Do you use a CRM? Property management isn't all about maintenance and repairs—managing tenant relationships is crucial to service excellence.
Residential and commercial property management is a complicated process. Not only are you dealing with the ins and outs of keeping the building safe, but you’re also managing relationships with the tenants. What’s the key to keeping it all working? If you use the right tools (like a CRM), property management becomes more efficient.
If you run multiple properties, using a CRM system will give your employees (salespeople and managers) the ability to create sustainable workflows. Answering inquiries, responding to requests, and collecting rent (and more) is easier to handle.
The benefits of using a CRM: property management tools your employee can’t live without
Establishing the right workflow for your managers and sales reps is easier said than done. You can write out a list of best practices, such as “respond to tenant inquiries within two hours,” but doing everything manually leaves room for mistakes.
Automating your responses and follow-ups is much easier, and having reminders helps to complete daily tasks.
Think about all the tasks your staff manually keeps track of throughout the week:
- Follow up on late rent payments
- Appointments with potential tenants
- Maintenance inquiries
- Lease renewals
- Negotiating lease terms
- Answering emails, texts, and phone calls
If you’re working with big properties, these tasks need to be streamlined. Many of the initial follow-ups can be automated, tracked, and reported on by a CRM property management tool.
5 ways to improve tenant relationships with a new CRM system
1. Automated follow-up notices for late rent payments
You're seven days into the new month, and a few tenants still haven't paid their rent. Your managers write emails, send out direct-mail warnings, and eventually, make a few phone calls.
That's a lot of work for one late payment, don't you think?
Your employees are already busy enough without having to chase down tenants. Wouldn't it be better to send out automated warnings via email? And, if enough time goes by, send reminders to your managers to follow-up with a phone call?
Good news: with a CRM property management tool, you have the power to automate these tasks. Schedule emails for late payment warnings. If two or three don't do the trick, notify your employees to follow-up. Time saved is money earned.
2. Keeping better track of renewing current leases
If you run or manage a big enough property, there will be several times a year that leases are up for renewal. You probably have a way of tracking those dates, but let's consider the bigger issue: keeping your spaces filled.
Instead of manually sending out messages, why not remind your tenants well in advance automatically? Think about it: two months before the lease agreement expires, you have an automated email sent out. It provides a copy of the lease, the deadlines to reapply or give notice, and a phone number to call for information.
It's that easy. No manual follow-up necessary. If your tenant doesn't respond to the first message, you have another one scheduled to send in two weeks.
3. Nurturing leads and gaining more applications
Let's say you have a vacant space to fill. A few leads are interested but haven't followed-up to view the space yet. Vacancies are money lost, so you want to get people in and negotiate terms.
Once again, automation comes into play. Some CRMs offer web forms that leads can quickly fill out which adds them to the system. An email is sent to them right away. Your salesperson follows up, and the nurturing process begins.
4. Sending newsletters with service updates
Adding your current tenants to a newsletter is a smart idea, but it's also time consuming. Unless you have a full-time person writing the newsletters, you'll need a template and automated schedule to go by.
Here's why these types of messages are easier with a CRM:
- Your email lists can be filtered and segmented to target groups.
- You schedule your emails ahead of time for an appropriate time of year/month/day.
- You manage your newsletter and marketing materials in one place.
5. Never neglect a tenant or client again
It's safe to say that one of the biggest responsibilities you have as a property manager is responding to tenant inquiries. Whether for maintenance, repairs, lease renewals, or general questions, it's your job to manage those relationships effectively.
But let's be honest: how many of those emails, phone calls, or texts slip through the cracks? Without a strategic design or workflow, probably a few.
So what's that have to with using a CRM? Property management can't all run through a piece of software, right?
In some cases, sure. But making sure your tenants' messages never go unnoticed is a specialty of CRM software. In fact, if a client inquiry goes unanswered, you (or your employees) receive warnings directly from the software. Direct reminders show up to help you manage those tasks efficiently.
Don't just manage properties—manage relationships, too!
There's a lot of human interaction involved with quality property management. It's not all about making the proper repairs or getting the floors cleaned. Cut down on the manual labor of follow-ups for a more efficient workflow. If you automate your efforts with a CRM, property management excellence will follow.
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Hey! Did you like our article? Then let's start a conversation: what's your process for property management? Share your thoughts!