What The Customer Success Profession Can Teach Property Asset Managers

Property asset managers typically have many responsibilities that include many different stakeholders. This can sometimes make it easy to forget that the most important customers are the ones using the properties on a daily basis. And with those customers we mean tenants, who should be treated with the same care by property asset managers that businesses treat their customers with.

Responsibilities of Property Asset Managers in Commercial Real Estate

Property asset management is a multifaceted job. When it comes to commercial real estate, property asset managers have various responsibilities.

Typically, these will include working with leasing agents, negotiating contracts, maximising property portfolios’ profits, and communicating with investors and clients.

Another responsibility is to ensure that the tenants of the commercial property are satisfied. Given a property manager’s various responsibilities, it can be easy to forget that tenants are also customers and should be treated as such.

5 Customer Success Strategies that Property Asset Managers can Use

The customer success profession ultimately aims to drive customer satisfaction to reduce churn and boost customer loyalty. The goal is to offer a pleasant experience that leaves customers satisfied with their interactions with your business.

There are many customer success strategies that asset managers can use when dealing with tenants. This will help improve tenant experience and retention. 

Here are five effective customer success strategies to implement:

1. Choose the right method of communication. There are currently so many ways to contact people. When you are contacting customers, you should use the method of communication that is most convenient for them. Generally, tenants prefer mobile communication to traditional email or calls.
2. Enhance support by investing in your customer support team. You want to ensure that it is easier than ever for a tenant to access support when needed. This enables them to be heard and feel more engaged.
3. Communicate clearly and often. Avoid jargon or complex language that may make it more difficult for your tenants to understand your messages. When it comes to quantity, sometimes less is more, but this isn't the case with tenant communication.
4. Involve with announcements and newsletters. This will help you to keep tenants in the loop and make them feel more involved in dealings of the property.
5. Personalise the tenant's experience. It all comes down to basics. Use the tenant’s name when contacting them. Show them that you are trying to approach them as individuals. Demonstrate that their voice is heard. This will make them feel important and valued.

Essentially, it’s vital to remember that tenants are your customers. You want to make sure that they have a positive experience on all levels. As such, it’s important to keep communication lines open, provide good support and involve them in things related to the property. If you do not, you risk losing tenants and gaining a bad reputation.

What Does the Future of Tenant Investment Look Like?

Given the importance of a good tenant experience, property asset managers will most likely invest more and more in their tenant experience strategy and tactics.

There is so much that can be learnt about enhancing tenants’ experience from the customer success profession. Therefore, it is likely that tenant investment will begin to start incorporating more customer success strategies to help boost tenant satisfaction, experience and, ultimately, retention.

Final Thoughts

As a property asset manager, you must prioritise tenant experience at all levels and touchpoints. This enables you to build strong relationships that lead to your tenants happily staying your tenants for years to come.

By incorporating strategies used in the customer success profession, property asset managers can enhance their tenant experience and ensure tenant satisfaction.

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 the Falcony Platform.

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.