By: Rising 3rd Party Property Management
When you think of 3rd Party Property Management, you think collecting rent, coordinating with janitorial and security services, and addressing complaints from your tenants.
However, good property management is more than just the sum of its parts... It involves a combination of best practices that will keep your tenants happy with what they're investing in.
Here are a few ways to help you identify ways in which your property management team might be lagging, and how to improve this tenant-landlord relationship for the benefit of both parties:
Tenants don't know your property management team by name
Do your tenants know the names of your property management team? If not, it's a missed opportunity for them to have a positive experience with your management services. When management teams are personable with their tenants, a basis of trust is formed and tenants feel that they can come to management with any issues they may have. Lacking these relationships could result in building-related matters going unattended. Good relationships equal retention.
The only time property management and tenants communicate is when there's a problem
When tenant relations are based solely on negative interactions, it's a no-win situation. It's crucial to make contact with these tenants on a regular basis, proactively and in-person, not just when something's gone wrong. Rising executes a robust tenant relation program focusing on building and maintaining healthy relationships with its tenant base in order to form stronger, more positive relationships.
Your property management team doesn't see the customer service potential of property management
Tenants demand superior property management nowadays. At Rising, we approach this by thinking of it as customer service (it is a business, after all). In real estate, it's all about tenant retention, and when tenants love what you have to offer, and feel that they are being cared for, they’ll stay with it. If they don't, they know that there are plenty of other options to choose from and may look elsewhere to get their needs met. The #1 rule is to keep the tenants happy through exceptional customer service. The return is that you will have retained their business and most likely have spread positive word-of-mouth to others.
Tenants don't know know where your property management office is located
Similar to tenants not being familiar with your property management team, if they don't know where to take a matter, a barrier is created and their issue may not get the attention it needs. Creating an in-building environment where tenants feel equipped with the knowledge and accessibility of their property management's whereabouts, creates a better overall experience for everyone.
Your property managers don't know the name of at least five tenant's kids names
Property managers oftentimes forget to create a personal relationship with their tenants. This is an an easy oversight, but it could make all the difference between a positive, pleasant relationship with a tenant and one that is simply neutral, or worse — impersonal. The simple act of remembering a family member's name, chatting about a mutual interest they may have, or simply inquiring about their well-being in general, can make all the difference in a tenant-management rapport. Here at Rising, we see our tenant base as more than just “tenants” — we view them as individuals; as people with their own unique interests and backgrounds and life stories. We take pride in forming these relationships with our tenants, fostering a more positive experience for all involved, even if it requires the simple gesture of remembering a name.
Tenants don't show up to your events
A big issue with property management teams is that they don't know how to create a community within their tenant base. They may come up with a holiday luncheon, but only serve sub-par refreshments and lukewarm coffee. As an effort to create that invaluable feeling of community, Rising goes beyond by working with local vendors to cater the best food and source the best coffee for our tenants. We also think of innovative ways to try to engage our tenants; whether it's hosting a fitness event, surprising them with an live acapella group performance, or doing a fun chocolate-making tutorial, our goal is always to provide an entertaining experience — and our tenants regularly attend.
Your property management team only shows you how to reduce expenses; it does not develop plans to increase rent and compress your cap rate
It's in everybody's interest to save money. That's why we at Rising understand the value of investing in practices that will save our owners valuable dollars each year, without reducing the quality of experience at the building. Rising's managers evaluate innovative strategies to reduce expenses without sacrificing the Class A experience that we are committed to providing. It's also more important now than ever for property managers to consider changes they can make in favor of more sustainable and ecologically efficient practices. Not only is it a more responsible way of doing business — and can save ownership money in the long term — but the cost-saving benefit gets passed onto tenants as well. Win-win!
If you've experienced one, or all of the above troubles with tenant-management relations, we would be happy to sit down with you to discuss how Rising 3rd Party Management can help drive value at your asset.