What does McDonald’s, Starbucks and Folgers all have in common? They delivery a consistent product. The cornerstone of running a successful multifamily business is consistency in management- delivering a consistent product.
Note we did not say consistency in multifamily location, age or price point. Coffee shops come in all shapes and sizes, but if the name is recognizable, we seem to look past the storefront because we know what to expect in terms of quality of product. Does your property management company have a brand? Is it recognized for consistency in your marketplace?
Just like doctors and lawyers, apartment property managers “practice” their craft. Perhaps you have heard the saying “there is a difference between having ten years of experience, and one year of experience ten times”. Our industry is always evolving.
Best practices should include customer service as a cornerstone to success. Many companies focus on leadership training. This is fine, but not if it comes at the expense of company-wide training… the kind that keeps everyone on message.
Our people as “software”
What’s the one thing you want from your property management software? Probably first; you want it to work. Software products are an interactive tool we use to better our proficiency and get things done. Property managers have dozens of management software programs to choose from for increasing proficiency. Our customers (tenants) have little if any interaction with this. Their “software” is the manager. Our customer’s (tenant) primary point of interaction with a property is their property manager.
Our customers, they absolutely need their relationship with the property manager to work. Otherwise, they can move on to another property. Seeking not only a space to live, but a good relationship with management. This cannot be under-estimated. Quality management interaction with the customer makes for a higher probability of a longer term relationship with the customer. Longer relationships equates to less turnover. Less turnover equals higher NOI.
We all have our favorite coffee shop. How long until you found a different favorite place if “Grumpy” stood at the door for each order? Probably not long. Our property management professionals are the front line to the customer. Managers are at their best when they are authentic, not wearing their feelings, being professional and engaging. In short, offering consistent customer service.
About This Blog
Multifamily Insight is dedicated to assisting current and future multifamily property owners, operators and investors in executing specific tasks that allow multifamily assets to operate at their highest level of efficiency. We discuss real world issues in multifamily management and acquisitions. This blog is intended to be informational only and does not provide legal, financial or accounting advice. Seek professional counsel. We discuss best practices in multifamily management and methods related to how to buy apartment complexes. Our focus is sharing strategies and tactics that can be implemented and measured. For more information, visit: www.MultifamilyInsight.com