Strategy #7 - Converting Private Landlords to Full Management: A Proven Strategy
(15 minutes)

Once you’ve identified potential clients, reaching out tactfully is essential.

Start with an introductory phone call that offers help rather than a hard sell.

[Script] “Hi [Landlord’s Name], my name is [Your Name] from [Your Agency]. I noticed that your property is currently listed for rent, and I wanted to see if I could assist you.

I’d be happy to share some tips with you on attracting tenants and can even send over a guide with our top ten marketing tips. Would you be open to receiving some support?”

The opening script isn’t asking them to give you the management; you are calling and offering assistance to help them.

Pain Point Awareness

Remember that many private landlords face challenges such as vacancies, tenant issues, and property upkeep.

By addressing these, you establish yourself as a knowledgeable, supportive resource they can rely on.

After connecting with a landlord, back up your offer with practical resources to help them market and manage their property better.

This approach gives private landlords a glimpse into the level of support they’d receive under professional management.

Examples of Helpful Resources to Send:

• Guides: For example, ‘TEN Ways to Market Your Property’ or ‘How to Reduce the Stress of Self-Managing a Property.’

• Videos and Articles: Share links to educational videos or articles on topics like effective tenant screening or compliance with property regulations.

• Templates and Checklists: Providing checklists for inspections or move-ins gives landlords an insight into the detail-oriented nature of professional management.

• Legislation Changes and Fines: Any updated legislation change that can enforce a fine or even a change to insurance if the said property isn’t compliant.

This value-packed follow-up establishes credibility and showcases your agency’s capabilities without overwhelming them.

Not all landlords will immediately jump to full property management, but a ‘lease-only’ service provides a middle ground. Here’s how to approach it:

If interested, offer a lease-only service for a higher-than-standard let fee.

For example, consider charging double for a lease-only service. This service can include:

• Tenant Screening and Lease Signing
• Ingoing Condition Reports
• Insurance and Compliance Checks (e.g., smoke alarms)

If they have agreed to the lease only option, and you are charging an extra fee for this (standard let fee might be 1 week’s rent, lease only could be 2 weeks' rent).

So the extra weeks' rent you have charged for the lease only could be equal to, say 10 weeks of a rental management fee (depending on the rental amount and your fees).

If this is the case, you have made the money for the equal amount of managing the property for a period of time, so offer to manage the property for that said time, complimentary.

This ‘lease-only’ arrangement introduces landlords to professional property management while allowing them to maintain some involvement.

The follow-up phase is crucial in converting landlords.
If they initially seem uninterested or stop responding, remain persistent. Send a friendly video message or email sharing additional tips. For example:

[Script] “Hi [Landlord’s Name], I noticed your property is still on the market. Don’t forget the essentials, such as smoke alarm checks and securing the property. Let me know if there’s anything I can do to help.”