How do you define “quality” in property management? Pick from the list below:

  • A: Luxurious
  • B: Recently built with good finish
  • C: Clean, efficient, safe, secure
  • D: Meets customer expectations
  • E: Other

The widely accepted business definition of “quality” is D, the extent to which your product or service meets the expectations of its intended customers. Quality is the gap between what your customers expect and what you offer.

 

What is a High Quality Property?

Is your Class A property higher quality than the Class C property across the street? The answer depends on who your customer is! Different customers expect different features at different price points. Some expect concierge service, while others expect a roof that does not leak.

By this definition, Class A properties aren’t necessarily higher in quality than Class C properties. Nor is a modern New York penthouse overlooking Central Park higher quality than a manufactured housing community. Why? Because you have to first ask …

  1. Who the intended customer is for this property, and …
  2. What does the customer expect?
 
 
 
 
 

Quality is the gap between what your customers expect and what you offer. Your job is to close that gap.

 
 
 
 
 
 
 
 

Start by deciding who your customer is and then learn what they expect from you

 
 
 

In your quest to build “systems” that consistently deliver “the right” customer experience, start by learning what experience your customers expect. Then define your processes, your training programs and your rewards program so that they deliver on those expectations.

Quality Gap in Your Property Management System

Think about your property managers, your maintenance staff, your leasing agents, your collections team. Are they part of a system that has been deliberately designed to address the needs expectations of your customers?
 

Measuring Quality in Property Management

Quality is the gap between what your customers expect and what you provide.

A simple way to evaluate the quality of your properties is use the framework below:

Feature What Customer Expects What You Provide Gap

     
Safety, Security      
Staff courteousness, availability      
Responsiveness to service Requests      
Billing accuracy      
Sense of community      
Cleanliness      
Location      
Unit size, layout      
Amenities      
Rent      
Age of appliances      
Age of Unit      
Other      

 

Systematize Your Property Management Business

My goal is to help you “systematize” your property management business. The articles serve as building blocks for creating repeatable processes and high-performing teams. The concept of defining quality as “the gap between what your customers expect and what you offer” is fundamental and will come up throughout the content on this site.