Five Resident Loyalty Shredders

landlord real estate agent rental property tips

Five Resident Loyalty Shredders

SHARE:

Collectively these items reduce the quality of the customer experience.  In other words- these are some serious loyalty shredders.

Every  topic presented  here is so important that each could be at the top of the list.  Recognizing that every property is different, I encourage you to re-order the list for each of your assets under management and begin by implementing a remedy for the worst offenders on a property-by-property basis.

Communication.  Or said another way- lack of communication.  As a PM you are in the customer service business.  When you consider the “lifetime value” of each customer this point becomes clear. Non-communication is another way of saying you are devaluing your customer base.  When this occurs customers seek others that do value them as customers. Read more here about two-way communication.

Maintenance responsiveness. This is the number one reason most residents state that they move.  It folds into communication.  From slow response times, to no responses, from broken glass that stays for days, to ignoring the obvious,  read more about leaving things broken.

Inconsistent policy. The only thing worse than bad policy is no policy. The only thing worse than no policy is inconsistent implementation of good policy. As an example, from an article on collecting rent,  “An important part of  rent collections is remaining consistent and refraining from any form of favoritism.” This follows for every service provided on property from the application and recording of late fees to maintenance scheduling.

Ignoring security issues. Ignoring security issues begins the death spiral of a multifamily asset.

Renewals. Renewals are impacted by all the items noted here. Everything rolls up to a renewal percentage for your assets.  Batting fifty percent here is the industry norm. Increasing this by ten percentage points translates to a twenty percent increase in your renewal rate.  That is huge!

Gaining customer loyalty is all about creating lifetime customers.  Granted, a “lifetime” is defined in many ways, but considering that nearly half of all renters move at the end of their initial lease term, implementing methods to decrease turnover with quality customer service could turn X percent of one-timers into five-timers.

Just imagine if each property you managed had only twenty percent annual turnover.  Hold that thought!  And do all you can to eliminate the loyalty shredders.

 

by JOHN WILHOIT JR.

Originally published April 6, 2015

Republished with permission from Mr. John Wilhoit, Jr. To view the original article, please visit the Multifamily Insight Blog.

Mr. Wilhoit is the author of two books: How To Read A Rent Roll: A Guide to Understanding Rental Income and Multifamily Insight Vol 1 – How to Acquire Wealth Through Buying the Right Multifamily Assets in the Right Markets. Multifamily Insight Vol 2 is set for release in 2015.

Subscribe!

Categories

Subscribe for more news and tips!

Share with your friends!

Share on Facebook
Share on Twitter
Share on Linkdin
Share via Email

More Articles from ApplyConnect

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Subscribe for more news and tips!

Share with your friends!

Share on Facebook
Share on Twitter
Share on Linkdin
Share via Email

More Articles from ApplyConnect

Blog Topics

Click the dropdown

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Get Started with ApplyConnect!

The nation’s most trusted tenant screening for real estate agents, landlords, and property managers. No cost background checks available 24/7.

©2018 ApplyConnect. All rights reserved

ApplyConnect marks used herein are trademarks or registered trademarks of applyconnect.com. Other product and company names mentioned herein are the property of their respective owners.

Get Started with ApplyConnect!

The nation’s most trusted tenant screening for real estate agents, landlords, and property managers. No cost background checks available 24/7.

©2018 ApplyConnect. All rights reserved

ApplyConnect marks used herein are trademarks or registered trademarks of applyconnect.com. Other product and company names mentioned herein are the property of their respective owners.