Revolutionising Rental Asset Management: Customer experience takes centre stage in Portfolio Maintenance, Inspections, and Beyond

The rental property industry is not a new one. People have been renting homes and business premises for literal centuries. As a result, most people are very familiar with the rental process. Unfortunately for rental managers, this means their services are frequently underestimated, underappreciated, and (very often) underpaid.

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A big part of the problem is that there are countless agencies out there offering the same rental management services: placing tenants, managing tenancies, and handling basic financials. As essential as these are to a successful rental investment, they’re not service differentiators and they don’t help anyone stand out of the crowd.

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So, what can rental asset managers do to make customers sit up and take notice of the considerable value they add? The key lies in focusing on customer experience.

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The power of a good customer experiences

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FOR INVESTORS

Customer experience is subjective, relying on a customer’s perception of a service or engagement. Ensuring that perception is positive first requires understanding the needs and expectations the customer brings to the table.

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When it comes to landlords/investors, these needs are frequently misunderstood. We hate to break it to you, but very few investors care about the nitty gritty of tenant particulars, rent collection dates or trust account balances. As a result, the traditionally admin-focused rental management experience invariably falls short of expectations (even if the investor isn’t consciously aware of this fact).

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So, what do investors care about? What are their core needs and expectations?

‍It’s simple: turning their rental property – likely one of the largest individual assets in their investment portfolio – into a profitable, appreciating, and low-risk asset.

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Rental asset managers who can refocus their customer experience to spotlight the fulfilment of these needs – in a clear and visible manner – stand to create a far superior customer experience. An experience that closes the gap between investors’ needs (strategic asset management) and their perception of rental managers’ services (administration). An experience that is, therefore, “out of the ordinary” and “above expectations” and deserving of above average compensation.

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FOR TENANTS

It’s also important to remember that investors are not the rental asset manager’s only customers. Creating a good tenant experience is equally important in today’s day and age.

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Tenants who feel heard, valued, and supported throughout their tenancy are more likely to renew their leases, pay rent on time, collaborate over property maintenance and improvements, and accept fair rental escalations.

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This, in turn, can be presented to rental investors as successful risk reduction, asset protection, and growth maximisation, adding to their own customer experience and perception of their rental manager’s value.

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Technology’s role in creating a better customer experience.

‍Of course, it’s all very well saying rental managers need to focus on customer experience when many are struggling to get through the basic administrative workload as it is. Goodness knows that workload has grown exponentially in recent years. Thankfully, so has technological support.

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Solutions like WeconnectU have been proven to reduce manual workloads, minimise errors, keep better records, and deliver an all-round smoother and more efficient service to investors and tenants alike. This enables rental asset managers to spend more time, more energy, and more resources on applying the strategic aspects of their skillset to create a new kind of customer experience.

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A customer experience that shines a light on the true professionalism and skill of this age-old industry, and the invaluable nature of the modern services its members provide.

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