Companies With Good Communication Increase ROI by 47%
When we say good communication, what do we mean? And what is the value of good communication to a business’s bottom line? A study discovered a 47% increase in ROI for companies that optimize communications.
Is poor communication a predictor of higher property management costs and lower tenant retention? Does it increase stress for landlords, HOA managers, and property managers, and reduce cash flow and prevent charging higher monthly rent?
Just some of the questions we can delve into right now on the ManageCasa blog, your resource for more profitable rental property strategies.
Communication is from start to finish — simply sending messages to the right parties, knowing they received them and that property management goals will be achieved. Everyone gets on the same page so goals are achieved and all are satisfied
Good Communication is a Business Asset with a Dollar Value
When employers hire, they emphasize employee communication skills. In any organization, actionable information and transactions depend on clear communication. Miscommunication leads to friction, missed deadlines, late payments, extra paperwork, conflict, dismissal, financial loss and even law suits.
Those outcomes can be avoided with professional communication tools and skills. Today, a lot of communication and collaboration takes place online. The use of competent software can be quite an aid in keeping all parties in a property rental arrangement on the same page.
Just by being constantly on the same page, and instantly reachable, we all avoid trouble. It’s nice to avoid trouble.
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As a property and tenant manager, you get your tasks and goals achieved through other people. They are directed via communication, so optimizing communications seems to have a significant value proposition with or without a big ROI such as good tenant relations.
Does Good Communication Actually Improve Financials?
A landmark research study by Towers Watson confirmed the hypothesis that communication does correlate with ROI. Their research consistently found the firms that communicate effectively with employees are the best financial performers.
Companies that are highly effective communicators had 47 percent higher total returns to shareholders … compared with firms that are the least effective communicators — Towers Watson ROI Study Report
The report discovered the worst communicating companies actually 13% in shareholder value, while the top communicators gained 30%.
Although tenants aren’t your employees, landlords and contractors may be. The key point with tenants is in how communication keeps your relationship with them silky smooth. The tenant feels acknowledged, esteemed, and valued as a future tenant. This way, they’re more likely to give feedback, send back signed documents, and pay rent on time.
Stay on Top of Everything
To keep your tenant year after year, you must create a dialog to learn of what their concerns are, what they’re not happy with about their apartment, building, and neighbors. What’s affecting the mood and loyalty of this tenant will affect the next one as well.
For landlords and property managers, it’s important to stay on top of the operations, safety and comfort of tenants. With software, you can optimize communications so you spend less time with it, get better results, and keep tenants happier.
So you’re not opening a can of worms with tenants, but instead are optimizing satisfaction so the need to play phone tag, deal with complications, personal stuff, and interpersonal friction is actually reduced. A happy tenant is a quiet one.
For larger property management companies, there is the matter of brand image and building a consistent message of value, service, and comfort to paying tenants.
With ManageCasa you can leverage these powerful communication assets:
- broadcast alerts to all parties
- surveys and ratings – to get feedback
- mobile alerts – real time announcements
- photo uploads – convenience and problem definition
- online rent payment – convenience
- centalize discussions so everyone is on the same page – collaboration and certainty
- provide analytics on tenant relations success – gauging PM effectiveness
- communicate to investors/landlords your performance – your value proposition
Keeping Everyone on the Same Page and Well Informed
ManageCasa cloud based property management software helps to keep all involved parties in the loop, providing one central online location for messaging, service requests and document storage.
ManageCasa’s cloud based apps make it easy for tenants and property managers to interact with each other wherever they are. Property management companies leverage an affordable PM software to save money and time. This is a key business asset.
It’s a mobile world we live in and tenants enjoy convenient and quick access to information about their rental unit and lease agreement. Paper is passe. Convenience and quick access is what tenants, landlords and property managers demand today.
No need to juggle text messages, emails, and find paper documents when you have ManageCasa. It makes communication silky smooth.
Don’t take our word for it. Try out ManageCasa for free today and see its full communications capabilities. You’ll be impressed and on your way to higher ROI.
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