Any property owner and manager surely recognize the importance of enhancing tenant relationship management. Good tenant relationships are a cornerstone of a profitable, effective, and sustainable rental property business.
Cultivating positive sentiment with tenant during an active lease period helps assure pleasant interactions, build trust, increase interest to lease renewal, and gain positive referrals.
To accomplish a better tenant relationship, asset managers should employ efficient operational practices and insightful analytic process in their work.
Better tenant relationship with improved daily operations
The most straightforward solution for enhancing tenant relationship is to excel in day-to-day activities. Besides excellent and professional customer service, a few other key practices to smooth tenant relations include
- quick service delivery and responsiveness
- taking improvement suggestions
- thorough documentation.
These procedures are involved in daily operations from face-to-face interactions with tenants to internal communications and workflows of the property management organizations.
While interactions with tenants are largely influenced by the individual’s capabilities, internal information and workflow can be controlled by standardized communication channels among working teams.
Improve internal communication with the right tools
For organizations which utilize the property asset management system (e.g. Assetti), it is most convenient to have information flow and task assignment integrated into the system. Functionality such as Notes in Assetti allows asset managers to share information and assign tasks to their colleagues while keeping tracks of tenants, leases, units, and properties.
To put it bluntly, Assetti Notes works as a messaging system. It allows users to add contents with tags and attachments to any tenant in the existing database.
This means that an asset manager can convert any conversation, message, phone call or email with a customer into a note in the system anytime, anywhere. The note will be forwarded to the responsible team member for the required action. It can be also linked directly to all the tenant’s data, including his/her lease, unit and property.
With Assetti Notes, users have instant access to their own and assigned notes; smart notification also keeps them up-to-date with changes made by their colleagues.
This type of function in a property management system enables a high level of responsiveness and service delivery. This happens through adequate and convenient communications – while ensuring thorough documentation with traceable entries.
Analyzing the tenant’s presence
It’s beneficial for property asset managers to have a broad overview of their tenants and organization-wide exposure.
Analytics and reports on tenants can offer practical insights to improve overall tenant retention and occupancy as well as to assess the value proposition of existing tenants.
Metrics such as the top tenants by leased areas, total rents, or rental level offered in Assetti provide a valuable understanding of property or portfolio’s dependence on a tenant. They help asset managers prepare for potential changes (e.g. tenant downsize) or open to new tenant possibilities.
Having an aggregated picture of tenant’s presence with lease, unit and contact details in one system allows asset managers to evaluate the overall situation and consolidate information to increase tenant retention.
Efficient and adequate communication is the mean for good customer service, excellent service delivery, and responsiveness; while aggregated metrics on the tenant is the backbone of providing insights for evaluations and developments.
Assetti as a property asset management application provides both functions in an integrated environment. It gives property asset managers more capabilities when it comes to enhancing their tenant relations.