How & why real estate rental market’s getting more personal?
All those active in real estate industry are well aware of the imminent changes but, what’s the success ratio of the business in near future with such fluctuation! Nowadays, property managers from around the world are facing unexpected challenges such as stagnant rents and rising vacancies, even in markets where rental demands are high.As home values darting skywards, it’s demotivating rental owners to sell their properties which in turn results in shrinking portfolio of the managers. So what can be the solution?
There’s too much to explore but the most important of all is the personal relationship and total home experience coming into focus. The future of real estate management is all about human element and we’re leading on with data-driven strategies to open new dimensions for the business to succeed.
Customer Experience is “The Big Magnet”
Success strategies should evolve along with the industry. Moving into the New Year 2019, real estate managers are already looking to grow their portfolio and increase revenue; counting on strong clients and relationships.
A general research has revealed that property management goals in 2018 were profitability, efficiency and growth. The industry report also revealed conversions in investments when it comes to build fruitful association with owners, employees and employers, residents.
The rule is simple; growth is impossible without attracting new clients and retaining existing ones. And if you fail to convince residents in renewing the lease contracts, there won’t be any profit. It means personalising the offerings is more important to meet diversified demands of the renters pouring in from different demographics.
In the end, you’ll be managing more than just the properties and apartment rentals; extending relationships is part of the portfolio that comes into play for years ahead. Here’s how you can begin:
Pay attention to the occupants’ needs
No doubt, needs and preferences of the renters vary from a generation to another but, focus and thoughtfulness is always appreciated. Always make it a priority to look into the renters’ feedback and respond accordingly. Find out how you can transform a home into a warm and friendly abode, create a community space, make the rentals feel like home and this is how you can retain them for long.
Know about concessions
When residents decide to move, knowing about the particular concession that might convince them to change the decision can be difficult. Referring to the data from the Renter’s Report 2018, the three incentives that can win a large number of occupants are: free annual utilities, recurrent rental deal and same rent for yet another year. When renters are offered concession strategically, they’re motivated and appreciable for the investment.
Understand individual client goals
Gone are the days of ‘one-size-fits-all’ approach when it comes to client relationships. No two apartment rental owners or for any other type of properties are equal when an evolving client base is concerned. Some of the owners are keen to optimize profitability whereas others are emotionally attached to belonging to the homes. Know your clients and the type of investors they are, pick them carefully based on the business model.
Technology made for the users
Personalized customer service sounds absolutely brilliant but, when it actually comes to the delivery time and manpower required to do so, things aren’t too smooth. Customer expectations in recent years have outgrown the demand which raises serious concerns for the property managers. This is where technology steps in and as your business expand, state-of-the-art technology plays a crucial role in smoothing out even the toughest and dullest tasks to scale the portfolio accordingly.
A better solution is to embrace tech-enabled customer service which helps in meeting owners’ and their changing needs, without bounding yourself strictly to customer service. Maintaining a strong relationship, both in-person and online nowadays is critical to success. Use digital tools such as emails and online solutions to automate procedures like managing maintenance requests and payment gateways so on.
Prioritise the human element in the business is key to success no matter the industry or genre of work however, it’s more important to property management than any other.