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The 5 landlord motives that PMs should target

The 5 landlord motives that PMs should target

by Elyse Perrau 1 comments

Failing to identify a landlord’s motives in a listing presentation could be costing property managers’ new business.  

Customer service expert Keith Abraham told Residential Property Manager that the key to succeeding in a listing presentation is to discover the buying motives of landlords.

Mr Abraham said all customers have five possible buying motives when purchasing any service or product: 

• Price – being able to boast about getting a cheap price

• Service – getting taken care of during the PM process

• Quality – wanting a reliable product and a reputable brand

• Convenience – choosing the business that is around the corner or open at the right time

• Speed – willing to pay extra to have things done as quickly as possible.

Property managers should specifically ask landlords which of the five buying motives is most important to them, then tailor their presentation accordingly, according to Mr Abraham. 

He said property managers can easily pinpoint the motives of a prospective landlord by asking the right questions. 

A good question to ask is: “What is most important to you when you engage a property manager like me to look after your property?”

Mr Abraham said customers now have greater expectations of property managers.

Ten years ago property managers could get away with offering just one of those five things, but today they have to be good at three, he said.

Mr Abraham said this because customers’ expectations have increased because more businesses are creating an edge with their service experience.

“The prospective landlord has no idea about the expertise the property manager can bring to them, they can’t judge that,” he said. 

“They can’t judge how they do their systems, or whatever the process is. What they will judge is the experience.”

To read more on how to perfect a listings presentation, click here to read Residential Property Manager’s latest feature.

[Related: PM firms may be getting their sales strategies all wrong]

 

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