Tom Carcone, a successful property manager with a 99 percent client-retention rate, believes that property owners want a business partner, not just a rent collector. We've compiled Tom's insights and tips to help you improve your client retention and grow your property management business.
Build a 60-day opt-out clause into the contract to eliminate risk for clients and prevent them from feeling trapped in a long-term commitment. This demonstrates your confidence in the quality of your services and gives clients peace of mind knowing they have an exit option.
Make financial and legal documents easily accessible through an online portal. Include contractor billing orders, leases, income and expense statements, and tenant communications. By offering clients full transparency, you build trust and credibility.
Clients don't appreciate contractor mark-up fees. Avoid raising profit margins this way, as it's a common reason why owners leave their current management companies. Instead, focus on providing excellent service and transparent pricing structures to maintain client satisfaction.
Share your knowledge and resources to establish a relationship as a partner/advisor. Inform clients of their legal obligations as property owners and suggest remodeling enhancements to cut costs and boost their properties' market and rental values. This collaborative approach fosters a strong working relationship and encourages clients to view you as a valuable resource.
Use direct deposit to ensure the fastest transfer of rent payments, making it more convenient for remote landlords. This demonstrates your commitment to efficient payment processing and helps maintain good relationships with clients.
Encourage tenants to pay their rent online. It's convenient for renters, beneficial for owners, and helps maintain organized records. By streamlining the payment process, you reduce the likelihood of late payments and improve overall tenant satisfaction.
Have your accountant send property owners a 1099 at the year's end and provide clients' accountants with login access to client financial data during tax time. This added service simplifies the tax preparation process for clients and reinforces your commitment to providing comprehensive property management services.
Maximize efficiency by drawing up a detailed blueprint of client goals and property management processes and procedures, including tenant evaluation, rent collection, and maintenance. By establishing clear guidelines and expectations, you ensure consistent service quality and enhance client satisfaction.
Respond to owner and tenant requests within 48 hours and follow up with a quick call or email when work is completed. Prompt communication is essential for maintaining positive relationships with clients and tenants alike.
Go above and beyond to meet the needs of your clients and their tenants. This may include offering flexible maintenance schedules, providing regular property inspections, or keeping clients informed about local market trends. Exceptional customer service is crucial for client retention and generates positive word-of-mouth referrals.
In conclusion, prioritizing client retention is essential for the success of any property management business. By following these top 10 tips, you can build strong relationships with property owners, boost client satisfaction, and ultimately grow your business. As a property manager, strive to become a trusted partner and advisor to your clients, offering transparency, efficiency, and exceptional service.
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