Three Ways Maintenance Is Affecting Your Growth

Three Ways Maintenance Is Affecting Your Growth

Good Online Reviews Are Critical to Grow Your Business

Your company’s growth depends on attracting and retaining good tenants. Since most potential tenants use the internet as a resource for evaluating rental opportunities, a good online reputation will drive tenants to consider your company.

In fact, approximately 78 percent of potential tenants searching for a rental opportunity use online ratings and reviews in their search. Obviously, then, you need positive online reviews to drive potential tenants to your company.

Approximately 78 percent of potential tenants searching for a rental opportunity use online ratings and reviews in their search.

Three Ways Maintenance Affects Your Growth

1. Poor Maintenance Produces Negative Online Reviews and Lost Tenants.

Poor maintenance is among the top reasons for negative online reviews. Therefore, if 78 percent of your potential tenants are reading negative reviews about your company, your chance for growth is reduced.

Other interesting statistics from Kingsley Associates relate to how maintenance contributes to losing tenants. In a study of residents unlikely to renew, community management was cited by 31 percent of the respondents.

In addition, 46 percent of residents who were likely to renew cited community management as one of their top decision factors, right after location and rental rate.

2. Prospective Owners and Tenants Use Online Reviews in Their Decision-Making Process.

The importance of online reviews has been trending upward. In 2012, on a scale of 1 to 10, potential tenants ranked the influence of online reviews at 6.67. In 2015, the influence of online reviews rose to a rating of 6.94, an increase of 4 percent in only three years.

3. Online Reviews Are Even More Important Than Word of Mouth.

Not only are potential tenants using online reviews, they’re putting a lot of weight on them. Naturally, the most important influencing factors are things like location and price. The somewhat surprising outcome of the research by Kingsley Associates is that referrals from family or friends were rated first or second by 9 percent of respondents, while a community’s online ratings and reviews got the same ranking by 11 percent of respondents.

How to Turn Maintenance Into a Growth Strategy

Maintenance tasks can be extremely time-consuming for a property management team. But, what if you could turn property maintenance into a growth strategy? You could use each request as an opportunity to provide outstanding service and further cement a tenant relationship, resulting in positive online reviews. It’s possible when you streamline and automate your maintenance process.

RESULTS OF STREAMLINING AND AUTOMATING YOUR MAINTENANCE PROCESS

Look at the overall life cycle of a maintenance request:

  1. Obtain an accurate description of the maintenance issue from the tenant.
  2. Determine whether on-site resources are capable of fixing the issue or if you need to contact a contractor.
  3. Assign and track the progress of the maintenance task.
  4. Track maintenance task completion.
  5. If outside contractors are involved, process payment for the work performed.

There are many steps and lots of paperwork that often result in poor response times. Applying automation such as Property Meld to your maintenance process will produce many advantages. For example,

1. Tenants can report maintenance issues online.This saves paper and frees the team from in-person visits from unhappy tenants.

2. The computer can do the tracking. You can eliminate the need to keep track of maintenance requests manually and reduce the time required to determine the status of the request.

3. The system can monitor efficiency. You can track the maintenance statistics that make a difference to your tenants: the length of time required to clear a maintenance request, how often multiple visits are required, the efficiency of vendors, and more.

4. Follow-ups always happen. Find out how satisfied your tenants are with automatic email and text messages asking for job ratings and comments. In addition, vendors receive reminders prompting them to mark work requests complete, which reduces the tracking burden for property managers.

Don’t let maintenance issues work against you. Take advantage of automated property management software such as Property Meld that can make maintenance a strategy for growth.