Retention is how you can unlock a sustainable, long-term income stream in your property management business. To achieve retention, however, you must first build a loyal, skilled property management team using the proven strategies provided in our previous blog post. Then, using that team, you have to build a loyal customer-base. What follows are six proven strategies that guarantee client retention and take you closer to your ultimate end goal: financial freedom.
Client Induction: Consistent & Ongoing
Just like you induct (onboard) your team, you must induct your clients too! Property owners, tenants, maintenance contractors—and, in fact, any affiliate service you deal with—must be inducted into your way of doing business. Why? Because your way of doing business is what makes you different from your competitors. And you cannot expect your property owners, tenants, and contractors to cooperate with your practices if they don’t know what they are.
Consistency of Service & Culture: Think McDonald’s
When you visit a McDonald’s anywhere in the world, you know what to expect. That’s called consistency of service and culture. Does your business offer the same consistency of service and culture to your clients? To achieve this, you need to invest in processes, resources and training for your business. There are no shortcuts to success: All three elements must coexist in order for consistency of service and culture to occur.
Reporting: Consistent & Professional
Reports are the window to your business, so make them consistent and professional. Are your reports consistent in layout, design, and wording? Do they align with your brand and reputation? Do they contain relevant and meaningful information your property owners require to make informed decisions? Are they consistent with previous reports? You should be answering yes to every one of those questions!
Consistency of Maintenance: Set Service Providers
Property owners are often frustrated by the fact they have multiple tradespeople from various companies caring for their property and carrying out maintenance and repairs on the same issue. For example, when various plumbing companies attend your clients’ properties and each plumber has their own interpretation of what’s gone wrong and what’s required to fix it, this is very frustrating for your clients. What’s more, this is frustrating for tenants too! You, as the business owner, must decide which service providers best align with your business’ values, service standards, brand, and culture, and you must then ensure your property managers use these chosen service providers each and every time.
Market Knowledge: Area Specialists
It’s no secret that property owners are becoming more knowledgeable and want property management businesses that are market area specialists. Property owners want to know their property managers can provide professional advice about their property and its respective area’s rental market. This means, in order to compete, your team needs to undertake ongoing and in-depth analysis into the market and provide stockbroker-like advice to your property owners. Your team also needs to know the market area by building up market-related facts, including appraisals.
Professional Service & Advice: Property Investors Are Willing to Pay for It
The bottom line is that property owners want a professional service and professional advice from the property management agency they hire… and they are willing to pay for it! Why? Because investment properties are, most likely, their single most expensive assets. Therefore they want advice and a service that protects, nurtures, and grows their nest eggs. Is your agency providing this professional service and advice?
Use these six proven strategies to help you achieve client retention in your property management business and unlock a sustainable, long-term income that leads you to financial freedom!Read more on Team