There is no question that customer relationships are crucial in the property management industry. The role of the customer has become increasingly significant, what once could be boiled down to the simple ubiquitous adage “the customer’s always right,” is now a customer-centric business model. For property managers to improve customer relations they must tailor service to suit customers’ the specific needs. To do this companies are using a concept called “Voice of the Customer (VoC)” which helps businesses determine how they can provide value to customers.
Customer Relationship Management (CRM) is an essential element in the service industry. According to Gartner, the global CRM market was estimated to have grown to $48.2 million in 2018, the prominence of the CRM platform represents a shift in business emphasizing the focus on customer relations and customer-perceived value. CRM software is used to facilitate how companies interact with customers and prospects ensuring they follow that organization’s specific “principles, practices, and guidelines.” CRM is used to track interactions with customers, behavior, and trends to help businesses improve their customer service and customer appeal.
Offering an online knowledge base is a helpful in creating a complete and effective customer service strategy. 89% of customers expect companies to offer a self-service support portal, and Forrester research determined that the most frequently used self-service platforms are knowledge bases. A strong and comprehensive online knowledge base can come in many forms: a website, FAQ, manual – even social media, or it can be a combination of multiple platforms.
Signing a new client is great, it is rewarding, validating, and exciting. Generating new leads and converting prospects is huge part of staying operational but developing strategies to retain customers is arguably more crucial than converting leads. Repeat customers typically account for 65% of a company’s current business so, a focus on retention is beneficial for property management companies looking to expand their portfolio. After you bring a new customer on board the goal becomes oriented around keeping that customer, but only about 32% of executives say that retaining current customers is a priority.
In 2020 the democratization of technology is considered one of the year’s top technology trends. Information, data, and communication can be exchanged easier than ever before. The distribution of knowledge and barriers to access have shifted drastically and as a result business has changed too.
Going into 2020, customer service is a top-of-mind focus to virtually every organization today. According to a 2019 HubSpot Report customers’ voices are more powerful than ever before. With more resources and outlets available, customers are increasingly inclined to share their opinions. HubSpot found that 87% of people trust reviews and recommendations and factored them in their spending decisions.
Owner portals extend property managers’ ability to serve customers beyond business hours. According to an ApartmentRatings and StatisFacts report, the importance of property management portals reached an all-time high in 2019. The report shows that owners highly value portals because they centralize maintenance, payments, and community in one location.
According to Pew Research, millennials have officially eclipsed Baby Boomers as the largest generation. What this means from a business standpoint is that the audience you are marketing to has changed. And given the fact that the younger generation that now wields the strongest buying power also happens to be a relatively fickle group, this can be a challenge.
Topics: Blog, Technology, Property Management, Customer Service, Tips, Marketing, Branding, Social Media, Communication, Business Growth, Engagement, digital security, Rentals, SEO, Costumer Satisfaction, Leasing
Staying relevant in the ever-changing property management industry means staying in tune with all the latest trends. For years now the role of technology in the world has evolved. Technology and innovation are embedded in society and business. Currently mobile technology serves a great advantage for property managers. Beyond offering a mobile friendly website, property managers can leverage mobile applications to streamline business operations.