Tenants: Are they Customers We Value or Underestimated Assets We Ignore?
In property management, our attention often centers on tangible assets (the properties we manage) and investor relations (the landlords who pay us). However, a significant aspect of improving your property management department’s performance and value involves reimagining the role of tenants. Recognising tenants as integral customers is pivotal to our business and is essential for improving your property management department’s performance, and our industry’s reputation.
There’s a balancing act in property management. The dual responsibility of maintaining a landlord’s assets and handling tenant relations. A tenant’s satisfaction and loyalty are crucial in positively influencing our reputation, fueling business growth, and streamlining operations. But recognising our tenants as a vital asset is more than just managing properties. It’s about nurturing relationships that are fundamental to improving your property management department’s performance and value.
Imagine each tenant interaction reflecting the care of a first-class concierge. The kind of concierge you get at a fancy hotel (you know the kind I mean). This approach can revolutionise our industry by elevating the tenant experience. If you can elevate your tenants’ experience, you’ll improve your reputation (and the reputation of our industry as a whole) and raise your property management department’s performance.
In my opinion, the title of ‘Property Manager’ can sometimes limit our potential impact. We certainly have obligations to property owners (yes, they’re the ones engaging us and paying us) and in relation to the Code of Conduct (rules 5 and 10 in particular). We need to remember that serving tenants with equal dedication benefits owners significantly. This balanced approach improves tenant retention, reduces the wear on a property, and enhances the property’s overall value.
So what if we shifted the tenant-landlord dynamic?
I truly believe that tenants are our customers, property owners are our partners and the investment property is the product.
As our customers, tenants deserve quality service (remember that hotel concierge experience 😉). Property owners are our partners, and together, we work towards a shared goal with the property as the product. Realigned perspectives can provide true value to our property owner partners (and organically start rebuilding our industry’s reputation too).
Handling the tenant-landlord relationship well requires embracing a holistic approach. Recognising each stakeholder’s value and fostering mutual respect and service not only enhances our business but contributes to industry betterment. And you know that we need a reputation overhaul in our industry. If you missed our last article discussing the industry’s reputation, check it out here.
So, what action should you take?
Our mission transcends ‘property management’. It’s about building relationships, ensuring satisfaction, and creating systems where tenants feel valued, owners feel confident, and properties continue to grow in value.
There are a few ways we approach this within our efficient consultation programs, including creating a customer-centric service plan personalised to your agency. This plan is often broken down into three key improvement silos.
- Process & Procedure
- Culture & Values
- Enabling Structure, Support & Resources (including your tech stack!)
If you are interested in reframing the way you operate to provide a more customer-centric approach, reach out to our team to find out more.
What are your thoughts?
We would love to know how you perceive tenants’ roles in property management? Are there innovative ways your team currently improves tenant experiences to provide that concierge service?
If so, share your insights and join the conversation about reshaping our industry’s future.
