Retaining property management clients is not easy. Having the right resources and processes can help you build and maximise your property management portfolio.
I get asked on a regular basis how do we retain our Property Management clients. I see the biggest problem being not enough time spent on focusing on the rent roll that is currently under management.
Too much time is being spent on securing new business. Alot of money is being spent on enlisting the services of a Business Development Manager and the current client landlords who in most cases have more than one property mostly managed by other agencies not being wowed. They are after all one of the agencies asset’s
The costs related to purchasing a new rent roll to build up the agency’s asset’s can be very expensive. In some cases, if the department is in poor health due to lose of managements or staffing issues, it can become more of a liability.
Focus on these three areas to retain your property management clients:
- Communication is Key
We know that Client landlords communicate with a lot of people including friends that have investment properties; their accountant; the financial planner and even the cab driver. They are inundated with information and often given advice by these people.
The best that any Property Manager can do is create a regular line of communication with their clients. Keep them informed of any information that being tenant related or even changes to the legislation. It also helps to provide a regular annual appraisal of the property, It’s not good form just to phone your landlord when there is bad news or a repair required. In the end the landlords assimilate’s all phone calls from the agency as being bad news.
- Responsibility and Decisions
When it comes to tenant or property information, you need to know what you can handle without stressing out your landlord. Gather all your facts and information before phoning or emailing. It is important to advise your landlord of any issues related to the tenancy however bear in mind that the landlord will ask for your opinion before he or she makes an informed decision. As an agent we are expected to be the experts in this particular field hence the more you know about your business or the problem at hand the better equipped you will be.
If its repair related, ensure you have a good understanding of the repair and the potential solution. If you’re putting forward a tradesman ensure you have worked with this person before and the likelihood of any costs related to the repair.
- Return Phone Calls and Emails
By far the most complaints received are about agents not returning the landlord’s or the tenant’s phone calls or emails efficiently. Some Property Managers stock pile their emails or phone calls to the point they return them in 1-4 days if at all.
This is a sign of poor time management. Not setting aside specific time frames during the day dedicated to returning phone calls or emails which can impact the landlord and the tenant. As we are all email driven in property management, communicating efficiently is a must and on time if you want to succeed in your industry and receive the recognition you deserve.