Tenant Involvement's Impact On Property Brand
As a property manager, you’ll be interested to know exactly what makes your brand look good. What is it that makes property branding really tick? Of course, a property with a good reputation means it’s easier to attract tenants, as well as retain them and keep them happy.
In fact, this works in a kind of cycle. The happier tenants are, the better the property brand value. And the better the brand value, the more prospective tenants are attracted to the property.
How To Get Tenants Involved & Engaged
The best way to make tenants happy is to get them involved and engaged. To do this, it’s important to:
- Keep tenants informed. Tenants should always know what is going on on the property with regard to changes, regulations, upkeep, and maintenance.
- Listen to them. Property managers must take time to listen and respond to tenant complaints, queries, and feedback. The better the answer rate, the higher the level of satisfaction.
- Communicate with them. Open a two-way line of communication between managers and tenants that allows for honest and open feedback and incident reporting.
In doing the above, you can ensure that your tenants know that they have a voice and that their needs are taken care of when it comes to anything related to the property. This is crucial as tenant involvement builds tenant loyalty and empowers your tenants.
Tenant Experience & Property Brand Value
With this feeling of empowerment comes the sharing of good experiences. When a tenant feels that they have been listened to and that their feedback has been taken into account, they will feel more positively about the property and, of course, the brand. They may then share these positive feelings with others, which as a result boosts your property brand value and reputation.
This is an extremely important thing to consider. A bad property brand means lower tenant retention, more maintenance, added advertising costs, and it can mean you have to lower the asking price.
So, tenant involvement directly affects their experience, and thus affects your brand value.
Value For Future Tenants
Retention is key. However, it is natural that you will utilise your brand to attract new tenants at some point, even if your tenants are as happy as they can be. That is why you need to focus on lifetime brand value that carries over and stays for years and decades to come.
Providing an optimal tenant experience needs to become the norm. It needs to become part of the culture of the property, so much so that it doesn’t only influence the brand – but it becomes the brand.
As a property manager, your best source of advertising, then, is tenant involvement and experience. Without a good reputation in this field, you may find yourself lost and spending money on things that shouldn't cost a cent.
The key takeaway from this blog post is that perceptions are vital. The way outsiders, stakeholders, and tenants view your properties and the way they are managed has a direct impact on your brand.
Keep all of this in mind going forward. Enable your tenants to express their thoughts, listen to them and treat them with the care they deserve. By doing this, you will reap the benefits in the long run!
If your organisation is looking for a tool to involve all tenants in property management for better decision-making on workplace and property strategies, have a look at Falcony | Observe.
We are building the world's first operational involvement platform. Our mission is to make the process of finding, sharing, fixing and learning from issues and observations as easy as thinking about them and as rewarding as being remembered for them.
By doing this, we are making work more meaningful for all parties involved.
More information at falcony.io.
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