6 Proven Ways to Increase your Property Management Portfolio

Numerous large vacation rental management companies started out as small endeavors, perhaps with a few family-owned holiday homes, and steadily grew into successful established brands. Along the way, they tried various strategies to acquire new vacation rental properties, developing a structure around owners’ needs and building a strong reputation of their own. Read below for 6 proven ways to Increase your Property Management Portfolio used today by top property managers. Why not apply them right away?

1. Referral Programs

While building your reputation can take a while, creating a Referral Program for both existing owners and other industry professionals, local associations, and influencers can offer quick results.

One of the top property management companies in London, City Relay, is applying an engaging program to attract new properties by offering extra income and waving property management commissions for referrers.

Key tip for for referral programs to work: Make sure the rules are simple and straight-forward.

2. Innovative Tech

Choosing a vacation rental management company, owners will look at your proposed business strategy and the tools you’ll use to bring maximum return on investment.

Use advanced technology available today to manage a vacation rental property: from a next-generation Channel Manager for wide market reach, to a Yield Manager for maximum revenue through dynamic pricing and a trusted payment provider to easily schedule and send payouts to owners.

3. Protection Plans

Show the owners your commitment to their properties by offering something extra: promise to protect their property and investment!

An excellent example is the dedicated Property Care Scheme applied by FBM Holidays: they charge guests extra in order to have a fund for small repairs and maintenance.

You could also partner with a Insurance Provider and offer discounted rates for your owners – this shows that you care and is a potential unselling avenue.

4. Event Organization

Attending large industry events is important to make new contacts, but how about going further and organizing your own events dedicated to prospect property owners? How about organizing an open-day event in your offices or even better, at one of your properties? Aside owners, invite industry influencers, local associations and service providers.

5. Partnership with Hotels

Partner with other hospitality businesses, such as well-established Hotel brands! Hotels are looking to invest in the vacation rental sector and a perfect example is the recent partnership announced between Marriott International and Hostmaker, as well as the partnership between Châteaux & Hôtels Collection and Airbnb.

6. Reputation Building

Reputation building both online and offline is very important to get the attention of owners, especially in local circles. And who best can recommend your services then existing owners? Ask them to review your service online, create a dedicated page on your website for reviews like Airsorted does, or even publish a Case Study in the press. Nothing works better then recommendations to attract new properties!

 

Have you applied any of these methods to attract new properties? Comment below!

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