What’s Top of Mind for Property Managers?
Portfolio Growth, Revenue Growth, Improved Efficiency and Customer Experience
Property managers are re-evaluating their business models, service fee models, choice of landlords, types of properties, and how they attract and screen tenants.
But with new goals, a new set of service priorities appears.
A recent survey revealed property managers feel a focus on growth, efficiency and profitability is right for their firms. In 2020, two other objectives are being thrown into the mix: tenant and landlord happiness. Business success can only happen if you find a way to keep your two most important customers happy.
A recent survey of property managers found that growth, efficiency, and profitability were the 3 top objectives. Not all that groundbreaking really since these have been on everyone’s radar for many years. What is different is how managers are fulfilling these objectives with software that works for them.
You Can’t Do it One at a Time
These are the areas we’ve been focusing here in the ManageCasa blog. And while every property manager starts out with good intentions, they find it difficult to achieve each of these management objectives individually. They find it’s more like opening a Pandora’s Box so a big picture solution is needed.
Keeping Up With Challenges With the Right Solution
The PM industry has evolved, with Proptech, government regulation, housing market growth, customer expectations, and growing competition. Given all these demands, it seems only a good software product can make it all come together.
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Property managers are experimenting with various property management products to be the core of their new approach. All in one solutions are fine however, what’s eluded them is one that integrates with their legacy software and has the all important accounting, analytics and reporting features they need.
So let’s talk about 4 top trending elements and how they solve property management company’s business goals.
Top 4 Property Management Objectives
1. Grow Property Portfolios
Adding doors might be the simplest way to grow profits through increased revenue, and more efficient financing (mortgages). Yet the strain on administration, maintenance and customer service often makes it a curse. How do you add doors without adding turnover, maintenance tickets, and customer service calls? The answer is the right property management software.
ManageCasa’s solution is strong on digital communications, granular accounting for each property, so you can increase doors dramatically.
2. Improve Revenue
The path to higher revenue comes via lower turnover, excellent cash flow, higher lease renewals, better rental pricing strategy, and better property selection. Letting go of high maintenance units, problem tenants, and focusing on new acquisitions with higher rent/price ratios turns businesses around. More multifamily properties are coming on market.
Finding new clients by creating a powerful property management client lead channels should be a much higher priority than it is. Property managers find it hard to respect the whole process of building a stream of good leads. This is how you acquire better landlord/investor clients and work with better properties. Profit is always higher with better clients.
3. Improve Cost Efficiency
By growing their business, PMs can make better use of their staff and lower their marginal costs. They get better marginal revenue too. Aside from staffing, contractors, and time management, efficiency comes from proactive management.
For instance, when ManageCasa clients use our software solution, they see tenants doing more for themselves and making less calls for assistance. From our help system to maintenance ticket system, they can do everything using their smartphone. They can make online payment, review their lease, and ask questions.
4. Improve the Customer Experience
Understanding what tenants want and need is central to keeping them happy and comfortable. It’s central to increasing lease renewal rates, lowering vacancy, eviction and turnover, along with decreasing maintenance tickets and administration costs. Happy customers put less load on your staff.
Happy Customers = Lower costs and higher retention/revenue
Landlords too are a customer. Property managers must serve them and tenants well, with great lines of communications, accurate reporting, transparency and with an emphasis on solving real problems.
You Must Make Your Customers Happy
As we point out in our 6 Smart Ways to Make your Tenants Happy post, the customer experience is one of emotion, and emotions drive lease renewal decisions. However, a happy tenant is the end product of brilliant customer relations.
Since tenant/landlord relations are normally distant, it’s important to keep in contact with each of your tenants. Your property management software helps you be more personal – consistent with modern renters who prefer digital communications, on their terms and schedule.
Ask them how they’re doing, and start a conversation. Collect information from them emails, surveys, responses so you get a better picture of their rental experience. What can you offer, or improve, and which concessions might you offer?
Adapt your company brand image, improve services, and communicate your value proposition clearly to them. A happy, satisfied and respected tenant stays put and pays on time.
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