Ever wonder why Apple is so successful? How they continue to outpace themselves in sales, quarter after quarter, year after year? It’s not just that they’re producing great products, though they are. The real reason behind Apple’s continuing success is the relationship the company has built with its fiercely loyal customer base. It’s why people line up and wait for days to get the latest product release, or why they swear they’ll never own another brand of computer or smartphone. This same approach to customer retention can be leveraged for your property management company as well. Here’s how.
Provide exceptional customer support
The property management industry is unique in that it’s built upon long-term relationships. Yet many firms fail to place a high enough value on the quality of support they provide. If you want your customers to remain loyal to your company, you need to give them good reason not to leave. That means being there when they need you and always doing what you said you’d do. It means responding to emails or messages promptly and providing meaningful solutions to their problems. It means going the extra mile, always.
Make things personal
You know your customers, but do you really know them? Do you call them by name? Do you understand what they really need and want? These days, the biggest differentiator in the property management industry is personalized service. When you take the time to really get to know who your customers are and what their problems, preferences and pain points are, you can tailor your services to their specific needs. By delivering more individualized service and support, you will effectively build those relationships that will withstand the test of time.
Reward your best customers
Imagine receiving a gift card or free access to a premium service just for doing business with a company? Wouldn’t a generous and thoughtful gesture like that win you over? This approach can really help drive customer loyalty in the property management business as well. Develop creative ways to reward your best customers and not only will they stay on for the long haul, but they’ll also be far more likely to sing your praises to others, which means valuable word-of-mouth marketing for your company.
Offer discounts for longer contracts
Getting customers to sign on for long-term property management contracts is the ultimate goal. Many companies sweeten the pot and incentivize these longer-term agreements by offering a special discounted rate. You may lose a small amount of revenue off the top, but the longevity of the business you’ll continue to maintain will far outweigh any loss.
Try as you might, you can’t prevent customer churn entirely. What you can do when you do lose someone is turn it into a learning opportunity. When a customer decides to move on, ask them what went wrong. This can shed light onto what might be frustrating other customers so you can correct your approach before it’s too late. It can also provide insight into what features, services and improvements might make your property management company more marketable.
What about you? Have you mastered the art of customer retention? Please share your thoughts and insight in the comments section below.