As an experienced rental manager you know how to market your clients’ properties—you advertise on high-traffic rental websites, shoot quality photos and virtual tours and keep properties looking attractive for prospective renters.
But ask yourself this important question: Do you market your property management business as well as you market your clients’ rentals?
To attract clients and win new business, property managers need to put a sizeable effort into their marketing plan – otherwise they can end up like many management companies who hit a plateau and struggle to gain new clients in a crowded sea of sameness.
Here are 5 steps on how to win new business by developing a killer unique selling proposition (USP):
1. Differentiate Yourself in the Marketplace with an Effective USP
A unique selling proposition is a statement that shows what’s unique about your business. It has also been called positioning and emotional value proposition. Whatever name you attach to it, it’s the key to winning new business.
2. Get in the head of your target audience
You know your management business well, perhaps too well. It’s important to step back to gain your customer’s perspective. Imagine you’re a landlord or investor. What factors would make you choose one rental management company over others?
3. Be a Problem Solver (Not a Service Provider)
In a crowded marketplace, it’s not enough to just provide property management services. If you think about it, every successful business solves a problem. For example, Fed Ex solved the problem of the need for speedy package delivery when it developed the USP that it delivered packages overnight in a world then dominated by snail mail. Sit down and make a list of the key problems your company solves for potential customers.
4. Eliminate Risk with an Irresistible Guarantee
When creating your USP, offer a unique guarantee that your competitors don’t provide. For instance, Domino's Pizza’s often cited USP guaranteed hot fresh pizza in 30 minutes or less "or its free" increased Dominoe’s sales exponentially. If you offer quality property management services, guaranteeing satisfaction is a no-brainer that will help potential clients overcome worries about risk.
5. Emotional Value: Think About what You’re Really Selling
Emotions drive sales. If you can tap into the emotional value your service provides, you will dramatically grow your business. Some examples of emotional value could be pride, peace of mind, confidence, convenience and social influence. What about your business and services are likely to strike an emotional chord with your target customers?
Recap for Building An Effective USP
- Ask yourself what’s unique about your services.
- Look at your business from the eyes of your customer.
- Make a list of problems your property management company solves.
- Offer a guarantee that is not available in your industry.
- To create value, match your prospect’s emotional needs (peace of mind, confidence, ego, influence) to your management company’s solutions.
– By Stacy Sare Cohen