Tenant satisfaction is vital in achieving success in property management. A good property management company should be focused on keeping your tenants happy. Tenant satisfaction is a critical component of what helps a property management company to build a great reputation and gain credibility. If you want your property management company to grow and be successful, you must prioritize tenant satisfaction. When tenants are unhappy, there’s a likelihood for them to leave, putting you right between a rock and a hard place.
How to measure tenant satisfaction?
As a property manager, you should utilize tenant satisfaction data because it can help you to streamline processes, and ensure that repairs and maintenance are carried out promptly and within budget. However, you should be cognizant of the fact that not all feedback is created equal. If the data collected is outdated, inaccurate, or difficult to obtain, it won’t be of use to your company.
You can ask your tenants for their thoughts after a maintenance and repairs appointment has been scheduled. Asking for responses while the vendor is still at the property won’t yield positive results because the responses won’t be prompt and sincere. Administering a simple and convenient survey will show your tenants that you’re not abusing their time. These surveys and the data collected from them will enable you to make informed decisions to improve customer service.
An additional benefit of approaching tenant satisfaction with the same dedication as other metrics is that it will enable you to identify the most reliable vendors to use on your properties.
The Importance of Customer Feedback
Satisfaction is a key metric for property managers to gauge the efficiency of the gamut of their services. An important part of the services provided by property managers is repair and maintenance. For this reason, it’s imperative to find contractors/vendors who maintain lofty standards in service delivery.
Keep in mind that not all jobs are the same. If an incompetent vendor who offers substandard services is hired for the job, this will lead to repeat visits, more wasted time, higher costs, and a prolonged period of tenant dissatisfaction. This is valuable time lost and one that could be better spent on core support functions for your tenants.
Here are a few ways on how to gauge tenant satisfaction
Make use of tenant satisfaction surveys
You can create a simple, short, and easy to understand one-page tenant satisfaction survey. Surveys are used by some property management companies, these companies prioritize data collection and they know it is an efficient way to make informed decisions that will improve their service, and provide great insight as to what their tenants are thinking.
Engage in face-to-face chats
There’s no better way to build a relationship with your tenants and gauge their satisfaction than having face-to-face conversations. Device different ways to initiate an in-person conversation. One of many ways to do so is through maintenance and inspection visits. During these visits, you don’t want to be too formal, be friendly and create a relaxed atmosphere where they can freely express themselves and give you honest feedback. If you take a genuine interest in your tenants, you’d be surprised by how open they’ll be and you never know, this feedback may be a muse for great ideas on how to keep your tenants satisfied.
Utilize Print Materials
If you frequently share information with your tenants through print materials you’ll be able to get feedback and gauge their satisfaction. You can leave newsletters for them to read outside their door or even personally deliver the material and ask for their feedback.
Make phone calls
Encourage and motivate your property management staff to share their phone numbers with tenants so that they know who to reach if an issue arises. By doing so, you’ll build trust with your tenants and they’ll be comfortable knowing who to turn to if an issue comes up.
Create a tenant retention program
The principal objective of a tenant retention program is to ensure that your current tenants are satisfied and do not move out of your residential property. All tenant retention programs are different, but fundamentally they are inclusive of things like identifying the services, tenants, amenities provided, and the methods that will be used to measure success. In order to have a successful tenant retention program, the plan needs to be documented with clearly defined objectives and measurable goals for each tenant involved.