Using a property manager has both pros and cons. There are no hard and fast rules regarding whether you should hire one or not. You have to evaluate the answer based on your own situation. The following are some considerations to take into account before you jump to a conclusion.Time CommitmentA lot of real estate investors have a full time job so they do not have enough time or energy to manage properties. Especially if the house is situated remotely, many investors might feel they cannot manage on their own or do not want to travel. If fact, you can manage on your own.Cost BenefitIf you have several properties or an apartment complex in one area, using a property manager to manage all the property may be economic. The manager will be able to combine expenses and costs. For example, they can purchase maintenance materials in bulk for all the rental units. If you don’t have several rental units in one area, but together with your friends’ or families’ rental units you do. Then you can afford to hire a professional dedicated property manager.The Nature of the Rental Market Where your Property is LocatedIf your rental property is located in an area where renters mostly check out the rentals through the local property management companies, then you have no other choice but to hire the company. This may happen in small towns where there is only a handful of management companies.Tenant’s CharacteristicsSome tenants are not easy to deal with. You may find some tenants that are constantly paying late, asking for a lot of unnecessary repairs, complaining about everything, or having difficulty keeping up the premises. A property manager may handle the situation better than you as you might be emotionally attached to your property and less likely to handle many issues impartially. What’s more, the tenant might try to take advantage of you. They may take it more seriously if they are dealing with a professional property management company instead of an individual.Does your Property Need Frequent Repairs or Maintenance?If your property needs frequent repairs due to its age or other reasons, having a property manager may help you if repairs are a burden. Usually the property management company either has its own in-house repair service or contracts with outside vendors. In any case, you should ask about it before hiring them and understand how much they charge.What Kind of Service do you need from a Property Manager?Do you need a full service property management, which includes placing tenants and ongoing management service? If the condition of your property is good or new and not much repair is anticipated, you may save your money on the ongoing management service part. If you already have a tenant but you are moving out of that area you can use a local property manager to collect the rent and do the maintenance work.Lack of Interest in ManagingSome rental property owners just do not want to get involved in managing the property at all. They rather have someone look after their rental properties so they can enjoy their life doing other things. That is absolutely ok. Enjoying life is also very important.The purpose of hiring a property manager is to free up your time and make your rental investment successful. Nevertheless, hiring a poor one is worse than hiring no one. You can end up spending more time and money to rescue your property.If you hire one, keep in mind it does not mean you have to be a completely hand-offs owner. You should keep in regular communication with your property manager so he understands you do not treat your real estate business lightly. How to hire a good property manager belongs to another blog we will write about.
Breaking Down Sales and Marketing
Revisiting the Sales and Marketing ConversationBack in October 2015 we shared an article called “5 Ways Marketing Departments Help Salespeople Catch Butterflies.” Recently a tenfold article was shared with us, titled “What is the Meaning of Sales & Marketing and Their Advantages?” and, I have to say, it does a pretty awesome job of breaking down the differences, responsibilities, and links between sales and marketing roles. Why revisit this now? Because it has never been more apparent that the relationship between sales and marketing is still just as misunderstood as ever, especially with advances in marketing technology.Setting the Record StraightMany in the business world, especially those who rely on sales and marketing for success, don’t actually have a concrete grasp on exactly what sales and marketing are. Yes, the two are linked, but they are not one and the same. Sales departments rely on marketing; marketing departments and strategies exist to feed sales (notice I didn’t say “make” sales). You wouldn’t engage in marketing if you had nothing to sell, and your sales strategy would be much less informed and successful if not for your marketing efforts. Yes, many old-school salespeople (or go-getter small business entrepreneurs) are quite capable of drumming up business on their own, and may even have some tried-and-true marketing tactics up their sleeve – but few have the time, skill, or technological resources to effectively capitalize on the true potential of their market.A common mistake made by older, more established businesses is to assume that salespeople are skilled at marketing and that marketing people are skilled at making sales. In some cases this may be true, but certainly not across the board. While trying to conserve capital, many of these companies will attempt to combine their sales and marketing departments, essentially tasking their employees with two job descriptions, and that’s usually a bad move. It’s no accident that more recently established companies, tech giants, and organizations that employ a large number of millennials are killing it with their marketing efforts.Breaking It DownAs the tenfold article explains, some of the key responsibilities of a sales team include:
