Request for Question Clarification by
umiat-ga
on
11 Jan 2006 23:59 PST
Hello, west94402-ga!
After some lengthy searching, I did not find any surveys or research
evaluating why prospective clients choose particular property
management companies. Obviously, this is a very competitive business
which relies heavily on referrals and intense marketing strategy.
I think I have come up with some helpful information in a "roundabout
way." I am reluctant to post this information as an answer until you
review it, however.
Please look it over and let me know if it is helpful.
=
See "Successful Marketing Strategies - Get your message to potential
clients better and more effectively than the competition," by Pam
Leven.
http://forpros.lowes.com/articles/0905bizmaint_succesful.cfm
=
Kingsley Associates has some papers that might be of interest.
Please review the tables and charts in the following article:
"Serve and Retain: The Increasing Importance of Customer Service in
Property Management Revisited," by Kingsley Associates."
http://www.kingsleyassoc.com/data/userPDFs/KA%20Importance%20of%20Service_2.pdf
==
"Strong Tenant Relationships Can Help Beat Tough Markets," by David
Suny. Banker & Tradesman - December 27, 2004
http://www.cummings.com/articles/strong_tenant_relationships_bt.htm
==
Further articles from Kingsley Associates that might have a snippet of
useful information that you can use, even though they are not focused
specifically on property management:
"Customer Service and the Cost of Losing a Tenant."
http://www.kingsleyassociates.com/data/userPDFs/KA%20Cost%20of%20Losing%20a%20Tenant.pdf
"Unlocking Improved Property Returns through Customer Service."
http://www.kingsleyassociates.com/data/userPDFs/KA%20IPF%20Service%20Lecture.pdf
"TENANT RECONNAISANCE: Survey Strategies to Get Information You Can Use."
http://www.kingsleyassociates.com/data/userPDFs/BOMA%20MOB%20Seminar%20-%20Tenant%20Survey%20Strategies.pdf
==
"Adding revenue with ancillary services: while the hoopla has died
down, the question remains: is ancillary revenue still an idea worth
tying up resources to pursue?" Units: Nov 2005.
http://www.allbusiness.com/periodicals/article/615939-1.html
"If managers want to get the most out of their communities, they and
their employees must constantly find new ways to attract residents,
strive for 100 percent occupancy, reduce expenses and improve the
bottom line--all at the same time. Providing ancillary services is a
key component to achieving these goals."
==
In the absence of actual research, another way to evaluate what
clients are looking for is to to follow the recommendations for
choosing a property manager:
See "How To Choose a Property Management Company," by Clifford A. Hockley
http://realtytimes.com/rtcpages/20030612_propmgnt.htm
"Property Management: The Good the Bad and the Ugly." By Elaine VonCannon
http://www.men.com/yourlife/finances/2
"Assisting your client in choosing the right property manager," by
Jacklene Chesler. Real Estate Weekly, Oct 6, 2004
http://findarticles.com/p/articles/mi_m3601/is_8_51/ai_n6253935
==
You might want to order the following book:
"Business Strategies for Real Estate Management Companies, 2nd
Edition," which has a section on attracting and maintaining clients.
http://www.realtor.org/prodser.nsf/OpenProd?OpenForm&IN=141-102
==
Many prospective clients may also go to referral sites like "All
Property Management."
What should I look for in a property manager? - Look for
experience in important areas, such as maintenance, leasing,
collections, marketing, advertising, tenant relations, financial
analysis and budgets, and knowledge of relevant local and state laws.
In addition, many property managers are credentialed by national
industry organizations, which can help you narrow your search."
http://www.allpropertymanagement.com/faq/ctrpmc.php
=
The following excerpt also highlights the importance of looking at
certification when choosing a management company:
"Choosing a Management Company." Community Associations Institute.
http://www.caionline.org/excerpts/index.cfm?ProductCode=5761
==
You might want to keep a watchful eye on the property management
sections of The National Real Estate Investor.
From "Concession Crazy," By Joe Gose. Jun 1, 2003
http://nreionline.com/strategies/properties/real_estate_concession_crazy/
"Property managers frequently resort to a simple approach to earn
tenants' repeat business. Armed with coffee and donuts, they often pay
a visit to tenants just to keep the lines of communication open.
Building managers are quick to point out that even in boom times they
maintain contact, but clearly they've tweaked those efforts over the
last several months. Service firms also host book fairs, ice cream
socials or parties to celebrate quasi-holidays such as Cinco de Mayo.
"The touchy-feely stuff is what makes a difference," says Barbara
Orton, a senior property manager with Grubb & Ellis."
==
In the absence of definitive surveys or research, is this information
helpful at all?
umiat
