Evernest Property Management Show (Formerly 300 to 3,000)
Episode 108: Why Do Landlords Choose Property Management Companies?
Nov 27, 2023
The hosts discuss the challenges faced by property managers, including tenant relationships and retention. They emphasize the importance of empathy and communication in delivering bad news. They also highlight the significance of recognizing achievements and hiring the right people. Attend the webinar and leave a podcast review!
31:23
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Quick takeaways
- Maintaining strong tenant relationships and high retention rates is a key challenge for property managers, requiring excellent customer service and prompt addressing of maintenance and repair issues.
- Finding and retaining skilled vendors and maintenance technicians is a significant challenge for property managers, who should invest in building strong relationships with vendors and providing incentives like benefits and recognition.
Deep dives
Challenges of Tenant Relationships and Retention
One of the biggest challenges property managers face is maintaining strong tenant relationships and high retention rates. The key factors that influence tenants to stay in a rental property include the affordability of rent, meeting their specific needs, and the overall quality of service provided by the property management team. A positive tenant-landlord relationship is crucial in keeping residents satisfied and preventing them from considering other housing options. Property managers should strive to provide excellent customer service, promptly address maintenance and repair issues, and ensure that the property is well-maintained to enhance tenant satisfaction and increase lease renewals.
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