What if your community had dozens of salespeople instead of just one or two leasing agents? By offering referral fees to various partners, you can build a large and motivated sales team for a small cost. Try turning these business partners into allies to boost leads for a community.
Real Estate Salespeople. Real estate sales professionals are a great source of referrals. People go to them daily looking to buy homes, but homeownership does not happen right away for many people. Real estate sales pros also can help many people find places to rent. They are a first point of contact for people relocating to a new area. Consider sending a letter to local real estate professionals offering them a specific referral fee for anyone they send to a specific property who gets approved and signs a lease. Networking with sales people by attending their events and listing meetings can open the door to new business relationships.
Existing Residents. While existing residents are often excited to tell friends about a great community, a referral fee provides extra motivation to make a noticeable difference. Offering $150 to $250 to any resident who refers someone who is approved and signs a lease can help vacancies disappear. Relocation Companies. Large companies pay relocation firms to help relocate employees to new areas of the country. Apartment owners can pay them for every prospect they send who signs a lease.
Local Businesses. Go to local businesses and offer management a referral fee for any new employees who sign a lease at a particular community. Many new employees may be relocating from out of the area, which means they will need a place to live nearby. Knowing which businesses are located close to a community and building relationships with the management can be profitable.
Ryan Schindler is Vice President of Marketing for Fast Forward Property Management, based in Petaluma, Calif. He can be reached at 707/766-8100 or ryan@fastforwardpm.com.