Retention Techniques for Property Managers
The bottom line is investment income for your owners. Effective sales and marketing efforts is something you can offer to owner they cannot do themselves. You know your destination better than the owner; you live it and breathe it.
You know how to promote your area in the off season when an owner would struggle to fill the unit, and you know how price the unit competitively during the peak season. Owners often have the ‘I can get more for my unit’ mentality, but as the property manager you are the expert on the market and know what your competition is so you can price the unit to keep it full for the owner year round.
Since you are local to the unit, you can provide better care of the unit than an owner going it alone from miles away. The care you can provide to the owner’s unit is a key selling point for your services. Having the ability to check the unit for damage at the time of check-out to protect against unneeded expenses for the owner is a valuable service. Professional housekeepers providing regular cleaning and bi-annual deep cleans of the unit will keep the owner’s unit in better shape and protect their investment.
Being fair and equitable with your owners will keep them on your rental program. Taking care of their unit, marketing the property successfully and providing a strong return on investment will keep owners on your rental program for years to come.