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When it comes to mitigating landlord or property churn, understanding the performance of your rent roll is key to safeguarding it's success.
Navigating a tightening rental market with soaring demand and limited supply is no easy task.
As agency principals and property managers, we face the daily challenges of increased competitiveness and fluctuating conditions.
Although many of these external factors are beyond our control, rent roll churn remains a pressing issue for agencies.
To effectively manage and mitigate churn, understanding your rent roll performance is paramount to the sustained success of your agency.
Measure to manage
One surprising reality we’ve discovered from working with agencies is that property or landlord retention is often measured lightly.
By acknowledging the importance of measuring churn rates, agencies can gain valuable insights into their business performance and pinpoint areas for improvement.
A few things you can be doing to get you started off on the right foot are:
1. Set a standard
Setting a standard or goal is the first step in minimising churn rates. Aim for a target of 0.5% or less.
2. Identify key issues
You want to be looking for areas such as delayed maintenance, communication gaps, rent payment delays, or tenancy vacancies that may impact your landlords satisfaction and ultimately lead to churn.
3. Understand landlord satisfaction
Conduct customer surveys to gain ingiths into your landlords’ satisfaction levels. What are the factors in driving happiness with your service, as well as unhappiness and use these to shape a more impactful churn strategy.
4. Implement proactive strategies
A two-pronged approach is essential to minimize churn. Reactively correct the issues contributing to churn and implement these changes to your processes. Proactively identify potential churn risks before they arrive by monitoring performance, schedule regular check-ins and pre-empt any financial changes.
5. Tenant satisfaction matters
Tenant satisfaction shouldn’t be overlooked. There is a direct correlation between tenant lease renewals, and landlord renewals.
Above all remain open and transparent in your communication with your customers. Building trust and having meaningful human connections is what keeps our businesses thriving.
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