Landlords need to ask themselves what it is tenants need now and what they might be in the market for three years from now.
Often, I find myself inspired to write pieces for our members based on content geared towards customer service and marketing because it is what I turn to for advice on how to best serve all of you.
I recently read a tweet (yes, a tweet) from a small business marketing ‘guru’ who brought up an interesting point about reaching and subsequently servicing your customer. He claims there are “two questions marketers must answer before doing anything: where are my customers today, and where will they be in the future?”
These questions get to the heart of what it those of us in the customer service industry do—we track and base our services on the location and modality of our customer. And you should be doing the same thing with your tenants especially if you want them to rent your property long-term.
By looking at a tenant as a long-term rather than a short term customer you can narrow down their needs. Now, I know you might not be in the market for a long term tenant but you can still build your business around what it is tenants need now and what they might be in the market for 3 years from now.
Let’s address each question within the rental property owner’s frame work:
- Where are my potential tenants today—who are tenants, what do demographics look like, what do comps look like, what generation is renting, what are the aesthetic trends/needs in homeownership/renting, what do competitors offer, what does a “approved” tenant have?
- Where will my tenants be in the future—does the industry project a boom in homeownership or the opposite, what generation will be ready to move out on their own, , have the aesthetic trend/needs in homeownership/renting changed, did you remain competitive?
Keeping track of and forecasting changes in resident needs will give your business a competitive edge. Take some time to think about your tenants like a customer and see if you notice a difference in the tenants you attract and retain.