In any business and industry, a loyal customer is worth their weight in gold. Yet too many people focus all their time and energy on generating new business and take their existing customers for granted. So how do you inspire loyalty in property management and why do you need to?
Businesses and brands that excel at looking after their existing customers tend to be protected from the need to compete on price in order to win new business. Classic examples are brands like Apple and Qantas. People who are loyal to these brands value the products, the brand’s values, the service and how these brands make them feel. They don’t quibble if an iPhone costs more than an Android or if a Qantas fare is more than a budget airline charges. There is no reason why you couldn’t achieve the same level of loyalty in your property management business.
Reasons to love the one you’re with
- It is 7 times less expensive to retain an existing customer than it is to get a new one. The top 100 companies in the world spend more than 30% of their advertising budget to reward and acknowledge existing customers for good reason.
- Customers who feel valued, are impressed with your service and feel you are delivering on your promises and meeting their expectations stick with you.
- Loyal customers refer you to others, helping you grow your business organically.
- Loyal customers tend to listen to advice, helping you do your job more efficiently. For instance, if you recommend they invest in a property safety report or regular maintenance on their property to keep good tenants safe and happy, they will be more inclined to heed your advice if they are happy with the service you provide and trust you.
Tips to inspire loyalty
- Make owning a rental property as easy and stress-free as possible for your landlords, including the implementation of good risk minimisation strategies to protect your landlords’ interests.
- Find ways to add value, help and exceed their expectations. For instance you could establish a property maintenance plan, connect them to your network of trusted trade suppliers, offer advice on how to maximise their rental return and minimise vacancy periods, etc.
- Review their rent regularly to ensure it is in line with the marketplace.
- Reward customer loyalty and offer incentives for referring you to others (for instance, you could reward them with a shopping voucher, gold class movie tickets or dinner for two at a good local restaurant etc.).
- Look after your landlord’s tenants well. The better you look after their tenants, the more likely they will stay and look after the property well.
- Communicate with them frequently, but not so much that it becomes annoying. A simple phone call from time to time to ensure they are happy with your service, a handwritten card at Christmas and thank you email following a referral are all acts that show you care.
- Listen to your customers carefully as this will provide clues on additional ways to add value.
What will help you achieve such a high level of service?
By now you may be wondering how on earth you will have the time to provide this level of service in an already very busy role. The key is to have the right systems and processes in place. It’s the only way you will find the balance between building great relationships with landlords and tenants and efficiency on the job.
Today’s smart property management software, like Maintenance Manager and risk management solutions like encouraging landlords to have a PropertySafe inspection report conducted at least every two years will help you find that balance and deliver outstanding service that inspires loyalty without having to compete on fees. Ask us how you can have Maintenance Manager installed free of charge at your office by calling 1300 155 888.