If there is one thing that all property managers want, it’s an over abundance of qualified potential residents who need to rent or lease a place to live.
The mentality of landlords vs. tenants has changed. Many managers and owners have taken the residents for granted for a long time. In writing via email more frequently with residents, and when addressing them it is a good recommendation to begin by writing “Dear (first name)” to express respect. “I call where they live ‘their home’ vs. “their unit or their apartment.” “I want them to feel that I’m trying to show them respect and treat them like they belong.
To retain residents and keep them happy, property managers are more careful than ever to respect their privacy. We give them advance notice as much as possible if we want to inspect their homes. It is our goal to communicate to the residents that we anticipate that they will do the right things and will be living by the rules. It gives them something to live up to and again expresses respect.
It’s important to let the owners know that resident-rights have become more of an issue than ever before. Property managers have less power and a greater need to respect the rights of residents. Residents are more likely to exercise their rights or to find a more respectful, courteous and accommodating owner and property manager.
When it comes to keeping owners happy, here is some advice that may be worth considering. Owners hire the property management company because they want a professional to manage both the property and the residents. The more a property manager can fulfill that need for owners the more likely the owner will be pleased and want to remain your client.
Part of the message here is that resident retention is still a big challenge in many areas. Meeting the residents needs and reasonable expectations does increase resident retention.
Residents expect quick responses on requests for repairs and good service. Residents don’t appreciate property managers who cut corners or keep them waiting when requests for service and repairs have been submitted.
To learn more and to keep up with the latest trends, laws and solutions, it may be worth considering joining an apartment or residential rental owners’ association. They are a good source for ideas where you can have your questions answered. Many associations let members email questions and request answers. Many managers or owners don’t belong to the local apartment or residential rental property association. We believe this is a missed opportunity for help and networking.
One of the biggest advantages of belonging to these associations is how they help owners and managers keep up-to-date on the new laws and regulations. That is perhaps the #1 reason why it’s important to belong to these associations and attend the meetings regularly.
More owners and residents today are looking for competent, dependable and knowledgeable property managers than ever before. The opportunities for property managers who are creating an outstanding reputation for satisfying the needs of their clients and residents are enormous.
If you achieve a level of excellence, you’re much more likely to keep your existing owners and residents, and, you’ll attract new ones who want what you have to offer.