181: Benchmarking Maintenance Stats to Drive Investor Retention with Ray Hespen
Oct 18, 2023
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Ray Hespen, CEO of PropertyMeld, discusses data, benchmarks, and best practices around property maintenance and investor retention. They also talk about the importance of understanding customer pain points, the significance of maintenance in property management, and the challenges of implementing technology in the industry.
Maintenance is crucial for operational efficiency and customer satisfaction in property management.
Property managers should prioritize investor retention and understand their value proposition to foster growth.
Data analysis and benchmarking help property managers make informed decisions and improve performance.
Deep dives
The significance of maintenance in property management
Maintenance is not only essential for running a property management business efficiently but also for providing customers with the operational efficiency they desire.
The importance of understanding value in property management
Property managers need to understand the value they provide to investors and focus on retaining and growing their customer base.
The need for clarity in property management industry goals
The property management industry is evolving, and there is a growing need for clarity regarding the main goals and objectives that property managers should focus on, such as investor retention and revenue growth.
The correlation between annual maintenance spend, resident satisfaction, and investor renewal
Investor renewal and resident satisfaction are strongly correlated with annual maintenance spend per unit, indicating that property managers should focus on these metrics to improve customer retention and NOI.
The importance of benchmarking and data analysis in property management
Benchmarking and data analysis are valuable tools in property management, enabling property managers to identify areas for improvement, compare performance to industry standards, and make data-driven decisions.
In this episode of the Profitable Property Management Podcast, host Jordan Petty interviews returning guest Ray Hespen, CEO of PropertyMeld, about his journey as an entrepreneur in the property management software industry. They discuss data, benchmarks, and best practices around property maintenance and investor retention. Ray also shares his insights on motivations, hiring for resilience, and the importance of understanding customer pain points.
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