Actionable Steps to Retain Your Owners: Part 1
Now that you know the importance of maintenance on owner retention, we are going to provide you with some insightful tips to retain your owners.
The key is to be proactive and transparent about maintenance repairs.
3 Tips to Retain Your Owners
1. Stop using the owner statement as a repair notification.
It’s critical that you keep your owners informed of repairs to show that you value their assets. The last thing your owners want is a costly surprise in the form of a repair invoice on the owner’s statement. Transparency is key in your process.
Informing owners of repairs doesn’t mean you have to bombard them with emails and phone calls. Most likely, they really don’t care. After all, this is why they hired you to take care of their property.
Before Property Meld, Robert C. White and Company struggled to stay on top of their maintenance requests. As a result, owners were surprised with an invoice on their owner’s statement. This led to frustration, compromising the integrity of their relationship. Robert C. White and Company knew they had to make a change.
Since implementing Property Meld, they are now able to send automated repair requests to owners. This allows them to be proactive with their communications.
“Owners now have the opportunity to raise their hand and say they want an estimate, or if they want more information about the repair. This cuts down on uncomfortable conversations after the fact when the owner receives the invoice,” says Andrew Coburn, Operations Manager of Robert C. White and Company.
2. Automate maintenance repair notifications with owners.
In recent years, T-Square Properties experienced exponential growth in its portfolio size, from 400 properties to 575. They realized that coordinating daily maintenance tasks were becoming a nuisance to their growth. With the power of automation, fewer manual communication and tasks are falling through the cracks. As a result, they are sharing work requests with owners earlier in the process. Vanessa Rodriguez, Maintenance Manager at T-Square Properties, attributes this to being more proactive in automating their owner communications and sharing maintenance repairs.
3. Have clear oversight of the maintenance process.
This concept may seem straightforward, but the truth is that many companies have limited capacity to have constant oversight of their maintenance process. The result? Repair requests fall through the cracks, jeopardizing owner relationships. Before implementing Property Meld, Atrium Property Management was managing 200 units. Also, Atrium Property Management was experiencing issues with its property management system. The maintenance tool and tracking maintenance tickets were inefficient.
By intelligently improving oversight and efficiency with Property Meld, Atrium Property Management’s response time decreased significantly. Subsequently, they are able to focus more time on owner satisfaction and retention. The result? They increased their portfolio by 164.7% from 200 units to 1,500+ units.
Are you retaining owners? Or are you falling short due to inefficient communication?
Let us show you how Property Meld can intelligently provide oversight to your maintenance process, increasing owner satisfaction and retention.
Continue learning by reading Part #2 of our Owner Retention series, where we discuss how you can provide the best-in-class maintenance experience for your owners.
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