Building Long-Term Relationships with Clients and Tenants
March 14, 2017
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to being a successful property management company is understanding how the client-tenant relationship works. Property managers are the liaison, or buffer if you will, between the two parties, yet they are the glue that solidifies the relationship, holds it together, and maintains it. So the development of long-term relationships with clients and their tenants is essential to the success of any property management firm.
In today’s world, technology has brought about the depersonalization of relationships thanks to artificial intelligence and virtual reality formats. As a result, today’s property managers must improve on or learn their relationship-building skills in order to survive within the industry. In order to develop and maintain long-term relationships, you have to create an environment based on loyalty, trust, and the 3 highly important elements of IMPROVEMENT, INNOVATION, and INTEGRITY.
Improvement
For property management companies, this typically relates to the important areas of maintenance and service of rental properties. Improving the management of these issues has always been a priority. How have these issues been evaluated over the years? How have tenant complaints and maintenance issues been responded to in the past? In many cases, the lack of improvement in these key areas oftentimes leads to a decrease in property value based on deterioration. When rental properties are cared for on a regular basis, their market value increases and the investor enjoys a good ROI.
Innovation
Putting it simply, innovation refers to the property manager’s ability to be creative and solve problems quickly and efficiently or, in other words, a person who can think outside of the box. As a good management team, you are constantly searching for newer, more effective ways of developing and managing long-term client-tenant relationships. The better property management companies know that procrastination is innovation’s worst enemy and primary obstacle. They also communicate with clients and tenants in order to gain further insight.
Integrity
Integrity is the foundation of any company’s reputation and that certainly is true about the property management industry. Not only is a company’s integrity the key to being reputable and trustworthy, it is what long-term relationships with clients and tenants are all about. Without integrity, there can be no trust, and when there is no trust, these relationships will eventually wither and die. The better property management companies will devote some of their “downtime” to evaluating and fulfilling the promises they have made to their clients and tenants. In addition to this, they never over-promise nor do they under-deliver where relationships with clients and tenants are concerned. The property management team that holds honesty in the highest regard is the one that gains and retains the trust of their clients and tenants in the long run. And that is why when you work with a company, ensure that they have experience in the industry apart from being insured and licensed.