What do investors really want? It's a million-dollar question, and the answers are as varied as the rent roll you keep, but essentially it's all about trust and communication.
In another interview with Kevin Turner of Real Estate Uncut, Rockend CEO Alister Maple-Brown discusses the importance of meeting investors' expectations and what you should be doing to build better relationships with them. Here are the highlights of the interview:
1. Proactively communicate
Make time to reach out to your customers, before they even ask for it. Being proactive shows that you are making the effort and making yourself accessible. This rings true most especially to the younger generation of investors. For Alister, "Because the younger generation is all over technology in their personal life, they understand how simple it is to get access to information and to get in touch with someone. So, they expect ease of communication and information access from their service providers."
When you show initiative, customers feel more secure that their asset is in good hands.
2. Get on the Phone and Have a Conversation
Not all communications are created equal. Often, it will seem like a one-sided monologue for customers and is lacking the personal touch.
Having a real conversation with the customer gives you the chance to highlight your trustworthiness, to prove that you have their best interests in mind.
But there’s a caveat, “There will always be customers who don’t want that interaction” according to Alister. But as long as you have taken note of that, then you are still making a personalised service for them in respecting their preferences. For a majority of investors though, this conversation is greatly appreciated.
3. Get the "Little Stuff" Right
Attention to detail is an important skill in property management. While the big picture is where most of your goals reside, doing the fundamentals right is how you get there smoothly. It could be as simple as making sure that every month, the right money goes in and the right money goes out. Getting the small stuff right in the beginning ensures that the tough ones are given enough time and attention to be worked on. “If the details on the small stuff aren’t done right, then you are always gonna be challenged.”
Keeping these three things in mind as you do your job, day in and day out will not only ensure your clients' satisfaction with your service but will also add more clients to your portfolio. Word gets around and the good kind is gold to the million-dollar question.