If you have achieved repeat, referral and recommendation, and return, respect and relevance in your property management business, then you are ready for the final three R’s which can make you the ‘Agency of Choice’. Retention, remuneration and recognition can make you the obvious and only choice for property owners in your market area. Here’s how…
Retention is the pinnacle that you should aspire to achieve. That’s because, retention generates sustainable business growth. Whilst bringing in new business is important, it can be costly and risky. The best form of growth is retaining your current customers and winning more business from them. Constantly growing from within means that you are successfully achieving results for your clients and giving them a reason to stay, make repeat purchases, and see you as the agency of choice.
Remuneration at the advertised fees for a service is what you earn. Don’t fall into the trap of offering discounted fees. These signal to clients that your agency is either desperate for their business, or not confident that you can achieve the results. Discounted fees are unlikely to help you achieve retention, and most certainly will not earn you the income you had hoped. Remuneration should always correspond with delivering on the promised results. So, focus on being the best at maintaining consistent service standards so you always achieve the promised results for your clients, and they will always see you as the agency of choice.
Recognition is what every business aspires to achieve. As a property management business, you should aim to be recognised as the ‘Agency of Choice’. This means that you are recognised in your market area as the property management agency that delivers on its promises, provides a great experience for all clients, and has the best market knowledge and know-how. This is how you can be recognised and talked about for the right reasons, and always be the agency of choice.
We have now come full circle in understanding the power of R’s in a property management business. For more information about how you can become the agency of choice using retention, remuneration and recognition, or any of the other R’s, contact us.