They Are Not a Landlord and You Are Not a Property Manager
If you are serious about dramatically increasing your rent roll, consider changing your focus and taking a new approach to landlord relationships.
January 7, 2014
I can promise that no single person or couple woke up one morning with a burning desire to become a “landlord.” Rather, as in my personal experience, they decided to invest in property for reasons of accumulating wealth, for use as superannuation and security for the future, for funds for their children’s education, or perhaps for the ability to buy those special things.
Thus, it’s important to relate to them as “property investors,” not “landlords.”
Now, when I ask “property managers” what they do, I get an extremely long list of duties, all related to looking after the property and, in turn, ensuring revenue for the office.
So, instead of “property managers” managing properties for “landlords,” approach your customers with a goal of increasing their property investment portfolio, income, and profits, because that’s what they want to achieve.
When you think of it, who’s better suited to work with them to do that? Who has all the knowledge about property values and potential? You! Now you have start thinking like a “property investment manager.”
On average, in most markets, investors look to increase their portfolio every two years. Think about how you’re best suited to sell them another investment property (and then manage it for them).
In adopting this approach, you not only generate more sales and income for the business but also double your rent roll every two years, which will keep compounding.
With regular contact with your clients, you’ll also pick up other properties they may own that are managed by other agents. During my years of training and networking with real estate offices, I have witnessed offices that have increased their property managements by almost 60 percent just by taking over the management of their investors’ other properties.
This business model also plugs another hole: When investment properties are sold off, you can offer it to another property investor you are working with.
But do your due diligence: Finding success as a property investment manager means building relationships with your clients, earning their trust, and offering value-added information about the management of their investment and how they can increase their wealth and long-term financial security.