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Many small companies get creative when it comes to running their businesses on tight budgets. It can be a challenge to compete with large or small marketplace players, especially when resources cannot always be allocated to areas that do not directly drive bottom line revenues.
Marketing always falls into this category. It doesn’t generate revenue of its own even though it gives sales the tools it needs to generate its revenue. Therefore, from a finance perspective, marketing is the non-revenue generating extra that they think they can afford to cut. In reality, they cut marketing and then slowly see a decline in sales. Some understand what they have done to themselves. Some never make the connection.
Marketing is, in fact, a resource and a support network that assists and enables not only sales but also internal culture and communications. Marketing even on a local/regional level includes several elements that get exposure and leads for vacant properties.
Most property management groups have the staff, resources and budgets to handle their local and regional marketing elements. This can include everything from brochures, advertising and websites.
Today’s marketplace for rental property encompasses much more than local opportunities and it takes a different strategy to take advantage of the market changes.
Developing national presence to attract renters outside of your local market presents great challenges to your resources.
Get creative with your national strategy.
Look for venues that present you to a national market. By participating in partnerships that open access nationally, property management groups of all sizes can expand their market beyond their city limits.
Venues with national scope enable single companies to include themselves in a comprehensive palette of choices and therefore broaden their range of potential customers to a national level. These venues create a marketplace environment that utilizes complex Internet marketing strategies to reach the consumer base. Individual property management groups just don’t have the resources to support this. The price points for being part of the marketplace, however, remain at affordable levels for individual groups.
Almost immediately, a locally and regionally focused property manager can diversify its customer base and protect itself from sometimes fickle localized market conditions.
This strategy is terrific and works incredibly well. Property managers all over the United States are growing their businesses in ways that their traditional local methods cannot.
This grows your market, but it still doesn’t provide you with unique services that differentiate you from other property management groups, does it?
Become Unique. Offer more.
What else do your renters need that you can provide?
What could help you make your business run more smoothly or more cost-efficiently?
The answers to these questions should give you a good start.
Or you can partner with someone who can help you make the answers to those questions a reality.
By working with other companies who have like needs, or by finding a service provider who has created an environment for your market niche, you can quickly enhance what your business offers.
For example, your renters need to have renters’ insurance. Through a partnership, you may find a way to offer access to one – easily and perhaps even inexpensively. For your own business, your consortium connections may get you access to business operations services that free your employees up to spend more time with your customers – not in front of a computer screen.
The beauty of this approach is your LOW total investment cost. Partnership gives you price point advantages for services and products you previously may have been unable to consider. All the while, you maintain the flexibility of a small company.
Partnerships and consortium programs can open up access to tremendous benefits that impact your growth, your market differentiation and your business stability. Elements such as these enable you to insulate yourself from local market changes, to take advantage of growth in other geographic areas and most certainly to create unique values that identify your company as the property management group that everyone wants to do business with.
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Source by Jill Purdy