Traditional methods of growing a rent roll have been turned upside down. In the past, when we are working on new business and looking for new landlords we market our services, landlords call us and we visit them and tell them why we are the best agency to use and why they should use us to manage their property. We then put their property to the open market where tenants will call us up and enquire about living in that home.
However, our climate is now reflective of an abundance of tenants that are looking for new homes and we have more potential tenants then available homes. So how do we evolve our business to handle this reverse BDM method where we approach potential landlords with potential tenants to get their business INSTEAD of approaching them with our service proposition....or is this even a good idea ??
Instead of collecting a database of landlords it is equally important for us to collect a strong database of tenants. And I don’t mean a database of tenants like we have traditionally done in the past....I mean a list of pre-approved applications (like a resume) from good applicants that make our lists personalised and bespoke for what their needs are so we can target potential landlords with this list in the hope they want to use us as we can guarantee them a tenant as soon as they say "Yes, we would love for you to manage my property with that tenant".
We can then put this strong database of tenants to the public and have a landlord with a vacant property approach us and select the tenant they like and then naturally they proceed with the agency to manage that tenant and that property.
What interesting times we live in where the property management industry!
Unless you are a 9/10 or a 10/10 tenant, you will find it very hard to find a rental property around Australia at the moment. This high entry level for applicants gives us an opportunity to focus on assisting them and the desperation around finding a new home for them by going directly to the market with their requirements which can grow our rent rolls very very easily.
Ashleigh Goodchild | Property Management Expert | @pmcollective