Property Management requires Property Managers to perform a vast array of business services in order to be successful. One of these involves marketing. An effective marketing plan is required in order to ensure minimal vacancy rates in a competitive market.
Property Genie Marketing tools
Property Genie provides property managers with all of the tools they need to implement a solid marketing plan. Furthermore, these tools are included within the Property Genie software. In keeping with one of the primary goals of our software, NED2 or "Never Enter Data Twice" our software is designed to give you a single interface that allows you to perform all of the primary marketing tasks in order to achieve success within your property management business.
Marketing to Property Owners
Property managers must market to and for their property owners. First property managers must market to potential owners with the goal of picking up new homes to manage. In the Property Genie software the "Owner Coordinator" position and series of tasks are designed to provide the tools and communication necessary to maintain and market to both existing and potential owners. One of the unique tools available is the built in "Comparative Market Analysis" tool. This tool allows the property management company to easily and efficiently create a professional market analysis for potential owners providing recommended rental rates which are based on historical and active records currently managed by the management company. Many property managers overlook the need for their management software to market to potential owners, but the task is none the less a necessity.
More traditionally, property managers realize that Property Owners expect the property management company to market their properties in an efficient and cost effective manner, ensuring the shortest possible vacancy period. Property managers must learn to be effective marketing professionals in order to pick-up and retain strong owners. The question becomes, how does a property manager do this in the most efficient and productive way.
Traditionally marketing is a task that would require a property manager to spend a great deal of time in order to achieve success. Property Genie provides Property Managers with a strong foundation to manage both internet and traditional marketing.
As a majority of property managers have realized, the internet has become the most cost effective solution for marketing a rental home. Recent statistics show that more than 70% of tenants either searched for or found their rental property through the internet. Many property managers effectively use the limitless capacity of the internet as their primary marketing tool.
For those who realize the value of using the internet as their primary marketing tool, the question becomes which part of this tool to use and how much time and money should be spent in each specific area of opportunity. Property Managers must consider:
- The Property Management Company's website
- Pay Per Posting websites such as rentalhomesplus.com
- Free Posting Websites such as Craigslist and Postlets
Property Genie is designed to save both time and money when it comes to internet advertising. Management companies are provided with their own unique marketing website which is integrated into the software. Properties are placed online as "available" with the click of a button. Additionally, properties are removed just as easy. The process is almost instantaneous taking merely seconds to have a website that is functional as a foundation to all online marketing. The integrated website also integrates with rentalhomesplus.com. Managers who have an account can simply select the properties that they want to post on the site and the software does the work. Lastly, property managers can easily copy the Property Genie provided property detail page to post to free listing services such as Craigslist.
Furthermore, there are those property managers who do not consider the internet when developing their marketing and management plan. To these managers, Property Genie would like to provide the following statistical information. This data clearly shows the trend toward internet marketing for rental properties that all property managers should be aware of.
Based on the Q1 2010 Experian Insight index: Internet Searches for the term "Real Estate For Rent" increased by a whopping 171% from Q1 2009 to Q1 2010. In a recent press release, Experian reported the following trends
- Experian Hitwise's analysis shows that even more growth was witnessed in searches around the rental market (e.g., "houses for rent," "homes for rent"), which increased 171 percent in Q1 2010 compared to Q1 2009.
- The fastest-growing real estate for rent search terms over the last year include:
- "cheap homes for rent" - increased 128 percent
- "house for rent by owner" - increased 94 percent
- "home for rent by owner" - increased 84 percent
- The fastest-growing real estate for sale search terms over the last year include:
- "homes for sale in Florida" - increased 73 percent
- "homes for sale in Michigan" - increased 74 percent
- "Search volume of terms related to an economic indicator can help us predict future market trends and movement," said Bill Tancer, general manager of global research, Experian Hitwise. "The uptick in 'home for sale' searches indicates a refreshed interest on the part of consumers to enter, or move within, the real estate market."
Although the internet is becoming the primary avenue for marketing managed properties, property managers must continue to maintain a certain percentage of traditional advertising through print, radio, or television.
Property Genie provides numerous print marketing options such as generating flyers automatically through the software. Managers need only select the type and style of flyer they would like to print and it is created with the click of a button. All relevant information for the home that is stored within the software is merged into the flyer for fast and efficient creation. Flyers can be used in traditional information tubes located at the property location or can be provided to local Realtors who will provide prospective tenants.