Property management has and always will be about serving people. We can get so caught up in a world of legislation and compliance, that we forget many of our landlords aren’t always aware of what we do and why we do it.
Property managers have an opportunity to exceed expectations and deliver an exceptional consumer experience by having a point of difference.
However, when we speak with property management businesses all over Australia, we are often told that their point of difference is one of three things:
These three points of difference have been the same for the last 10 years and consumers hear this when they do their research. When you can’t distinguish yourself from your competition, you fall into the sea of sameness which is what happens a lot in our industry.
For a USP (Unique Selling Proposition) to be unique, it must be unlike anything else. However, in today’s real estate landscape, everyone is doing or saying the same thing. Three out of five landlords are more interested in the individual agent they would be dealing with, than the agency.
I believe the biggest opportunity for our property management superstars is to create a list of 75 things. These are the things you currently do and will commit to doing for your clients. For example, you might say to a new landlord that you will do these 75 things within the next 48 hours to ensure you are doing everything you can to secure the best tenant for their property, in the fastest possible time and for the most amount of rent. They should be things you already do in your business as a minimum standard. You might think that 75 things is a lot, and you are right. We need to start thinking about the value we provide to landlords on a daily basis and the things we forget to tell them about.
When we create a list of service promises we have a compelling story to tell our landlords. It reminds them that we are worth our management fee, marketing investment and so much more.
Five tips to win more business and secure the best tenant
1. Be consistent in your online marketing. New properties with professional photos look great, but if your existing properties have old photos that were taken on an iPhone this could reflect poorly on your brand. 95 per cent of prospective tenants will use photos to shortlist whether they attend an open for inspection¹.
2. Use descriptive words in your listings to illustrate the benefits of the property, not just the features. 92 per cent of tenants will use the description to shortlist which OFIs they attend².
3. Include floor plans. Adding measurements to the floor plan will help prospective tenants know if their furniture will fit. 52 per cent of tenants said listings would be improved if there was a floor plan ³.
4. Landlords will pay to get a better rental return. 84 per cent of landlords are willing to spend money on decorating or renovating their investment property – so speak to your landlord if improvements need to be made before advertising ³.
5. Create a list of 75 things you do differently in your business. This is your unique selling proposition.
1. Residential Consumer Omnibus, March 2018
2. Source: Residential Consumer Omnibus, July 2017
3. Source: Residential Consumer Omnibus, Sept 2016