If you want to succeed as a landlord, a unique selling point (USP) is very important. A well-defined USP is the best way to set your property management business apart from your competitors and give potential tenants a compelling reason to choose a business over other businesses.
There are many ways to differentiate your business from other businesses. It could be the type of building you own, the experience, the quality of service, or any other unique aspect of your landlord’s business. There may be a property management aspect of using and using the latest mobile apps in a great way to appeal to your tenants. Some landlords have a reputation for providing the best customer experience.
What are the unique selling points?
A unique selling point is what sets your business apart from its competitors. USP communicates to consumers the benefits that only the property management business can offer. Your unique selling point focuses on your strengths and provides what your tenants want.
The term USP also stands for original sales proposal. Some companies call USP their own value proposition. In essence, it’s all the same. That is, defining what you offer that no one else can or cannot do.
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Benefits of defining a USP
If you are a successful rental property owner or want to be, you are probably doing the same thing as everyone else. Take high quality photos and videos, advertise on high traffic websites, use the latest rental apps, arrange virtual tours and maintain rental units. If you neglect these aspects of being a good landlord, your business will suffer.
But if you are doing the same thing as all other landlords, what makes you stand out? Why do potential tenants need to choose a rental unit over a rental unit in the next block? Of course, you can also lower your rent or offer a discount. But it can affect your bottom line.
You don’t have to come up with radical ideas just because you have your own sales offer. You need to understand what you are good at and express it clearly. As a result, your rental business should be attractive to your target audience.
Here are some examples of the landlord’s unique selling points.
- “We offer flexible rent payments for all tenants.”
- “All our rental units are pet friendly.”
- “We use technology at every step.”
- “All rental units are equipped with smart home devices.”
- “Our property manager responds to maintenance requests within 30 minutes.”
Persuasive USPs should avoid clichés such as “provide the best customer service,” “provide reliable service,” and “satisfy all tenants.” These bland, worn-out phrases are a prerequisite for a good landlord, not a unique selling point.
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How to define key selling points
To define your own compelling sales offer, you need to answer the question, “What makes my business different from its competitors?”
Here are the essential questions for developing a unique selling point for your rental business.
1. Who is your target audience?
First, figure out the target market. Here it helps to be as specific as possible.Obviously, sticking to a real estate marketing strategy in line with it is essential Fair Housing Law.. But think about what the tenant is looking for. What are their pressing concerns about renting? What do they expect from the landlord? What is the tenant’s biggest complaint about the landlord, and can you fill the gap?
2. What kind of problem will you solve?
If your target audience doesn’t care, being unique isn’t enough. Once you’ve identified what your tenant is looking for, you can start solving the problem.
For example, suppose you want to attract millennials to a rental unit. In that case, you can be confident that you will be able to provide a fully digital rental service. This means using asset management apps, electronic documents, and virtual tours. Alternatively, all rental units can be equipped with smart devices and ultra-fast broadband.
3. What are the differentiators?
The next step is to set yourself apart from the competition in the rental market. You should be able to find one or two things that are doing better than other landlords. This adds incredible value to your property management business in the eyes of potential tenants.
The goal is to think from the perspective of the tenant. Ask yourself, “If tenants can choose two of the same properties for the same rent, why should they choose me?”
4. How can I eliminate the risk?
One of the most important aspects of a unique selling point is making a pledge. That promise or guarantee must be part of the proposal. And it’s important to include it, as you remove the risk from their choices.
For example, suppose you stand out as a good landlord in keeping your rental unit at a very high standard. In that case, we can guarantee a time limit for repairs. Alternatively, you can promise to replace all kitchen appliances every X years.
In this way, we address two issues. First, we provide a solution to common tenant complaints. Repairs can take forever or the appliance often fails. Second, by choosing your company, you ensure that your tenants will never have to face this problem again.
5. Can you fulfill your promise?
Once you have defined your own selling point, clearly state it in your marketing strategy. But more importantly, you must meet the guarantees you make. In other words, talk and take a walk.
We also recommend keeping your own selling points fresh. Over time, your excellent service will form part of the landlord’s solid reputation. Competitors may start offering the same types of services you offer. To stay one step ahead in the highly competitive rental market, it is imperative to focus on developing new USPs.
Find unique selling points and market your rental
https://www.biggerpockets.com/blog/marketing-unique-selling-point Find unique selling points and market your rental