Performance reviews are often an integral part of a business’s growth. It falls in line with the “customer’s always right” way of thinking. For real-estate, since keeping your property rented is your goal, keeping your renter happy goes hand in hand. A type of “Performance Review” might be implemented to measure, post-lease signing, how your property measures up to renter expectations.
You may be thinking that a performance review wouldn’t apply, because you are not in constant contact and it’s not an employer/employee relationship. Not true, because you are in a way. Every day that they are occupying your rental property is a day that there could be an issue for which they’ll call on you. Each of those incidents adds up to renter impression and factors into their decision to renew their lease. Therefore, just to measure your performance, improve on deficiencies, and gage likelihood of lease renewal, a Performance Review could be used containing some of these items:
- Scale of 1 to 10, satisfaction on items like:
- Maintenance
- Availability
- Resolution of problems
- Suggestions on improvements
- Unresolved complaints/issues
- Likelihood that they would recommend you as a landlord to others
You may think that some of these things will be addressed as they come, but not always. A customer, client, or renter can be highly dissatisfied and just resolve never to patronize a company again. A Performance Review has many benefits. They can bring unresolved issues to light, allow you to recognize where you can immediately improve or things that can be addressed over time (which you can advise in response to the Review, i.e, landscaping or appliance updates, etc.), and also demonstrate to your tenants that you are committed to customer satisfaction. Keep in mind the offer of review may be impressive, but actually following up is what will keep your tenants long term.
Another benefit to allowing reviews is in monitoring the performance of your sub-contractors. Your landscapers, maintenance crew, and others can all be advised of in the review through the questions asked. If you have others on the frontline as the face of your company while you’re in the background, the Performance Review is a helpful tool in ensuring you’re getting all of the necessary information before it’s too late, and you’re marketing a vacated property.
We all have areas in which we need to improve. Protect your investment by staying informed and vigilant about every aspect of your property.
