by Kelley Rigby - Letts Rebuild
11th December, 2020
How to win back investors
Grab yourself a pen and paper because throughout this article I am going to divulge some invaluable advice on what we do and how we do it.
Recently, I started a business that focuses on assisting managers win back investors and build their rental pool.
Last month, I was lucky enough to go to three different management rights functions, Women In Management on the Gold Coast, and in Brisbane, as well as the ARAMA Gold Coast event.
Sidenote: I got excited because this is the most I have ventured out since having my son one year ago and I was told by one very humorous and cheeky fellow that I need to get a life... and he is correct. But I digress, you are not reading this to hear about my social life or lack thereof!
During these functions, discussions were had about outside investors and why the managers felt that they were unable to obtain them. Of course, an obvious question was sheepishly directed towards me: “How do you do it?”
The assumption was that I would not tell... But my answer was simple: “I communicate!”
Communicating is as obvious as it sounds but it also seems to slip people’s minds. Some individuals think that because they are the resort manager, investors are obliged to entrust them with their property. I wish it were that simple.
Unfortunately, that is not how the system works; you are not entitled to their business just because of your title, you must always sell yourself (I mean that in the most respectable way).
Clients talk to me about how much they do for investors that are not even in their rental pool and I commend them immensely for being so kind. Then I follow up with this question “but did you communicate this to them?” Because, if you do not tell them how much you do, they will not know.
As an onsite manager, you have many advantages over any other agent. As the owner-operator of the business, it isn’t just a job for you, you are completely invested. You are the specialist in the complex, you live onsite, you are accessible for tenants, you are there to rectify issues immediately, and did I mention you live onsite?
The list of your attributes really does go on and on... Therefore, educating investors about why you are the best person for the job is crucial to winning them back. Remember, that some of your clients live in states where management rights is not as prominent as it is in Queensland and you may need to explain your role and enlighten and remind them about the ways of the industry.
If you remain consistent with your marketing efforts, it will ensure you are at the forefront of the investors’ minds when their current property manager drops the ball. Within my business, I create a schedule to track how often and via which platform I am communicating with investors; this helps keep me accountable and organised.
When communicating with clients, it is so important to emphasise how valuable their business is to you and show them how much you would go above and beyond for them. My goodness, if an investor asked me to communicate with them via pigeon my next move would be to start a pigeon farm!
It is human nature to prefer to do business with people we connect with or like, so pick up the phone and start showing these investors how likeable you are.
Communicate, educate, be consistent, and above all be genuine, kind, and approachable.