When it comes to property management, there are a TON of owners out there that manage their own property.
So how do you convert them to FULL management?
Deniz Yusuf signed-up over 900 properties in 4 years, and one of the strategies he used effectively was to convert private owners.
WARNING – Don’t make the mistake of thinking that by educating and assisting the owner you’re doing yourself out of a job! The more helpful you are, the more of an expert you become in their eyes, and the more likely that they will want to use your services.
Here are some keys to assist you:
Key One – Become a Property Management Advisor.
Instead of trying to sell them your service, instead, become an advisor on how to help them manage property effectively. You’ll connect so much better with the private owner.
Key Two – Make a Useful ‘Landlord Pack’.
Create a pack that can be either posted or emailed (or both) to any private landlord.
Have in your pack:
-A property marketing guide with useful tips on effective property marketing
-A tenancy application form sample
-An Ingoing Inspection report sample with a branded fully completed example with photos (remove any details to protect privacy)
-Landlord Insurance information
-Sample Bond Lodgement Form
-Smoke Alarm safety information
-Safety information (risks of tripping hazards etc.)
-Other useful information with your branding like ‘18 tips to reduce stress levels when managing your own property’.
Key Three – Identify Private Landlords in your area.
Here are some ways to identify who they are:
- Rental applications detailing current and previous private owners
- For rent by owner signs
- The Facebook Marketplace
- Gumtree (AU), Trade-Me (NZ), Craigslist (USA), and even still in your local newspaper classifieds
Key Four – Make contact by phone.
If you have their phone number, pick up the phone and use this sample script: “Hi Darren, it’s Deniz here, I saw that your property is advertised for rent. Have you found a suitable tenant yet?”
If they say ‘no’, say: “I’m from IGT Realty and I’d like to post you our landlord pack that will assist you to manage your property, or I can even meet you in person at the property and give you the pack myself. I’m happy also to give you an updated rental opinion as well and advice if we can get you a higher rental return.”
Key Five – Make contact by letter.
If you don’t have a phone number but you do have a postal or email address, draft an email or letter with some sample scripting like: “We noticed that your property was available for rent and thought that we would send through some sample materials in a tenancy preparation pack to help you find and rent to a suitable tenant.”
Key Six – Make sure you follow-up.
If you’re able to phone them use a sample script like: “Hi Darren, it’s Deniz here again from IGT Realty. Just a follow-up phone to see if you have had an opportunity to take a look at the pack we gave you and also to see if you’ve found a suitable tenant?”.
If you’re following up on your letter or email use a sample script like; “Hi Darren, just making sure you got our information pack and if you’ve found a suitable tenant at this stage”.
From here, this creates an opportunity for you to build trust, connection, and rapport as they gain frustration from a property not leasing or being exposed to too many bad applicants.
Hopefully, at this point you will have become ‘front of mind’ and their next step is giving you the management to find that right tenant and manage their frustrations for them.