Moving Beyond Transaction - Providing Comprehensive Care & Value in PM
Apr 10, 2024
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Mark Kreditor, NARPM® Past President and former Owner/Broker of Get There First Realty, discusses property management challenges like industry fees, generational marketing, and the importance of social media. Topics include strategies for managing negative online reviews, evolving fee structures, personalized customer service, and the significance of teaching to build credibility in property management.
Positive online reviews are crucial for property managers, with strategies like incentivizing employees proving effective in boosting ratings.
Property managers must adapt to evolving market dynamics by exploring new fee structures and value-added services to combat price competition.
Deep dives
The Challenge of Yelp Reviews in Property Management
Property managers often face challenges with negative Yelp reviews affecting their ratings. Despite receiving four and five-star reviews, Yelp sometimes suppresses positive ratings, impacting overall scores. Unlike Google, Yelp's review system makes it difficult to dispute or remove negative reviews. To counter this, one property manager incentivized employees to generate numerous positive reviews through a company-wide contest. This strategy improved their Yelp score, demonstrating the significance of online reviews and reputation management in the industry.
The Evolution of Property Management Challenges Over Time
The property management landscape has evolved significantly over the years, introducing new challenges for property managers. Increasing transparency through online platforms has exposed property managers to heightened scrutiny and judgment from tenants and owners. Property managers now face a constant struggle to balance maintaining compliance, managing online reviews, and combating price competition. Adaptation to these changes, along with upskilling through associations like Narpham, has become essential for property managers to thrive in a competitive market.
The Impact of Fees and Service Pricing Strategies
Property managers are navigating shifts in pricing strategies, moving towards innovative fee structures to adapt to changing market dynamics. The traditional percentage-based fee model is facing challenges with the rise of alternative pricing approaches. Property managers are exploring creative ways to add value to their services beyond standard fees by providing unique offerings to owners. Moreover, leveraging professional certifications and adding diverse services under one umbrella are seen as strategic moves to drive premium pricing and enhance customer satisfaction.
Generational Marketing Strategies in Property Management
Effective communication and marketing strategies in property management require a nuanced approach towards generational preferences. Engaging clients across different age groups demands tailored communication methods that cater to diverse preferences. Property managers need to recognize and adapt to varying preferences, such as offering multiple communication channels that resonate with different age demographics. Understanding generational nuances in marketing can strengthen client relationships and establish trust by customizing interactions to meet the unique needs of each client.
In this episode, "Moving Beyond Transaction - Providing Comprehensive Care & Value in PM," NARPM® Radio host Pete Neubig interviews Mark Kreditor, MPM® RMP®, a NARPM® Past President and former Owner/Broker of Get There First Realty. They discuss the current property management landscape, navigating challenges like industry fees, generational marketing and social media's crucial role. Don't miss it!
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