Strategy #2 - How Attending Auctions Can Secure More Leads (11 minutes)
Attending auctions may not be the first thing that comes to mind when considering rent roll growth. Still, it’s one of the most lucrative strategies for property managers and BDMs (Business Development Managers).
Many ignore or overlook this strategy, but there are numerous high-quality lead opportunities here.
Remember that your job is to actively seek investors, rather than waiting for them to be referred to you. Consider where potential investors are looking before they’ve purchased a property.
Why Auctions Are a Prime Opportunity for Rent Roll Lead Generation
Auctions attract a diverse range of attendees, many of whom are potential property investors, or they have a property for sale in the area.
They are attending to see how the auction is progressing, or they’re conducting research and reviewing the market themselves.
By attending auctions, you can connect with property investors and build relationships that will ultimately grow your rent roll.
Whether they purchase a property at the auction or are simply there to observe, these individuals are all looking to invest in the area and will eventually need property management services.
By attending and being part of the auction, you are putting yourself in front of investors, before they even purchase the property.
Again, you are hunting for leads, creating hustle, and starting to build rapport and trust with people early.
Let’s break down the eight steps to maximise your lead generation success at auctions.
Step 1: Introduce Yourself to the Auctioneer
Upon arrival, make a point to introduce yourself to the auctioneer. This is important because the auctioneer is the centre of attention during the event; they are the one everyone is watching and respecting, as they have everyone's attention all at once.
Let them know you’re from the property management department and offer your expertise in providing updated rental opinions on the property being auctioned.
This information can help the auctioneer better market the property to potential investors by highlighting potential rental returns or suggesting small upgrades (like adding an air conditioner) that could increase the rental yield.
Any auctioneer will be happy to supply potential buyers with more information that makes a property more attractive to purchase.
Especially when they mention that they have just spoken to the property management expert [mentioning your name], and then they point you out to the entire audience.
Step 2: Speak with the Sales Team
Before the auction begins, take the time to speak with the salespeople involved.
They might have already identified potential investors among the attendees and can introduce you to them. They should have buyers they’re dealing with and know whether they're investors or not.
Establishing these connections early will enable you to effectively offer your services and address any questions investors may have about the property’s rental potential.
Step 3: Position Yourself at the Registration Table
Standing at the registration table allows you to interact with every person attending the auction.
Ask attendees if they’re considering the property as an investment.
Even if they aren’t, they might be selling another property or looking to invest in the future.
This is a crucial touchpoint for lead generation, allowing you to introduce your services early on. Not all attendees are purchasing the property for themselves; there may be buyers’ agents or sales agents from another office attending the auction on behalf of the purchaser.
Remember that not all people attending are looking to buy or sell right now. Some are simply gaining a feel for the market.
They may have a property for sale with a rival company, or they could be neighbours who also have an investment property or know someone who does.
It’s all about relationship building and being seen by as many people as you can.
Step 4: Engage with the Crowd During the Auction
During the auction, the auctioneer will likely mention your name and property management expertise as part of the proceedings. This will happen if you have built a relationship with the auctioneer.
For example, they might say, “Deniz Yusuf is here from the property management department. Deniz, could you let us know what the rental return on this property would be expected today?”
When this happens, take the opportunity to walk to the front, deliver the information clearly, and pay close attention to the crowd.
If you see anyone taking notes, it’s a good sign that they’re investors interested in the rental potential. These are the people you’ll want to approach later.
Remember, you are now in a position of authority; now is the time to offer any additional tips to help make the property more attractive to future tenants.
Sometimes, the property could benefit from small additions to make it more attractive to a tenant, helping to rent the property faster and with a higher return.
Power Tip: Add the auctioneer to your network and meet with them outside of the auction process, as they also do auctions for rival companies.
Step 5: Congratulate the Purchaser
Once the property is sold, be sure to congratulate the purchaser. Even if they bought the property to live in, they might be moving out of another home that could become a rental.
Additionally, establishing a friendly rapport opens the door for future conversations about your property management services.
Step 6: Meet with All Bidders
Not everyone who attends an auction makes a successful bid. However, these bidders are likely still in the market for an investment property.
Approach them after the auction to offer your services for other properties they might be interested in over the weekend.
Let them know that you can provide rental appraisals and advice on any potential investment they are considering, as I mentioned in Strategy #1.
Step 7: Build a Relationship with the Seller
The seller might be downsizing, going on holiday, or planning to purchase another property after selling.
This makes them a potential client for future property management services.
Since your relationship with the seller is likely minimal, this is your chance to introduce yourself and establish trust as the property management expert in the area.
You’re simply congratulating them for the sale of the property; it’s an easy introduction, and they would have noticed your involvement in the auction.
Step 8: Add New Contacts to Your Database and Social Media
After the auction, ensure that you add everyone you’ve spoken with to your database.
This allows you to follow up with relevant information, such as rental appraisals or market statistics.
Additionally, invite them to connect on social media, where you can share educational content on
property investment and management.
By staying in touch, you keep yourself top of mind when they’re ready to make a property management decision.
Power Tip: Send everyone a handwritten congratulations card with no branding on the envelope, as you want to be personal and professional with them all at the same time.
Take Control of Your Lead Generation
As you attend auctions more frequently, you will likely meet the same bidders, and you should have already established a relationship with them.
Importantly, they know your role and will even come to you before the auction commences and ask you questions.
These are the perfect people for you to have discussions with during the auction process; you are also adding life to the auction.
For more tips on growing your rent roll, check out the Lead Machine System at LeadMachineSystem.com.
If you’d like to schedule a personal chat with Deniz Yusuf, visit LeadMachineChat.com to book a time. Take control of your rent roll growth today and get in contact!
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