Challenges and Solutions for Residential Property Managers – Part 2

Challenges and Solutions for Residential Property Managers – Part 2

Posted on 14. Jul, 2009 by in Business

What an exciting time for residential property managers! As successful people well know, a crisis can equal an opportunity.

In Part 1 of Challenges and Solutions for Residential Property Managers, I discussed how property managers can attract and retain residents, even in today’s economic climate. For this article I’ll turn my attention to owners.

One of the challenges property managers face involves keeping their owners satisfied and happy. This “knife” cuts both directions.

If you’d like to increase the amount of owners that you represent and work for, now is the time to reach out and contact multi-family and single-family income property owners to see if they are getting the service that you offer your clients.

In my interviews and my own experience as an apartment building owner, I’ve learned that some property managers have assumed their clients were pleased. In the busyness of their work the property manager hadn’t taken the time to find out.

This is a recipe for “customer dissatisfaction” and that is why, as one property manager told me recently, “Now is a good time to be prospecting for unhappy owners.” That is precisely what she is doing.

She began by calling each one of the owners she services. She asked them one simple question, “What one thing can I, your property manager, begin doing that will make you a happier client?” Then she put on her “listening cap” and took notes.

She ran a small ad in her local newspaper and the local business journal that read, “If You’re a Rental Property Owner and You Want Exceptional Service from Your Property Manager, Give Me a Call Today….I’m Looking For More Great Clients.”

During the following week she received 5 phone inquiries and she actually picked up an apartment complex who wanted better property management.

If you want to keep your clients, keep in touch with them regularly. Twice a year give them a personal telephone call. Send them a thank you card with a brief survey or comment card to return. Remember their birthday. Make sure they know how much you appreciate them.

If your customers need to sell their property, do they think of you first as a source of potential buyers? One property manager I employed also had a licensed real estate broker he partnered with and all his clients knew that he could help them buy or sell properties.

After all, it’s a “buyer’s market” and that also spells opportunity for property managers.

If you have any questions or comments, please “Leave a Reply” below.

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