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Turning Existing Business into New Business

Once a new client enters our business, we are often solely focused on delivering on our service promises.  Thinking outside of the box when it comes to maximising the New Business potential is what takes good businesses to great – when it comes to growth.

If we break down the lifecycle of a typical management, there are many key times in the Property Manager / Landlord relationship, that provide an ideal opportunity to turn a one property transaction into several referral opportunities.

Before we look at “when” to ask for referral business, let’s think about “how” to ask for referral business. Adding the following questions to your tool kit, will maximise the conversation and help you to explore all available referral sources. When talking to your clients, ask them one or a combination of the following:

  1. Do you have other properties we are not currently managing?
  2. When was the last time you had a health check conducted on your entire property portfolio?
  3. Are you considering expanding your portfolio in the next 12 – 18 months?
  4. Do you have friends or family that would benefit from a great property manager?
  5. Would you like a recommendation on great interstate or out of area property manager for your wider portfolio?
  6. Would you be happy to keep me in mind to recommend if anyone needs a property manager?

It can be a great idea to have these questions close by your desk to prompt you when talking to your existing clients.

Now we have established what to ask our clients, let’s consider the best time to ask for a referral. Our clients are going to be more inclined to take the time to refer, when they are most satisfied with the service provided, and this is most often the case when a great result has been achieved. The following times throughout a tenancy provide a great opportunity to ask for a referral:

  1. An application is approved & a deposit is taken
  2. A lease renewal is executed
  3. A rent increase is negotiated
  4. Pleasing routine inspection feedback is delivered
  5. A minor renovation is complete

And whilst the above focus on the positive times within a tenancy, quite often gaining a pleasing outcome to a not so pleasing situation is also a great time to demonstrate your skills and professionalism. Winning a tribunal case or mediating an outcome to a sticky situation on behalf of the landlord can also prove a great time to ask for more business.

The golden rule of referral business, as in much of our daily life – “Ask and it will be given to you; seek and you will find;”

If you do not ask for referral business, it is very unlikely you will get it!

For more tips on how to generate more referral business, contact the Real+ team

Comments (2)

  • Avatar

    Anna Marten

    |

    Thanks Kate for another informative read – we tend not to ask in all that we do in PM – thanks for the reminder.

    • Avatar

      Kate Benjamin

      |

      Hi Anna, hope your team can get some easy quick wins from using these tips. Kate

Comments are closed

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