It’s a known fact that the number one factor influencing tenant retention is property maintenance. No one wants to live in a place that is run down or where things are always breaking or leaking. Tenants may begrudgingly put up with such situations for a while if the location, amenities or price is good, but their patience will eventually wear out and they will look elsewhere.
Sometimes factors such as limited budget and/or human resources make it challenging for property managers to be sticklers about maintenance. But consider this statistic:
It costs 6-7 times more for a company to obtain a new customer vs. retaining an existing one. (Source: Bain & Company)
The best way to solve a problem is to prevent it from occurring in the first place. The Ritz Carlton for example (world renown for their outstanding customer service), replaces all light bulbs in their properties to a set schedule, as opposed to replacing each one individually as it is burnt out. The result is greater operational efficiency and a much better customer experience.
Any property management company can put the Ritz Carlton principle into play by establishing regular maintenance schedules and frequently inspecting all common areas and promptly addressing any issues. In between move out and move in is also the perfect time for your property managers to carefully inspect individual units and make any necessary repairs or upgrades.
Having property management software in place that specifically includes maintenance management will also allow you to quickly identify any recurring problem areas, along with how much money is being spent on repairs, so that you can accurately assess the situation and justify the budget for more effective and permanent solutions.
Make the time necessary to anticipate and plan for an extraordinary future with The Property Manager's Guide to Proactive Management.
If you can’t always be proactive, then at least be responsive! Yes, we are all busy. But there are few things that are more frustrating for anyone in any situation, than having to follow-up multiple times and feeling ignored or insignificant —especially when it comes to having our basic needs met.
Most of us have the best intentions and we don’t want to be unresponsive to our valued customers — but often in this competitive past-paced world, that’s exactly what happens. An effective solution is to find smart ways to do more with fewer resources.
Property management portals help to establish best practice processes and facilitate communication between all parties involved. Tenants are offered the convenience of requesting maintenance service at any time through an online form, and the property manager receives prompt notification with all information needed to respond to the request. Tenants receive status updates via the portal, keeping them informed and eliminating the need for follow-up calls (read as interruptions) to the office.
Property management portals also facilitate well-organized processes and the sharing of accurate information between property managers and maintenance staff, ensuring faster response times and a higher quality of work delivered.
Get your free copy of The Property Manager’s Guide to Proactive Management — and make the time necessary to plan for an extraordinary future.