So, I’ve talked a little bit about tenant retention, but how do you keep your property management clients? Getting them means marketing and promotion- but keeping them is a different area entirely.
First things first, it’s important that your staff is loyal, skilled, and able to handle the tasks they are given. There are many ways of going about making sure your team is at the top of their game, but, building a loyal customer base takes all of this to the next level.
Engagement Is Key
From your maintenance workers to property owners, tenants, and any other affiliate service you utilize needs to first understand how you go about things. Your way of managing the properties, and the standards you have set are important to communicate from day 1.
Transparent communication at all times is essential.
Being consistent will also help. Whenever someone visits particular franchise stores- they know what to expect. They know what services they will be provided, and they know how. Make sure that from the bottom to the top, you have created processes, offered the resources and training your staff needs, and are implementing these things to help promote a consistency of service and culture that works for your property management business.
When you’re keeping your staff professional, make sure that your communications are as well. Keep your reports to affiliates, vendors, property owners, and tenants consistent in layout, wording, and design so that they are always in line with your brand’s reputation.
Keeping Owner’s Statements Itemized and Organized
You probably know by now that the owner’s statement is the cornerstone of your point of communication with your client. Keeping each of these statements consistent with the other is key. One of the best things to do is to base your owner’s statement on the items you will list on your IRS forms when it comes to investment properties. This benefits both you and the owner when tax times comes around and it also keeps accounting neat.
Having these statements delivered in a timely fashion, carrying the same relevant information from period to period is also important as it conveys not only how organized your brand is, but how well you can be relied upon to keep accurate records.
Keep all your vendors in line
One of the most frequent complaints of property owners about property management companies is that they don’t know who is caring for their property. Having many different people or companies handling security, maintenance, and repairs may seem like a way to vet the good ones: but take care in keeping this consistent and organized as well. Find good service providers, familiarize your clients and your tenants with them: and stick with them.
There are times where switching between vendors can have benefits for your bottom line, and this is something to keep in mind, but find other ways to trial or swap our vendors and subs.
Property owners, just like tenants, expect professional service. If your business is lacking in organization and consistency: it doesn’t look professional and it can tarnish your brand.
So, when you think about it, what tips and techniques have you found most useful in keeping your property management clients?