Neglecting to maintain a positive online presence can be extremely detrimental to your property management business. In fact, 96% of renters consider online reviews and ratings when searching for rentals, and 85% consult online reviews even if they received a referral from friends or family, according to Renter Insight & Digital Engagement Survey.
We recently held a webinar detailing how we built an operational process focused specifically on Quality Service and Quality Assurance to maximize opportunity for collecting 5-Star resident reviews for our customers and their online profiles.
You can watch the full 30 minute recording that dives into the process below:
Before building out this kind of program, it’s important to understand why it’s crucial for your property management company’s success. Here are the top 5 value adds:
1. Drives Customer Satisfaction, Loyalty and Retention
Quality is what drives customer satisfaction, loyalty, and retention. When you’re delivering a high quality product, people will be happy and more likely to share your product or services with others. Those experiencing a high quality service won’t hesitate to renew their lease every year. According to the Buildium State of the Industry Report, attracting and retaining great residents is now the number one priority for Property Managers in 2022. Providing top-quality service is the best way to achieve this.
2. Improves Your Image and Reputation
Protecting your image and reputation is extremely important when it comes to running a successful property management business. Would you let someone cut your hair for the first time if they had terrible online reviews? I would hope the answer would be no. The same goes for your property management business. Finding a place to live isn’t something that’s impulsive or taken lightly. Most people want to ensure the living experience is safe, clean, and comfortable before pulling the trigger and packing up the U-Haul. Delivering a quality service is absolutely essential when it comes to maintaining a positive reputation.
3. Your Employees Have Clear Expectations
In terms of the human resources side, providing quality service allows your employees to know what is expected of them and be proud of their work. When we clearly define what quality means to our organization, understand what our expectations are and how everyone can deliver on that, people know what they have to do to achieve it and can be proud of their results.
4. Higher Employee Retention
When your employees have clear expectations and are proud of their work, you can expect to have a higher employee retention rate. I’d imagine most people wouldn’t want to work (or continue to work) for a company that lacks quality and has a poor reputation. Your company’s internal satisfaction relies heavily on your product and services and how you package the experience for your residents. Happy customers make for happy employees!
5. High Quality Service Enables You to Charge Higher Prices
Last, and the most important attribute to your bottom line, is that high quality products and services enable you to charge and maintain higher prices. According to the 2021 Consumer Insights Report, 86% of consumers are willing to pay more for a better experience. If you’re providing a top-quality experience for your residents, there should be no push back on increased rent, and we all know that is necessary when it comes to your property management company’s revenue growth.
Ready to 10x Your 5-Star Reviews?
If you want to learn more about how you can build your operational process to 10x your 5-star reviews, click here to watch our Free On-Demand Webinar where Latchel’s Operations Quality & Training Program Manager, Jordan Caley, shares why quality assurance is important and how to use it to deliver service worth a 5-star shout out.