The $6 Haircut

March 12, 2010 at 12:30 am 3 comments

Have you seen the TV commercial where a blockbuster hair salon opens across the street from a barber shop offering “$6 haircuts”?  In response to the new competitor, the barbershop put up a sign that read “We fix $6 haircuts.”  In the property management industry, you have different size firms.  Large firms can often afford to deeply discount prices whereby a midsize or smaller firm could not.  Smaller management companies have smaller profit margins and thus have to work harder to be innovative and compete with the big boys.  Customer service is key.  Examine your strengths and highlight them.

The old saying, “You get what you pay for,” rings true in the world of property management.  Not every shoe fits every foot.  The client may not be able to get the attention and services it wants from a large company while working with a smaller company could bring undivided attention and personal service.  In weighing the decision to change your management firm, the client needs to consider what their needs are.  A list of needs can be used in comparison with what is proposed by the various management companies.  Requests for proposals should be sent to the same size firms to compare apples to apples.  Be candid in your request for a proposal and give as much information as possible to the marketing representative so that they can tailor their proposal to meet your specific needs.  Rather than focusing on price, the hard questions that clients need to be asking are:

  • Who will be assigned to my account, what is their experience, education, training, strengths and weaknesses?
  • How many accounts are they handling?
  • Do they have the skills I need to manage my account?
  • Do they have the resources they need to provide adequate management coverage in case of unexpected circumstances?
  • What services are provided with my management fee?
  • What are considered extra costs?
  • What is the company’s reputation with its existing clients?  Do you have a list of references?

I urge prospective clients to do their homework prior to making their important management decision.  You don’t want to find yourself later down the road having to walk across the street to get your $6 haircut fixed.

For a workshop on the marketing presentation, attend our Property Management Networking Group on Friday, March 19, 2010, 12Noon to 2:00 pm at Lone Star Steakhouse on Carlotta St. in Laguna Hills, Ca.

Esther Denn, CCAM, ARM

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Entry filed under: Marketing. Tags: , .

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3 Comments Add your own

  • 1. William kumpf  |  March 13, 2010 at 3:40 pm

    Do you make your marketing presentation available online. I’m based in NJ,

    Reply
    • 2. Property Manager's Corner  |  March 13, 2010 at 6:38 pm

      Hi William, I will post on the blog the gist of the workshop.

      Reply
    • 3. Property Manager's Corner  |  March 18, 2010 at 10:58 pm

      Hi William, we have lined up a videographer and a podcaster to tape the workshop. Hopefully, we can get it up soon. I encourage you to subscribe to my blog and add the link to your website so we can increase our web traffic.

      Reply

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