By: Ahmed Khalfan – Senior Manager – Business Relations & Property Advisor at Bin Faqeeh Real Estate Investment Company
The world is currently undergoing a massive transition phase due to sharing of knowledge through digital channels such as social media and streaming giants (e.g. Netflix and Youtube). This transition is a challenge disguised in higher customer experience expectations.
As customers, the more we see and experience what the world has to offer in services be it through traveling or simply through watching your favorite Netflix show, the more our expectations are elevated. Even when it comes down to our neighborhood cold store. Let’s be serious for a moment and admit that most retail outlets and real estate developments are now competing with one another not on just location or size, but by their customer experience rating. The more you know your customer and treat them better than your rivals the more money you will make.
According to a 2018 PwC study titled Experience is Everything: Here’s How To Get It Right, consumers are willing to pay up to 16% more for a better customer experience.
Meanwhile, bad experiences can quickly drive consumers away, with many saying that they would stop doing business with a company due to unfriendly service (60%), lack of company trust (50%) and unknowledgeable employees (46%). However, it is speed and efficiency (80%), knowledgeable and helpful employees (78%) and convenience (77%) that matter the most when it comes to customer experience.
By now, you may be asking what does all this have to do with property management. Well, it has everything to do with it. Your property management is responsible for taking care of your customers’ experience.
Here are a few things you can do to improve your real estate customer experience:
Train all your frontline staff (all levels: no exceptions)
One of the most memorable parts of a customer’s experience is the interaction they have with the staff be it the receptionist or even the security. Proper training on customer behaviour and experience is crucial and can not be overlooked. Language is also very very important. If your staff can’t communicate with your customers, forget having them come back to visit your property again; unless they are forced to. According to reliable sources, The Bahrain Tourism Authority are underway to offer special tourism-related training programs to cater to the overwhelming requirement of getting retail businesses on par with the country’s mandate to be a tourism destination. All real estate operators need to offer their frontline staff with this training prior to assuming their roles or shifts. Waitresses for example will need to pass a series of training courses before being licensed to operate in a restaurant setting. Inspections will result in prosecution of the business should there be any workers without valid licenses which can only be acquired through completing these training programs.
Cut down response times
Speed, efficiency and convenience are key when it comes to improving your real estate customer experience. The first step to doing this is to ensure that your first response times to any emails and phone calls are literally within the hour. Your first response can simply acknowledge that the enquiry or request has been received and that you will action the task or respond within a specific time period.
While this can be difficult to do while you’re on the road, you can set up an out of office reply to manage expectations. Similarly, you can set your iPhone or Android smartphone to send an auto-reply text to any calls or texts that you’ve missed.
Update your website, blog and FAQs
With 81% of consumers using the internet as a starting point for research and lack of company trust being a key factor in driving customers away, it’s crucial that your real estate website is always up to date with your opening hours and contact information.
In addition, your website should have a wide range of frequently answered questions and blog posts available so that your prospects and customers can find the information that they need. This can help manage expectations and help you win more clients in the long-run.
Be sure to create different blog posts and FAQs for your target segments so that they can self-select the information that is relevant to them.
Provide owner or tenant access
Another example of speed, efficiency and convenience is the adoption of self-serve kiosks in supermarkets. In a similar vein, many property management software solutions provide owners and tenants self-serve access to their property and financial information in real-time.
Not only does this provide tangible, added value to your services, but it also increases transparency and cuts down on customer enquiries. It’s a win-win for everyone!
Consider automation and AI
Another way you can provide prospects and customers timely assistance is by leveraging real estate robots and automation. For example, chatbots like Aisa Holmes and Chatfuel can be programmed to trigger messages based on certain actions or keywords to provide assistance and qualify leads at all hours of the day.
In effect, this reduces the number of support enquiries, helps you provide a better customer experience and can help you save time and money.
Streamline processes to free up time
In this day and age, the technology you use can make or break your business. Great tech tools can help you increase efficiency, improve customer service and gain an edge over your competitors. On the other hand, outdated technology can hinder your business growth.
With all the time saved, your employees can focus on proactive tasks that add value to your clients and business i.e. checking-in with prospects and clients just to say hello.
Personalise customer experiences
Personal touches are not only memorable, but can also improve the customer experience. For example, when a tenant is moving in, you can kickstart the relationship on a positive note by sending them a tenant welcome basket.
Any chance to engage prospects and customers is an opportunity to nurture the relationship i.e. schedule a personalised (but automated) ecard to go out to your customers when it’s their birthday. Additionally, be sure to send a message to your prospects and customers before or during the holiday season.
Measure satisfaction levels
When improving your real estate customer experience, it’s crucial that you measure your current satisfaction levels. This will help you identify areas of improvement and provide a benchmark for you to improve on each year.
