Property management business owners and/or property managers spend many hours marketing for new accounts and working with property owners, tenants, personnel, and the public. It is common to spend large sums of money and expend hours of time in these types of activities; busyness can take over making it so easy to forget to say…thank you. Do you make this simple concept a habit? What might you be losing when you don’t make time to show appreciation?
The real estate/property management business requires juggling so many people and details during the day, week, month, and year. It is often never-ending and it may even be difficult to find time off. After you get a new account you have to plunge into all the details and activities required to make everyone happy. This never-ending stream of tasks and responsibilities can lead to failing to remember everyone along the way. Think of the people involved in a new transaction so you can identify all of the people you need to appreciate and thank.
- The new property owner or owners
- The existing tenant or tenants in each unit
- The vendors who help with the necessary maintenance
- Your staff who now bear the burden of a lot of details to handle
- The applicants who may apply for any vacancy
- The former manager who (hopefully) is gracious enough to hand over the information and keys to the property
- And there are probably even more…
Why is showing appreciation so important?
Recently, I took a two-week trip on a cruise ship and made a conscientious effort to observe how passengers interacted with all cruise personnel. Many people were gracious, extending words of thanks, and many simply “expected” service without any kind of acknowledgment. They train the personnel on the ship to be gracious no matter how travelers reacted but it was obvious those who extended sincere words of appreciation received faster service and a happier vacation experience. Many people did not realize the image they were projecting and of course, there are simply those who do not care. The quality and graciousness of the staff is why I choose this cruise company – repeat business is their reward.
How many times have YOU thought to yourself, “they didn’t even say thank you” in certain situations? Now think of how important this practice is to building better relationships in your property management business, not to mention increasing your bottom line.
It is important to say thank you. There are many ways to do this in the course of your day. The first is the simplest – extend a sincere verbal thank you to everyone. The key here is “sincere.” Sure, it is important to thank the new owner for his or her account but it should not stop there. Do you consistently thank your personnel for all the many things that they do for that new account or is it your habit to comment only when they do something wrong?
When you meet with a new tenant, do you graciously thank them for allowing you to see the property? Do you take your vendors for granted because you pay them monetarily for their service and that is all that necessary? Does your staff thank applicants graciously for applying for a property? And yes, is everyone pleasant to the company who just lost management of the property? You AND your staff need to express a sincere thank you at every opportunity – only then does it becomes a habit.
When warranted say thank you with more effort. Always send a written thank you for a new account or a referral, even if it is a current investor. Set up a series of thank you letters to tenants or vendors for the many circumstances that you need their assistance. Invest in different gift cards or other items as demonstrations of gratitude when it is appropriate – everyone loves gift cards, large or small. Take your staff to lunch or give them an unexpected gift to show your appreciation.
Make this a habit and your days will be happier and more profitable; saying thank you simply makes you feel better. While you are at it, don’t forget to appreciate your family – the most often overlooked. By the way, THANK YOU for taking your valuable time to read this article.
Jean Storms, MPM® is the founder/author of LandlordSource and has been a NARPM® member since January 1993.
Disclaimer: LandlordSource does not represent the article content in this website as legal advice. It is shared information only and up to the reader to use this information responsibly, seeking legal advice as necessary to their business.