How Owner Education Events Will Grow Your Portfolio

Welcome to another episode of The Property Management Show. We’re glad you’re participating and providing us with feedback, because we see a need for quality information that will help you take a bite out of the huge opportunity that’s out there. As some of you know, 75 percent of the rental properties in the U.S. are self-managed. We want to help property managers tap into this large self-management market, which is absolutely ready to move into professional hands. As we’ve discussed in the past, tenants have a lot of protection, and it’s harder for landlords to self-manage. There’s also a generational shift. Many of the current landlords are getting a little older, and they don’t want to deal with the day-to-day management. We’re talking to Steve Rozenberg again. He’s a part-time pilot and a creative business owner. He does a radio show, videos, and a lot of things that no one else does. That’s what identifies his company as a success in the making, and we always get good information from Steve. Recently, he began talking about his Owner Education Series, which is really exciting. This may be your opportunity to go after that 75 percent of the self-management market. Starting an Owner Education Series for Current Clients Your current clients need to feel special. When you can give them something that your competitors can’t, you’re guaranteed to retain them and attract a lot of new business. People want to feel like they belong to a club. People won’t leave your company because of your prices. They leave when they feel like you don’t care. Statistics show that 68 percent of customers leave for that reason. They equate price with value, and if they cannot see the value you’re providing, you’ll lose them. So, give your current owners a way to feel special. Starting an owner education series is a great way to do that. Many of your owners have questions about their investments, and how to continue investing. You know there’s no rule book when it comes to owning a rental property. Your clients may be interested in buying additional properties (which is great for you), but the Ferris wheel is spinning, and they don’t know how to get on. Your owner education series will help them do more. Evaluating and Prioritizing Your Current Owners Steve started this series as a way to add value to his current clients. He also attaches a grade to each owner, from A to D. The client with a D grade is a bad owner of a bad property. These clients take too much time, and they will be dropped at some point. The client with a C grade is either a bad owner with a good property or a good owner who has a bad property. These are clients you might still be able to work with, as long as you’re trying to bring them up to the B or A level. It takes work from both you and your client. The client with a B grade is a good owner who has a good property. There are no problems or dramas with these clients. When you have an issue or their property needs maintenance, they let you get it done. The clients with an A grade are your B clients who refer people. A-level clients are your raving fans. As a property management company, you should always grade your clients. Once you have evaluated all the people you’re working with, you should commit to spending 80 percent of your time on those top 20 percent of clients. It’s the top tier that’s making you money. Invite your A and B clients to your owner education series. Tell them they are valued clients, and you’d like to invite them to this event. Then, ask them to bring a friend. Clients who bring a friend will be invited into the VIP section, which will include a front row seat and other perks. The friends they bring are potential clients, which is great for you. The existing client is getting something of value and VIP treatment, which is great for them.