Last modified on March 15th, 2019
By Elizabeth Millar
There are many reasons people choose renting over buying a home. Property managers differentiate themselves from the competition by understanding what motivates people to forego homeownership in favor of signing a lease. Flexibility, convenience, and affordability are among the myriad reasons apartment living is a perfect solution for people who aren’t ready to buy.
Consider these three ways property managers can stand out from the competition, and give prospective tenants what they need and expect.
1: Set a New Gold Standard for Flexibility.
The value of having an ironclad lease protocol that helps you manage the revenue stream is vital. Part of that plan may include special buy-out options for tenants who experience a significant life event, such as a birth, death, job transfer or medical development that requires an early termination. These sudden departures may give a long-term renter a chance to upsize or downsize within the community. When community managers fully utilize their property management software to monitor competitive pricing, an early exit often means an opportunity to adjust the base rent to current market conditions. Set yourself apart from the crowd by demonstrating your primary goal is meeting the needs of your most valued customers. Put your thinking cap on; there are probably other strategies you can use to show flexibility and tenant-centricity are core values you cherish.
2: Redefine Convenience.
Convenience means your management company offers online applications, electronic deposits, and virtual tours 24/7. Once a prospect becomes a tenant, you’ll naturally want to provide a fully-functioning portal for paying rent and initiating maintenance requests. Remember, while most people enjoy being able to report a maintenance or security problem online, others prefer to speak to a person. You can meet these expectations by adding after-hours customer care teams trained to triage calls and dispatch technicians when appropriate.
Convenience also means your marketing efforts make it easy and convenient for people to explore what you have to offer. Doing everything you can to build and maintain a stellar reputation is critical in a competitive environment.
Take a few minutes to revisit your current business model. Is it convenient for your base, or focused only on your desire to drive profits?
- Does your online presence make it easy for people to interact with you as the property manager?
- Is your marketing strategy drawing people to your site with SEO content and engaging social media posts?
- Do you know what others are saying about you online?
3: Rethink the Affordability Equation.
Tenants are looking for the right price, and a no-hassles lifestyle that means someone else pays for the HVAC service and two-in-the-morning plumber call out. To deliver, property managers need to find ways to reduce overhead, so rent tiers stay competitive. Automation is the answer. Deploy electronic messaging, text alerts, and digital newsletters that keep renters in-the-know, online leasing strategies and mobile inspections that ensure your property is always customer-centric and running in peak performance mode.
There are industry leaders and those who follow the crowd. Be a leader, take bold steps to make yourself stand out as a property manager who values their renters.
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