When it comes to operating multifamily real estate investments, customer service is a big factor in your net profitability. Here’s how to crush it…
- Ask, and Keep Talking to Your Tenants
The best way to start any business and ensure you are consistently winning your customers’ business is to ask and speak with them. Renters have huge lifetime value for landlords and real estate investors. Done right, you can win their business for life. Maybe not in this property, but across your portfolio. That’s a lifetime income stream of an average of $1,400 per month.
If you are building or renovating a new building, talk to early applicants about what is most important to them. Run email, text and social media-based surveys.
You can’t implement every random recommendation, but you will find patterns.
- Under Promise and Over Deliver
Unfortunately, we live and work in a space where there is a lot of hype and noise. It’s tempting to make even bigger promises to compete and get people in the door.
Word soon gets around about who the good landlords, properties, and property managers are. Word of mouth is also the best value advertising and renter retention tool.
Keep the bar modestly low, and go above and beyond whenever you can.
- Leverage the Best Data
All the hype and fake advertising and media out there also makes it very hard for novice landlords to understand the real market.
Forget manipulated stats in the news. Get access to the best data you can. Understand constantly changing rental rates and deals, and what tenants are, willing to pay for, as well as local applicant criteria, so that you keep your units full, and full of happy renters.
- Leverage New Tech
Technology is advancing fast and setting new expectations. A few years ago, we made the leap to renters and home buyers expecting green and sustainable features as the norm. The same is now happening with smart home tech.
This can specifically apply to communications between property managers and their residents. Phone and email may be on its way out. YouTube video instruction manuals, text communications for maintenance requests, and voice control ordering may all now be the standard. You may even have your own mobile apps. Just make sure they are ADA compliant if you are in California.
- Watch Your Online Reviews
See how you are doing at delighting your customers by constantly monitoring your online reviews. When someone has dropped the ball, see the opportunity to pick it up and score a big win for your brand and building by making things right.
ABOUT THE AUTHOR
Bill Zahller is the President of Park Capital Properties and resides in Asheville, NC. As a Multifamily Real Estate Investor and Syndicator, he founded Park Capital Properties in 2016 after 14 years involvement in real estate investment. He works with accredited investors and professionals who are interested in real estate investment, diversification, and financial freedom.
Bill has been flying since high school. His father was a Naval Aviator and Captain for TWA. Bill has been flying professionally for over 25 years, 23 of those at his current company. He has accumulated over 12,000 hours and 7 Jet type ratings. He has also held Instructor, IOE Instructor and NRFO pilot positions with a large fractional flight company. He is currently flying the Global 6000 in a long range mission capacity. This keeps it interesting – one week its Beijing or Sydney; the next Rio or Rome.
Bill is also the founder of the Asheville Multifamily Investor Club. Visit www.ParkCapitalProperties.com for more information.