Strategy #3 - How to Generate Property Management Leads at Open Homes
(10 minutes)
Attending ‘open homes’ (also known as ‘open for inspection’) can be a valuable strategy for property managers and BDMs looking to grow their rent roll.
Potential investors often attend open home viewings, and this is your opportunity to connect with them early, build trust, and offer your property management expertise. Just like the people attending auctions, you tend to get a similar crowd.
WHY Open Homes Matter for Lead Generation
When potential buyers attend open homes, they’re not just looking for a place to live—they could be scouting for an investment property, or they could be buying a new property to move into and then placing the current property they live in on the rental market.
As a BDM, attending viewings lets you engage with these property investors early in their decision-making process.
Building trust face-to-face is one of the most effective ways to position yourself as their go-to property manager once they’ve made a purchase.
Let’s walk through five key steps to maximise ‘open homes’ for property management lead generation.
Step 1: Build a Relationship with the Sales Agent
Your first step is to have a conversation with the sales agent.
Let them know you’re there to assist and support them, not to interfere.
Sales agents may initially be concerned that your presence could disrupt the process, but explaining how you can help is important.
For example, you can provide potential investors with insights on rental returns and what tenants look for in a property.
You can also offer a rental appraisal on the spot, which speeds up the decision-making process for investors.
By collaborating with the sales agent, you not only assist them in selling the property but also position yourself as a helpful resource for investors, bridging the gap between sales and property management.
Step 2: Assist with Registrations at the Property
At most open homes, attendees are asked to register upon arrival.
Instead of the sales agent handling this, you can take on the responsibility of gathering names, phone numbers, and email addresses.
This frees up the sales agent to focus on giving property tours and answering questions while you gather valuable information.
Standing at the entrance or exit ensures you meet everyone who walks through the door.
This is a prime opportunity to ask attendees if they’re considering the property as an investment, just like you would while attending auctions and standing at the registration table.
Remember that the sales agent's job is to sell the house, and asking questions like “Is this an investment purchase for you, or not?” isn’t a priority for them.
So, you being there helps them, and it also enables you to identify the investors. If they are, you can initiate a conversation about how you can further assist them.
Step 3: Identify and Engage with Potential Property Investors
Once you’ve collected the basic details, the next step is to introduce yourself as a member of the property management team.
When registering attendees, ask a simple but important question: “Are you looking at this property as an investment?” This helps you quickly identify potential leads.
If someone expresses interest in the property as an investment, let them know that you can provide rental appraisals, offer advice on maximising rental returns, and assist with other investment properties they may be considering.
If they say they’re looking to upgrade and buy a larger home to live in, you can simply ask if they’ve considered renting out their current home.
This information is valuable to share with the sales agent on site, as well as to educate and identify potential leads.
You build trust early in the process by positioning yourself as a helpful resource.
Step 4: Follow Up at the Property Exit
After attendees have viewed the property, follow up with them at the exit.
This is the perfect moment to confirm their interest in the property and remind them that you’re from the property management department.
Ask if the property meets their investment needs and whether they’re considering other properties.
You can also provide information on potential rental returns and offer advice on how to increase them.
Even if the property is already tenanted, the rental figure may not be current, and you can offer more accurate and updated insights.
And as you know, when you’ve taken over management from a rival agent, the property is most of the time not at the current rent, you can mention this at this point of the discussion too.
Let them know you can assist with any other properties they’re considering, even if other agencies list them.
This conversation is very similar to the ones when you are dealing with website enquiries, the only difference is that you are meeting them at the property, not from the website point.
Step 5: Add to Your Database and Keep in Touch
Once the open home is over, don’t let the conversation end there.
Add potential investors to your database and follow up with an email offering more detailed information on rental returns and tenant preferences.
Let them know you can assist with any other properties they might be interested in and offer to provide rental appraisals on those as well.
Be sure to invite them to connect on social media platforms like LinkedIn, Facebook, Instagram, or TikTok, where you regularly post market updates and tips for property investors.
Keeping the conversation going on multiple platforms ensures you stay at the top of their mind when they’re ready to choose a property manager.
Attending open homes is a simple yet effective way to generate property management leads.
Take Control of Your Lead Generation
By following these five steps—building relationships with sales agents, assisting with registrations, identifying investors, following up at the exit, and maintaining contact—you can consistently capture new leads and grow your rent roll.
If you’d like to explore more strategies for rent roll growth, visit LeadMachineSystem.com to learn about our Lead Machine System.
There, you’ll find five modules to help you stand out from competitors and increase your fee revenue.
If you’d prefer personalised coaching, you can also book a direct session with Deniz Yusuf by visiting LeadMachineChat.com.
Take the first step today and watch your rent roll grow!
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