Episode Details

The American dream no longer represents home ownership. Whether you're looking to rent or buy, everyone wants the same thing: A place they call, "home." Not a house, but a home. There is a difference.

Today, I am talking with Chris Litster, CEO of Buildium, which helps property managers handle properties, leases, tenants, and units. Chris shares how property management firms should focus on customer service, relationships, and reputation.

[06:53] Service Oriented, Relationship Focused: Avoid treating residents, owners, or vendors adversarially, if you want to be a successful property management firm.

[07:43] Millennial and Baby Boomer generations view home ownership as a burden. When things change, personally or professionally, they want to be able to move.

[09:25] One reason to rent is to avoid dealing with and doing maintenance. Time is better spent focusing on other priorities.

[11:19] Multiple generations want technology from property management companies to automate payments, submit maintenance request, and perform other tasks.

[12:04] People demand a strong relationship with their property management "firm." Their moving away from using the term, "Landlord," because of the baggage it brings.

[12:25] Property managers should make their language more friendly and appealing.

[15:50] Property management firms should shift their mindset to be service-oriented and understanding to have stronger relationships and less resident turnover.

[17:40] Property managers have a massive network and influence with owners, tenants, potential residents, and others. They can cause a ripple effect and change the world.

[19:50] Every property manager says they're the only good ones. All others are terrible. A mindset of scarcity has been falsely created in the industry.

[20:50] Low levels of awareness and perception impact a business's ability to grow.

The industry needs collaboration over competition.

[22:41] Buildium believes, knows, and has evidence that service orientation and relationships matter.

[25:38] Core principle and goal of technology is to take care of customers and solve their problems efficiently.

[28:53] Strategic vs. Tactical Timing: Expanding and growing a business takes time and effort. Automating processes gives you time to think strategically.

[30:57] SEO Lottery Addiction: Spending revenue on SEO won't generate ROI.

[37:21] Ladder of Autonomy: Companies that understand their business, customers, message, and differentiator are at the top level and benefit everyone involved.

[38:43] Fundamental Funnel Basics: Brand, pricing, reputation, Website, sales process.

American dream no longer represents home ownership.

Landlord Stereotype: Evil person who collects your rent, but doesn't take care of things.

Low levels of awareness and perception impact a business's ability to grow.

The industry needs collaboration over competition.

Chris Litster's Email Address

Buildium

All Property Management - a Buildium Company

Constant Contact

MailChimp

DGS 3: Buildium's 2015 State of Property Management Report – Part 1

DGS 3: Buildium's 2015 State of Property Management Report – Part 2

National Association of Residential Property Managers (NARPM)

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