By 2030, the market size for property management software in the U.S. is poised to hit a staggering USD 2,502 million. Evidently, property management businesses are on a roll and growing in numbers all over the country. So, if you own and lease out multiple properties in Minnesota, the time is right to take the necessary steps to grow your business. Now, if you are reading this, you already know about creating a property management company by acquiring the essential licenses and certifications, setting up an efficient accounting process, complying with local building codes, and so on. You surely have a property management business plan in place too, which includes your company overview and goals, services, business structure, marketing strategies, insights from market analysis, and financial projections. So, the question is, what can you do to give your property management venture in MN stronger and bigger wings? Let’s find out. 10 Strategies to Boost Your Property Management Business Affordability, educational and professional opportunities, community feeling, decent healthcare, and natural beauty make Minnesota attractive for the many people coming here from other states or countries. Hence, you need to know how to grow a property management company in a competitive landscape. Here are 10 tips: Improve the Properties : Getting current tenants to praise your business is one of the best ways to spread the word and reel in new tenants. So, make improvements in both occupied and vacant properties, to enhance tenant satisfaction and trust. You can lend a fresh coat of paint to the interiors, polish wooden floors, replace old lightbulbs with energy-saving ones, ramp up maintenance services, etc. Set Up a Referral System : Design a straightforward referral program that existing tenants can easily understand and feel encouraged to participate in. You can offer incentives like gift cards, discounts on certain services, or even cash rewards. Communicate the program face-to-face, on your website, and via email and messaging apps. Focus on Search Engine Optimization (SEO) : How to grow a property management company without direct marketing? By optimizing your website for search engines, so you rank high on the results page and gain more visibility. This form of inbound marketing can take time to bear fruit but is highly cost-effective and sustainable in the long term. Additionally, try to rank high for keywords that are in line with local SEO. Include specific phrases like ‘Minnesota property management company’ or ‘Minnesota property manager’ in your website content for starters. Get existing tenants to leave Google reviews for your business as well. Target Ads Wisely : To reach your target audience, post ads on portals or platforms where they are most likely to spend time. You might also need to customize the messaging as per different needs. So, once you zero in on the websites or social media platforms where prospective tenants are active, use analytics tools to study their behavior and interests. You can create multiple audience segments for personalized advertising. Develop engaging ads that address pain points and run A/B tests to find out which messages hit the sweet spot. Track ad performance in real-time and tweak the campaigns if necessary. Leverage Social Media : Create high-quality and visually arresting posts for social media platforms to draw potential tenants. Highlight the best aspects of your properties and share flattering images. Posting 360-degree virtual tours is another great idea to boost conversions. You can also share photos of existing tenants (with their permission) and the things that they like most about your property. Actively engage with followers and address every comment or query. Position Your Company as an Industry Expert : As a property service business, sharing informative, original, and engaging content through blog posts and newsletters can position you as a thought leader in the industry and earn the confidence of potential tenants. For instance, you can share your insights into the rental market in MN, things tenants must consider before signing an agreement, tips on selecting a suitable property, etc. Attend Industry Events : To grow your property management business, attend industry seminars, workshops, conferences, and so on. It will help you stay on top of the latest trends in MN’s real estate market and network with peers. You will learn about recent developments and gather insights on how to improve business practices. Your company will also benefit from increased visibility and awareness. Partner with Local Vendors and Contractors : Since keeping properties in shipshape is crucial for growing your business, join hands with reliable and reputed local contractors and vendors. Research about them, read reviews, meet up and discuss the benefits of a partnership, and negotiate terms that favor both of you. This way, you can deal with maintenance and repair works efficiently and ensure that no property is unavailable or non-functional for long. Retain Current Tenants : Remember that onboarding a new tenant can be costlier than retaining an existing one. So, as a property service business, nurture harmonious relationships with current tenants by improving your availability, addressing repair or maintenance requests at the earliest, and ensuring that all essential facilities are in good form. Offer multiple modes for rent payment and make it easy for them to submit a request. Schedule inspections well in advance and inform tenants accordingly, so they are not inconvenienced. With happy tenants, you can renew leases at a better rental rate. Leverage Technology : To streamline operations and save time, use software solutions wherever possible. From simple yet efficient communication platforms and accounting tools to data analytics software and customer relationship management systems, you can leverage technology in multiple areas and improve profitability. Since everything will be recorded on these tools, it will minimize the scope of disputes and expensive litigations. Conclusion All in all, growing your property management business in MN doesn’t have to be a challenge if you follow the above strategies and are patient. Maintaining the properties, focusing on tenant retention, leveraging online marketing tools, and using suitable software solutions can help you go a long way. Remember to network and partner thoughtfully, too, besides establishing yourself as an industry leader over time. However, if the exercise seems daunting, you can avail the services of one of the eminent property management companies operating in the Greater Twin Cities region. From resident screening, leasing, move-ins and move-outs to renewals, resident management, rent collection, maintenance, and reporting, they can deal with it all. You can bid adieu to stress, save time, and still enjoy profits this way. Grow Your Property Management Business with Guardian Property Management At Guardian Property Management , we know what it takes to start and run a property service business efficiently and profitably. We understand that you might feel overwhelmed by all the little and big things to take care of when trying to grow your business as a property owner. Luckily, our knowledgeable team can help you from end to end. So, contact Guardian Property Management to discuss your specific requirements in detail. Feel free to call us at 651-287-2011 or email at info@guardianprop.com for a consultation.

Foreclosure property management can be a tricky affair especially if you are new to real estate investing. Keep this guide handy to get it right.