The property management industry is unsurprisingly a competitive across North America. More and more companies are popping up and crossing industry verticals, serving mixed portfolios therefore giving existing businesses a run for their market share. According to Statista, the property management industry dipped from reached $75.82 billion USD in 2019. With a low barrier to entry and high opportunity it’s no surprise the amount of new businesses entering the industry. Currently there are hundreds of thousands of active property management companies across North America.
User-generated content (UGC) is content that promotes a brand that is created independently by customers not commissioned by a company itself. UGC is created by consumers and customers who genuinely believe in a product or service. The type of content created can range anywhere from websites, blogs, photos, videos, testimonials, or social media posts.
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.
A strategic approach to successful customer service is an essential factor for success. According to Gartner approximately two-thirds of companies compete primarily on the basis of customer service. Walker studies suggests that, as of 2020 customers will regard customer service as the most important differentiator when choosing which company in which they will do business. Omnichannel strategies can help businesses meet rising customer service expectations, research from Google found that 98% of Americans switch between devices in just one day, an omnichannel approach tailors customer service conveniently to that device and internet centric lifestyle.
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.
Offering customers self-service capabilities is becoming an increasingly important element of the customer service toolkit. Whether it is in the form of an online knowledge base, a simple FAQ or a portal, Gartner Research predicts that by the end of 2020, 85% of the relationship between customers and businesses will require zero human interaction.
The conversation about going paperless and introducing sustainable business practices is not new. For the last few decades there has been an ongoing discussion about the reality of going paperless. There is a clear dependency on paper that spans industries, yet most offices haven’t made significant change in the volume of their paper use. Many people attribute that lack of commitment to security concerns.
Not too long-ago video conferencing technology was the thing of imaginative TV or an out of reach technology. Today video meeting software is a readily available, easy to access tool that companies can leverage. However, many companies are hesitant about their switch to remote video technology. TechRadar research shows that around 26%-30% of people are uncomfortable with the idea of using video conferences.
Extended reality refers to all the immersive technology or new realities. The relatively new technology marks a point of disruption in the world of real estate and property management.