How Remote Work Is Impacting Property Management Maintenance | Part 2
Jun 3, 2021
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Ray Hespen, Co-founder of Property Meld, discusses how property managers can have effective conversations with owners about maintenance, the value of property managers in preventing legal issues, the impact of remote work on property maintenance, optimizing maintenance costs and owner relationships in property management, and maximizing returns for owners through strategic positioning and education.
Emphasize ROI to property owners over peace of mind for effective maintenance conversations.
Educate owners on cost-saving benefits, market trends, and proactive measures to enhance owner engagement.
Deep dives
Changing Messaging from Peace of Mind to Maximizing Return on Investment
In the podcast episode, the importance of shifting the messaging in property management from offering peace of mind to emphasizing the ability to maximize return on investment for property owners was highlighted. The advice centered on educating owners about the cost-saving benefits of utilizing property managers, such as lower service costs due to buying power, vendor access, and efficient internal teams. By continuously reinforcing this message to owners, property managers can enhance owner engagement and retention amidst rising maintenance costs.
Strategic Owner Engagement and Value Proposition Communication
Another key point discussed was the significance of strategic owner engagement and effective communication of the value proposition. Property managers were advised to move beyond monthly owner statements and actively educate owners on market trends, cost challenges, and the actions being taken to address them. By demonstrating proactive measures, cost-saving strategies, and emphasizing the ability to operate at a lower cost than owners, property managers can build trust, retain clients, and attract new business.
Maintenance Efficiency, Education, and Industry Insights
The episode emphasized the need for property management companies to focus on enhancing maintenance efficiency, educating owners on preventative maintenance programs, and staying informed about industry trends. Insights were provided on how leveraging economies of scale, optimizing technician utilization rates, and suggesting higher quality materials could contribute to reducing overall maintenance costs. Additionally, adapting to evolving workplace trends, strategically tracking vendor performance, and embracing technology like Internet of Things devices were highlighted as key strategies for managing maintenance amidst increasing costs.
Summary: The Property Management Show is back this week to continue our conversation with Ray Hespen of Property Meld. In the last episode, we talked about property management maintenance trends and increasing costs. Today, we’re mostly talking about how property managers can position themselves to have effective conversations with owners about maintenance. Key Takeaways: […]