The document provides tips on how to profit in property management, including:
1) There are many fees that can be charged to clients such as administrative fees, management fees, application fees, lease fees, and more to generate income.
2) New business is needed to earn these fees and can be acquired through referrals, networking, marketing, and lead generation from websites and online listings.
3) Tracking the costs of lead generation and conversions is important to measure marketing ROI and the effectiveness of different acquisition strategies. Factors like lead quality, follow up, and costs of staff and software should be considered.
4) Elements like easy search functionality, photos, contact options, and social sharing on websites
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Growing Your Property Management Company
1. How to Profit in Property Management Moderated by Melissa Prandi, RMP®, MPM®with John Bowen, Andrea Caldwell, RMP®, MPM®, MichelleHorneff-Cohen, RMP®, MPM® and Tom Fanelli
2. Goals For Today's Session Where to Start to Make Money Ways to Acquire clients Referral Programs What’s Cost of a Lead? Property Management Profit Formula The Right Web Presence Maximizing Leads with Search Engines Differentiate From the Competition
4. Fees, Fees, Fees Notice Posting Fees Annual Administrative Fees Management Fees Application/Processing Fees Special Services Lease Only Fees Application Fees Lease Preparation Fees Annual Walk Inspection Fees Set-Up Fees Leasing Fees Pet Application Fees Lease Re-Write Fees Real Estate Sale Referral Fees Marketing/Advertising Fees Pet Rent
5. Expert Panel Proper way to charge fees? DRE Regulations regarding fees? What are some other fees you can charge? What is your source of your Management Contract are you using? Terms?
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7. Organic Growth (one at a time)Expert Panel— How did you get started?
19. Tom Fanelli,Marketing & Online Presence Guru Thomas M FanelliVP Product MarketingSMB Division/RealPage Over 15 Years of Internet Marketing Business Marketing Coach/SBA 5 Years Running Interactive Agency Specialized Focus on Local Search Focused on Property Management Last 6 Years
51. Website Action Items Invest In Visual Design Hire a Professional Writer Have Professional Photos Taken Publish Rental Listings* ** Go on your website now….act like you’ve never been there before—if you’re a client is information easy to find? Are there phone and emails present on your landing page? What are your first impressions of your company? **
52. Expert Panel How often should you update your website? Where do you post your rentals online? Should I use video on my site?
62. Expert Panel How to you differentiate your services from your competition? What is your “secret sauce”? Have you thought of or do you “un-bundle” your services? Do you target a specific niche of properties or type of clientele?
RealtorsExisting ClientsHOAs/Community AssociationInvestor Groups
Lead: Tom
Key point here is that this is a revenue number, but since companies are setup differently the profit will vary wildlyThis is the luxury that we have had as Propertyware observing businessesThe best companies I have seen manage to the ROI on this spend, while incredibly profitable with the accounts they manage