Customer Retention - Tips For Running a Successful Property Management Company | Fourandhalf - Internet Marketing for Property Management Companies

Customer Retention – Tips For Running a Successful Property Management Company

When is the last time you thought about your relationships?

At Fourandhalf, we love talking about SEO, content marketing, and digital marketing. But today, we’re taking a step back. We’re getting back to basics, and we’re asking you – how are your client relationships?

We have some tips that can improve the communication and customer service you provide to your tenants and your owners.

Keeping them happier means keeping them longer.

Client Communication is More than a Portal

It’s really important that you answer the phone. Whether owners or tenants are calling, you have to answer. You have to respond.

There’s more than just your reputation for responsiveness at stake. It also speaks to your willingness to solve problems. When you answer the phone and talk through issues, you can take a deeper look at what the problems might be.

If someone is calling with a problem they hope you can solve, you don’t want to give some basic, general response. You want to dive deeper into what the problem may be. This demonstrates that you understand the problem, and your clients feel comfortable that you are their property manager. Problem solving goes a long way towards improving your relationship.

Building Customer Loyalty

When a client asks a question, be honest.

If now is the best time to sell their home and you know they can get the best possible price, tell them that. You can also let them know how much rental income they stand to earn if they hold the property, but be sincere and forthcoming about what’s really best for them.

When you provide honesty and consultation, they’ll see you as a resource, not just someone collecting the rent. We know that’s not all you do; but disgruntled tenants and unimpressed owners often see it that way. Demonstrate your value and build customer loyalty. 

Long Term Tenants and Owners

Long term owners and tenants will help you succeed.

If you’ve got tenants who have been renting from you for six years or owners who keep renewing their management agreements with you year after year, show them your appreciation. Send an email or a gift basket.

Just thanking people can have a major impact and keep them around for the long term. Keeping tenants longer means lower turnover costs and more income for owners. That, in turn, will create owners who stick around with your management services.

Everyone’s happy.

Ask for Feedback

You’ll never know what’s working and what’s not if you don’t ask for feedback. Requesting reviews is part of this. But, asking for feedback is a lot more. Send out surveys. Email owners and tenants to ask how things are going.

The feedback you gain from these opinions can help you, whether it’s good, bad, or mediocre. When you’re solving a dispute, it doesn’t matter who is right and who is wrong. What matters is that you’re learning something, and you’ll continue to grow, get better, and keep going.   

We know you’re doing an awesome job, but if we can help you with operations and growth, please contact us and Fourandhalf. We’d love to share a few more ideas. 

Alex Osenenko

About Alex Osenenko

Alex’s professional mission in life is to help small businesses grow and thrive. Alex is the President and CEO of Fourandhalf.com and a Co-Founder of the PM Grow, Inc. His business philosophy is simple: Happy Customers are created by Happy Employees, which results in Happy Shareholders. Alex's deep commitment to entrepreneurship and improving the lives of small business owners everywhere empower him to host “The Property Management Show” bi-weekly Podcast and speak internationally on the subjects of Growth, Marketing, Sales, and Entrepreneurship.

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Estimate ROI (Return On Investment) Based on Desired Growth

Desired Growth (# of properties) :
Average Monthly Rent :
Annual Contract Value: $0
Customer Lifetime Value: $0
Estimated Annual Profit: $0
Estimated Lifetime Profit: $0
Estimated Portfolio Value Upon Sale: $0

How we got these numbers

• Annual Customer Value (8% of average rent multiplied by 12)
• Customer Lifetime Value (4 multiplied by ACV)
• Estimated Annual Profit (at 20% of ACV)
• Estimated Lifetime Profit (at 20% of LCV)
• Estimated Portfolio Value Upon Sale (1.2 times ACV)

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