TRM: What is it?

May 11, 2022
By
Hococo

Tenant relationship management: The future of rental experiences

There’s a new concept in the rental industry: Tenant relationship management. It’s all about the relationship between tenant and administrators of properties. If you want to know how that works, read on.

Stemming from the concept of Customer Relationship Management (CRM), TRM refers to Tenant Relationship Management. Similar to CRM, TRM means property managers or administrators administer their interactions with their tenants, most often based on data pulled from systems, surveys, general information, etc. That way, managers and administrators use the information they have to provide better service to their tenants and thereby build a more personal relationship with their tenants.

This can create value for the property owner as greater service might result in more loyal and happier tenants, potentially decreasing housing turnover. More loyal and happier tenants are also more likely to give you positive reviews, meaning that you can gain even more loyal tenants.

So how do we see Tenant Relationship Management differ from Customer Relationship Management? For starters, the obvious difference is wording: Tenant versus customer. One could argue that a tenant is also a customer when it comes to businesses getting income from both. But the real reason why we believe the two terms should be separate is the often more personal relationship an administrator or property manager has with a tenant in comparison to a customer and a business.

Providing a service for a tenant is somewhat more personal as the service or product is their home, i.e. where they live the majority of their lives. Therefore, this relationship has to be nurtured a great deal in order for the tenant to be happy with their lease and their home in general. A bad tenant-administrator relationship can thus affect how tenants feel about living in a specific property during their active lease period.

What makes for a great tenant relationship?

Most often, we see that what enables a great tenant relationship is an efficient, professional administration. Or it can at least facilitate the relationship to some degree. This can include the administration excelling in day-to-day activities such as handling inquiries, offering caretaker services, providing professional and personal service, etc. For Hococo’s system, that includes having a ticket system that helps assign tasks to specific colleagues, quickly answering inquiries, etc.

But why is it important for property managers and administrators? Good tenant relationships can be not only profitable but as previously mentioned great business in terms of lowering housing turnover. A great tenant experience can thus build trust and make tenants want to renew their lease with you or even give a review that will lead you to getting even more tenants.

Managing tenant relationships

So now that we have established what makes for a great tenant relationship, let’s dig deeper and look at how a tenant relationship can potentially be managed. We believe efficient and effective tenant administration can enable a more personal yet professional relationship between tenant and administrator. When the relationship is somewhat personal, tenants may be more inclined to provide feedback - hopefully positive or at least constructive - to administrators or voice their opinions. Both feedback and opinions can help solve any issues there might be that hinder an even greater tenant-administrator relationship from forming.

On the Hococo platform, tenants can create tickets to get in contact with the administrator of the property they live in. The ticket will be sorted or categorized and assigned to the right employee. From there, the tenant will be able to have their questions answered. Here, a personal and nice response will be preferable to continually ensure a great relationship. That is just one way the Hococo system helps property managers administer their tenant relationship. If you want to know more, click the link below to book a demo. We’ll guide you through our systems and how it can be incorporated into your property.

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