How To Create a Property Management Marketing Plan For 2023
As we enter the new year, It is essential for property managers Dubai based or even outside to create a marketing plan and to be ready to implement it in order to aim for whatever success you have set for yourself. Planning precedes execution so let’s see how we can create a plan that we can execute.
Determine the type of property owners you want to target
It is important to segment who is going to be your target audience. This is where your marketing efforts are going to be focused. A lot of companies focus on either language similarity or market familiarity and they start from there.
If you have a team of sales agents focusing on a particular area, the chances of success are higher because you can display to the property owners that you know the area as well as anyone. Therefore it is key to know what your target audience is.
Have a Target number in mind
Forecast and plan based on a number that you want to achieve. This can be drawn out with management and finance on what number you would like to achieve in 2023.
It could be based on a top to bottom approach where you based it on revenue that you have in mind and how many clients you would need to achieve that or just simply based on a percentage increase from your existing base.
Once you have a number in mind, The sales team would know the amount of new business they need to bring in and performances can be fairly assessed.
Determine the budget that you have to spend
A marketing plan would involve a budget that you need to set aside for promotional and marketing activities. Have that properly planned out and keep a tight check on it.
Spending too little or too much can be detrimental to success therefore it is essential to work out all the possible avenues that you will be spending money on and how much of it should be spent on each category. Categories could be SEO, SMO, Property management software, etc.
Create an overall Plan
Once all the previous steps are determined, It is essential to document the entire process and create an overall plan that is shared with the entire team and management. This is important as this would require everyone to push together in one direction.
An overall plan will be a guideline for the company and usually, the best time to create one is before the beginning of a year so once people are back from the new year break, They know exactly what to do.
Execute the Plan
All the planning is good but the best thing is when a plan is executed. You are halfway to success if you have developed the plan, now the next thing is to make sure that all the steps and processes you have put in place are actually being implemented and worked on.
It is important to regularly keep track of the activities done and their desired result. If any changes to the plan need to be made, they can be done so in an agile manner. But it is essential to make sure someone is in charge of the plan and its execution.
In summary, A plan is important for all property management companies as without it any execution can not be mapped, tracked, or measured. The plan has to be properly drafted and ensure that it is adhered to and reviewed at least on a quarterly basis.
The success of a plan is based on its proper execution and implementation so always be open to feedback and adjustment if the plan is failing to meet its desired goal.