How Much Money Should Your Property Management Company Spend on Marketing?

marketing services

Did you know that renters make up 34% of the population? That is over 100M people looking for properties to rent. 

You may be wondering why your property management company has not been able to gain significant website traffic. The renters are out there, but how do you reach them?

The answer is marketing and SEO. 

If you are unsure about what your company should be spending on marketing services to get better SEO results, keep reading! We’ll break everything down for you.

Why Should You Spend Money on Marketing Services?

Finding a place to rent is already a stressful experience. Your potential clients are looking for a trustworthy property management company that is easily accessible. They want to be able to see reviews and know they are in the best hands possible. 

If they can’t find your website, they won’t know how amazing your company is. 

Over 25% of people click the very first result when they Google something. If your company is on the second page of Google search results, you are at a disadvantage. 

Putting money and time into a proper marketing budget can help your Google rankings and put your company in the lead. 

How to Calculate Your Marketing Budget

There is a general rule of thumb when trying to determine your marketing budget. Instead of putting aside a fixed sum of money for marketing, you want to allow a percentage of your gross revenue. 

If you have an established brand, you should be spending between 6-12% of your gross revenue.

If you are a new company and need to establish a presence online, you should spend closer to 12-20% of your gross revenue on marketing. 

These numbers should give you a pretty good idea of how important marketing is for your company. 

How Should You Spend Your Marketing Budget?

This will depend on where you are in your marketing journey. A company that is just starting will have different needs than an established brand. 

A common need between a start-up and an established company is a marketing plan. They will vary based on where you are in your marketing journey, but a plan is necessary for both.

A marketing services company will help you come up with this plan. They’ll determine pain points and if you should be focusing on things like SEO services or email marketing services. 

If you are a new company, how do you want potential clients to see your brand? You will build your marketing strategy around your beliefs and goals as a company. 

Building Your Brand

If you are brand-new to the marketing space, you should spend more time building your brand and establishing your online presence. 

To start, you want to build a positive reputation online. That means having a great website and putting up reviews or awards your company has received. 

Building a brand requires a solid strategy, using all of the online marketing tools at your disposal. If you create a solid marketing foundation at the beginning of your journey, you are set up for success moving forward. 

Set Your Marketing Goals

At the beginning of your marketing journey, you should set goals. This way, you have something trackable. Marketing without a plan and set goals can be inefficient. 

Setting goals will also allow you to see what is working and what isn’t. Your plan does not need to be set in stone. If you find certain aspects of your marketing strategy aren’t working, adjust, and try something new!

If you have a strong foundation set in place, you can be agile in implementing your marketing strategies. 

Track Results

If you hire a marketing company to help in your marketing strategy, they’ll be able to provide you with reports to show your progress. These reports will show how your strategy is being implemented and how your website is moving up through the rankings. 

Understanding how your potential clients interact with your content is key to the success of your company. Discovering what keeps clients engaged will help you narrow your focus, allowing you to specifically target the things that work for you.

Once you have been following your strategy for a few months, you’ll be able to see what is working for your company and what needs to change. You will have determined what keywords get you the best results and how to use them to your advantage.

SEO Upkeep

As mentioned earlier in this article, the needs of a well-established company are different than a new company. Once you have implemented your strategy and received the results you want, you don’t want to stop your efforts. 

Keywords and marketing tools evolve over the years. You want to stay competitive with the other companies out there that are consistently implementing marketing strategies. 

If you let your marketing or SEO remain stagnant, you will start to fall in the rankings. This is why it’s best to create a long-term plan and stick to it.

Once you have hit the ranking you want and have succeeded at your marketing goals, you can set new ones to make sure you stay relevant! 

Property Management Marketing Services Get Results

Marketing is essential to get your name and reputation as a company out into the world. Setting up a solid marketing plan will get you results over time. 

If you are struggling to figure out a plan that works, consider hiring a marketing services company. Even better, hire one that understands the unique needs of the property management market.