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 team using our proven strategies provided in our previous article and then, using that team, 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.
1. Client induction: Consistent and ongoing
Just like you induct 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 co-operate with your practices if they don’t know what they are.
2. Consistency of service and 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 co-exist in order for consistency of service and culture to occur.
3. Reporting: Consistent and professional
Reports are the window to your business, so why not 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 question!
4. Consistency of maintenance: Set service providers
Property owners are often frustrated by the fact they have multiple trade persons from various companies attend their property and carry 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.
5. 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.
6. Professional service and advice: Property investors are willing to pay for it
The bottom-line- property owners want a professional service and professional advice from the property management agency they engage…and they are willing to pay for it! Why? Because investment properties are, most likely, their single most expensive assets. So, they want advice and a service which 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 which leads you to financial freedom. If you’d like to know more, contact us.