Have you ever read a book by the name of In Search of Excellence? It was written in 1982 by an author by the name of Tom Peters, and it very quickly became the go-to resource for managers seeking ways to create excellence in business. And, even with its age, it is still a reputable source for stellar tips on creating businesses that last.
Here is an excerpt:
“Consider research done by the Forum Corp. Fifteen percent of those who switched to a competitor did so because they ‘found a better product… Another 15 percent changed because they found a ‘cheaper product’… Twenty percent high-tailed it because of the ‘lack of contact and individual attention’… and 49 percent left because ‘contact from the old supplier’s personnel was poor in quality.’ It seems fair to combine the last two categories, after which we could say 70 percent defected because they didn’t like the human side of doing business with the previous product or service provider.”
As a property owner, this quote should speak to you about the importance of building relationships with your tenants. Exploring the human side to business means going beyond the rental transaction to let tenants know you appreciate their decision to make your property their home. It’s the effort made to provide them with options when it comes to communicating with you (email, text, online, phone). It’s reacting to their needs within a very reasonable time of them being expressed (24 hours or less on service requests).
And, in order to give that human element to the rental transaction, an attentive property manager is an absolute must. You need someone on the property who is paying attention to details. You need someone who is trusted and who knows how to instill that trust in the tenants, and make them feel safe and at home. And, you need someone who, most importantly, understands that without providing such things to tenants, there is a great likelihood (70%) those tenants will go elsewhere to find it.
Do you have a property manager with interests invested in the human side of the rental equation? If not, we can help. Contact the professionals at Class A Management today to learn more at 817-295-5959, or send us an email for more information to info@classamgmt.com.