and convince tenants and property owners that your brand is the one to partner with. Here are five essential tips for doing just that.
Choose a niche to specialize in
The most obvious way to stand out from your competition is to choose a specialty and then polish it to perfection. Granted, it might seem a little limiting at first, but it pays off in the long run. Consider the brands that became synonyms with their niche: Jacuzzi, Hoover, Kleenex.
Other property managers will try to cater to everyone and stretch themselves too thin. You, by contrast, will use that time to become a specialist, which will make you more in demand.
Develop a unique selling proposition
In simple terms, your unique selling proposition (commonly shorthanded as USP) is an aspect of your business that you provide which nobody else does.
Maybe you offer luxury apartments at uniquely reasonable prices. Maybe you manage properties with unique amenities. The point is to have a ready and convincing answer to a tenant asking “Why should I contract with you?”
A good way to start is to consider everything a prospective tenant should know about you, your business, your services, and the properties you manage. Organize those things by priority and appeal.
Pick the top three or five and tailor your marketing strategy around them. Include those keywords in your taglines, mission statement, promotional slogans, etc.
Your unique selling proposition starts out as a lure for new tenants and property owners. As your business and reputation grows, it becomes a guarantee of good service. So long as you can deliver on that promise, you will have a strong brand presence and steadily outshine your competitors.
Invest in new property technology
Property technology, also known in the field as “proptech” refers to basically any kind of technological advancement that makes a property manager’s job easier.
It mostly encompasses tools which help automate administrative work, such as creating and displaying new listings, addressing various queries, collecting rent, and bookkeeping.
If you want to build a strong brand as a property manager, you have to nurture an innovative mindset. Proptech is still relatively young, so you won’t be facing much competition. It’s a unique avenue to boost your overall business success and distinguish your brand at the same time.
Some of the ways you can utilize property technology in your management practice include:
Faster and safer transactions
Virtual tours of properties
Smart homes to attract forward-thinking tenants
Some of the technological directions you might want to look into are smart home appliances, smart security systems, cloud computing, social media, blockchain technology, artificial intelligence in all its applications, virtual environments, and even drones.
Success lies in the details
In addition to getting ahead of your competitors, you have to know how to stay ahead. People pay attention to the tiniest impressions, and any one of those could cause you to backslide in the eyes of property owners and prospective tenants.
When acting as a brand, rather than as an individual, you have to stay vigilant of anything that might put a chink in your reputation. Consider the following:
Your official website
Your social media presence
Your print designs (e.g. business cards, flyers)
Your default email composition
The way you sign off online communications
The way you answer and end calls
Even the quality of your stationary and the aesthetics of your office space play a role. Don’t be tempted to DIY these essential details of your branding. Hire a professional website designer. Consult a graphics designer for your business cards, brochures, etc.
Keep your branding cohesive
Finally, once you’ve developed the branding you want, you have to make it cohesive. This comes down to two factors: consistency and synchronization.
First, make sure your brand elements are consistently presented across all of your outreach channels and marketing platforms. They include your logo, tagline/motto, color scheme, and the voice in which you communicate with your audience. All of these elements must be in harmony with each other in order to form a unified whole.
Next, synchronize your business operations with the message that your brand is signaling. Start with your business mission and guiding values. Proceed to sync the level of your service quality, the treatment of your employees (if you have any), and your public relation skills.
To sum up, branding for property managers comes down to highlighting your uniqueness. In a sea of competitors, anchor your customers with a unique selling proposal and a consistent branding strategy. Keep up with the relevant tech and use it to streamline and optimize your day-to-day operations. Finally, choose a niche in which to become an expert, and pay attention to the little details that leave string impressions.
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