Property managers have invested in the tenant experience for many years. Great companies like Second Nature regularly roll out new perks property managers can use to attract and retain renters. But what about owners? What perks, programs, or other experience improvements are out there that attract and retain owners? I think it’s high-time we invest in upgrading the owner experience. A good place to start is the owner onboarding.
How good is your owner onboarding process?
Every interaction pre-onboarding, your team is trained to put on their best face in order to land the sale. Which is fine. Every property management company does. But it means that the onboarding is the first impression owners get of what it’s actually going to be like to work with your business, and it will set the tone of the rest of the relationship in many ways.
Will your owner onboarding reinforce the good impression your sales team made? Or will it be a disorganized, confusing list of to-dos that makes owners dread working with you?
Your owner onboarding process also has a huge impact on owner churn. According to Rentscale, up to 70% of clients decide whether they’ll stick with you in the first 100 days. If your onboarding is messy or confusing, the decision to leave gets a lot easier. So, it’s important to make it a value-add that gives them a reason to remember, appreciate, and stick with you as their property manager.
Don’t take my word for it
Jeremy Pound and Jennifer Merrit of Rentscale gave a talk at NARPM Southern States that focused on the importance of your owner onboarding. They shared a few ideas on how to make it an experience:
- Make it personal. According to their data, 64% of owners want a personalized onboarding experience. You can do so by beginning the onboarding with a strategy session that helps the owner set goals for their property. This way, everything that follows will feel tailored to THEIR goals and needs.
- Make it simple. We all know the pain of having a dozen different logins to a dozen different platforms. Make it easy by providing a one-page reference sheet with every link they need to dashboards and their important documents.
- Provide a 90-day roadmap. What happens on day 10 / 30 / 60 / 90? This is a great way to get on the same page and set crystal clear expectations, which can make or break the relationship.
- Stay in touch. The onboarding doesn’t stop at day 90. It’s important to follow up to determine the quality of the onboarding as well as initial services provided.
The ideas above seem small, but implementing them in your onboarding process can have a huge positive impact on the owner experience, which will decrease owner churn in the long run.
About Blanket
Blanket is transforming the property management industry with its innovative platform that helps property managers grow their portfolios and retain owners. By combining AI-powered insights, automated lead generation, and seamless integration with existing property management software, Blanket provides property managers with the tools they need to succeed. Blanket is backed by leading Venture Capital Funds like Foundation Capital, Symbol, Operator Partners, RE Angels, and industry-leading Angel investors. Together, we’re shaping the future of property management.