Follow Up
Relationship Building
Closing
Retention
The mark of a great salesperson is the ability to cultivate a personal relationship. Many consumers who have stayed loyal to the same brand, dealership, or salon for years will say that they appreciate the personal attention they receive there. It is not a marketing employee’s responsibility to follow up with a salesperson’s existing customer once the lead has been handed off, nor is it their responsibility to convert a lead to a sale, “close the deal,” or make sure the client remains a client for many years. Short of having an outstanding relationship with a skilled salesperson, product quality and excellent overall experience are the main things that will bolster client retention.On the marketing side, primary efforts are:
Awareness
Engagement
Conversion (from anonymous to known)
Retention
It is not a salesperson’s job to generate awareness or buzz about their brand, product or service. If they are expected to use their energy to make sales by nurturing leads and relationships, then how can they also be expected to have the time to do the leg-work up front that brings those leads to the table in the first place?The marketing department creates awareness, builds engagement by creating information that will invite audience members to take action, and targets and tracks engagement by motivating audience members to provide contact information or initiate a free trial or consultation (converting them from a cold prospect to a known lead or potential buyer). It is important to note here that the retention function of a marketing department doesn’t really overlap the retention efforts of a sales team.On the sales side, client retention refers more to the salesperson’s efforts to use the client relationship to continually check in with the client, attempt to engage them in further discussions about additional products or services they may be interested in, and seek referrals to the client’s friends and family members. On the marketing side, however, retention refers to maintaining a higher level of consistent engagement (through targeted marketing based on buying preferences, interests and history) so that the customer relationship doesn’t end at the initial purchase. Those email newsletters you receive after becoming a customer somewhere are not random – they have a purpose and are often tailored to things you’ve viewed or expressed interest in. A sales team simply doesn’t have the insights, time, or often the resources to execute these types of strategic campaigns.The Fine-Tuned Coexistence Of It AllThe ideal sales and marketing relationship is a symbiotic one. Marketers and salespeople work together to determine what consumers need and how to deliver it. Sales and marketing should motivate, inspire and feed one other. They should collaborate and coexist. In the hierarchy of the business food chain, sales and marketing should not be seen as rivals or equals, but counterparts. One truly cannot exist without the other, but their skill sets are not the same – especially today, where advances in technology require the modern marketer to have a very specific, honed, and competitive set of skills that most sales people simply do not need to have.For this reason many marketers are introverted, analytical, and deep-thinking individuals. Whether they’re crunching numbers and analyzing data, compiling reports on trends and conversion rates, or writing awesome ads and creating beautiful websites and collateral material, they are required to intensely focus on what works, what doesn’t, and adjust their creative efforts accordingly. Usually a marketing department will have creatives, analysts, and more tech-oriented people (who dive into the numbers and algorithms behind advanced marketing tools).In contrast though, many salespeople are extroverts – they light up a room, they have excellent “people skills,” can easily relate to others, and have the ability to pick up on social cues that might actually help them close a sale. Oftentimes salespeople have a broader focus, preferring to spend their days with appointments and meetings – activities that build relationships – rather than sitting behind a desk doing what a marketing department does best. For this reason, many salespeople have administrative assistants to help them with follow-up, paperwork, appointment setting, phone calls, proposals, and calendar management. This type of functional assistant role is less widespread in the marketing realm.Share Your ThoughtsBe sure to read the full article (and let us know how it compares to our post ) for additional insights on the relationship between sales and marketing teams. Join the conversation: in your experience, what have been some key components of a successful sales and marketing partnership?
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