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Successful Property Managers and Investors Have One Thing in Common: Hospitality

Posted On Wednesday, 30 December 2020 20:51

It is no coincidence that many successful property managers started their careers in hospitality management. The term hospitality is usually associated with hotels and lodging, but it also plays a role in providing premium service to residential tenants as well. 

Hospitality, at the most basic level, involves taking care of guests. It also involves service and a certain level of trust, and a property manager or owner who brings these concepts into their operation will definitely have an advantage.

Hospitality is key when it comes to offering value. Obviously income and expenses are important, but managers and investors can move the business relationship beyond dollars and cents to their own, as well as the tenant’s, advantage.  

The amenities offered and the responsiveness of management are all integral parts of building a positive reputation as a property management or landlord. The types of tenants who rent in a particular property, the number of tenants who renew, and whether or not tenants will refer their friends all depend on the quality of the residential experience.

Taking a hospitality centered approach can make acquisition of tenants easier; it also helps with retention. Hotels put a lot of focus on anticipating needs and troubleshooting problems, with an aim toward creating repeat customers.  Property managers can do the same on a longer timeline that allows for cultivation of the business relationship. 

When it is time to renew the lease, of course tenants will remember what went wrong and how fast it was fixed. The hope is they will look beyond that and also remember the time the property manager went the extra mile to deliver superior service. Adopting a hospitality approach to tenant relations encourages tenants to remember the big picture when evaluating the property or describing it to referrals.

Technology also plays a role in tenant relations, and managers and investors should stay tuned to the latest developments.

“Property management has always been a service based industry, and we're starting to see a shift to including hospitality and amenity focused services. Many property management companies try to provide some level of this but it's difficult to maintain deals at every store and administer a regular program for all renters,” explains Lily Liu, co-founder and CEO of Piñata.

Piñata is an app-based startup platform, with a hospitality-focused approach to renter-property manager relations. The app offers features that build on positive connections to the benefit of both tenants and owner/managers. 

When renters sign up on the Piñata app they earn member perks and discounts just as they do from retail loyalty and airline mileage programs. They also earn additional rewards whenever they pay their rent on time, which is a bonus for both the tenant and the property manager.  Signing up with Piñata is one way for an owner to add to their property’s reputation by offering "a little something extra" in order to distinguish it from the rest of the pack.  

As the workforce and the family have changed, so has the population of renters. Demand for rental housing is growing, and for today's families, the American Dream is likely to be about having a range of choices and a quality lifestyle.  Property managers and investors who shift focus and think in terms of hospitality will be positioned to attract and keep quality tenants over the long term. Those who add the ability to leverage technology will also have a clear advantage going forward.

 Sumeet is a professional writer who loves to research unique topics and express his thoughts by content writing.

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