Marketing to Existing Tenants and Landlords for New Business

(Adam Hooley) #1

Hi All,

When looking for growth opportunities, does anyone market to their existing tenants and landlords for new business? How do you do it?

(Tim Ellis) #2

Hi Adam
We email tenants a receipt every time they pay rent and in the email they get with the receipt it explains that if they refer a client to us, we pay their rent for a week. We have a tenant recently who referred her sister to us and we now manage her property, we also have just completed an appraisal for a tenant’s friend who moved out about a year ago… so it’s a long lead time we find. We also have a landlord who used to be a tenant and we evicted her… but that’s a bit different we just can’t get rid of them lol :slight_smile:

And I wouldn’t say we market to them but we really value 5 star online reviews from tenants. We have heaps of them now. We think that into the future if we have bad online reviews then tenants are not going to rent from us and our landlords. I think this will be crucial moving forwards where in the past too many people have been caught up marketing only to landlords…

Actually now I think of it, a business where all their marketing was focussed towards attracting tenants and selling the idea of how great we are to rent with (from a tenants perspective), I think landlords would automatically be attracted to the business. In other words, perhaps we can forget marketing to landlords and just market to attracting the best tenants, the growth would take care of itself :slight_smile:

(Adam Hooley) #3

Hi @TimEllis I think it’s a great idea to attract good quality tenants and build a brand around that. I think your tenant referral program is also a good idea to drive referral leads. Have you considered that the tenants themselves may be considering buying in the next 12 months? I wouldn’t be surprised if 5-10% of your tenants were in this position OR the other option, your current tenants own an investment property nearby but choose to rent with friends to save money and claim their investment as a deduction.

(Tim Ellis) #4

@Adam yes have considered this many times. Big distinction between knowing where the potential leads are and tapping into them. It’s a return on the $ game and to be honest, we find there are much much much easier leads to get than trying to sign up tenants or their family etc. We are not going to invest time and energy into a lead source that we have found to be unproductive. We focus on those lead sources that are productive and if one from a tenant comes along then that’s great, but it’s not worth spending $ chasing them. :slight_smile:

(Adam Hooley) #5

Completely understand @TimEllis. Each business has their own strengths and priorities when it comes to lead generation. It there a lead generation source you find is most successful for you?

(Tim Ellis) #6

Getting deals done with developers has helped immensely, getting on board as their preferred PM and building the relationship… often means a few wines too many :slight_smile:

(Jodie Stainton) #7

Love this Tim. Such a simple way to have tenants referring business. They know lots of people - refer 52 friends and family and have your rent paid for a year. Amazing!