Your Net Promoter Score or NPS answers the question of “How likely is it that your customers would recommend your real estate brand to a friend or colleague?”.
It is calculated by the percentage of promoters, minus the percentage of detractors. Promoters are those who rate your service 9 -10 and are “loyal enthusiasts who will keep buying and refer others, fueling growth”. Meanwhile, detractors are those who rate your service 0-6; they are “unhappy customers who can damage your brand and impede growth through negative word-of-mouth”.
Naturally, the higher your NPS (max of 100, low of -100), the higher your customer satisfaction levels and the more likely your customers will recommend your brand to others.
It is a key measure of your customers’ overall perception of your brand and indicator of growth in the long-run.
In a nutshell….
This shift towards customer experience in real estate reflects the changing needs and expectations of consumers worldwide. Speed and efficiency, knowledgeable and helpful employees and convenience are what universally matter the most when it comes to customer experience.
In order to provide a superior customer experience, it is crucial that you change with the times. This might mean adopting new technology, personalising customer touchpoints, measuring satisfaction levels and streamlining processes. Increased speed and efficiency will free up your employees to upskill and build on their knowledge, proactively engage prospects and customers and ultimately, fuel the long-term growth of your business.
Now that we have covered all the ways in which you can improve your real estate customer experience, we now shift to the core scope of property management.
To do so, here are a few ways your property can be better managed in order to achieve the highest level of customer experience possible:
1. Rent Responsibilities
Dealing with rent issues is one of the most common responsibilities of a property manager. This could include setting, collecting and adjusting rent all based on the common practices within the vicinity of the property in question.
2. Tenant Responsibilities
Managing tenants is another core responsibility of a property manager. They are involved in all areas, including:
Finding Tenants: Property managers are responsible for filling vacancies. They know where to advertise the rental and what to include in their ads. They also understand what attracts tenants, so they can offer tips to help makeover the property.
Screening Tenants: Property managers should have a consistent screening process, including running credit checks and criminal background checks, which can decrease your chances of being accused of discrimination. Experienced property managers have seen hundreds, even thousands, of tenants, so they have a better idea of how to select the right tenants; those who will pay their rent on time, have a longer tenancy and create fewer problems.
Handling Leases: This can include setting the lease term and making sure it has all the necessary clauses to protect the owner. This includes determining the amount of security deposit required.
Handling Complaints/Emergencies:They are paid to deal with maintenance requests, noise complaints and they have the necessary contacts to handle emergency situations.
Handling Move Outs: When a tenant moves out, the manager is responsible for inspecting the unit, checking for damages and determining what portion of the security deposit will be returned to the tenant. After move out, they are responsible for cleaning the unit, repairing any damages and finding a new tenant.
Dealing With Evictions: When a tenant does not pay rent or otherwise breaches the terms of a lease, the property manager understands the proper way to file and move forward with an eviction.
3. Maintenance and Repairs
The property manager must keep the property in safe and habitable condition. Property managers are responsible for the physical management of the property, including regular maintenance and emergency repairs.
Property Maintenance: This includes performing preventative property maintenance to keep the property functioning in top condition. For example, they are personally in charge of, or must hire someone to, exterminate, check for leaks, landscape, shovel snow and remove trash. This maintenance aims to keep current tenants happy and attract new tenants.
Repairs: When there is an issue, the property manager must fix the problem or hire someone else to do it. They often have a large network of reliable plumbers, electricians, carpenters and other contractors.
4. Knowledge of Landlord-Tenant Law
Good property managers have an in-depth knowledge of national laws regarding the proper ways to:
Screen a Tenant
Handle Security Deposits
Terminate a Lease
Evict a Tenant
Comply With Property Safety Standards
5. Supervising Responsibilities
Other Employees: If there are other employees in the property, such as a concierge or security personnel, the property manager is responsible for making sure they are doing their job. The property manager can set their salaries and even fire them.
Vacant Properties: Property managers are often hired to look after vacant properties to make sure there has been no vandalism and to perform routine maintenance. They also make sure contractors and other repairmen are completing their work in a timely manner.
6. Responsible for Managing the Budget/Maintaining Records
Property managers can be responsible for managing the budget for the building and for maintaining all important records.
Managing Budget: The manager must operate within the set budget for the building. In certain emergency situations when the occupants (tenants) or physical structure (investment property) are in danger, they may use their judgment to order repairs or likewise without concern for the budget.
Maintaining Records: The property manager should keep thorough records regarding the property. This should include all income and expenses; list of all inspections, signed leases, maintenance requests, any complaints, records of repairs, costs of repairs, maintenance costs, record of rent collection and insurance costs.
To all types of real estate, having a strong property management is like having a strong back. It also secures a better future for the real estate that is more profitable and would allow it to last longer. Property management would allow a real estate development to beat its competition since it introduces the most important breakthrough to customers all around the world; transforming customer experience.