When most people think about hospitality, their definition of the term is usually pretty narrow. The word is mostly associated with the treatment and amenities in a hotel, to the extent that some colleges refer to their hospitality major as “Hotel Management”.
But hospitality also applies to services provided to tenants in residential homes as well. At the end of the day, hospitality is about how much effort a property manager goes into in order to take care of their guests. Doing the job at a high level takes knowledge, empathy, and the ability to create a feeling of trust between themselves and the guest.
The connection between property management and hospitality are clear as day. Since property managers work in the same environments where their residents live, they have the opportunity to interact with them on a regular basis and create deeper, more fulfilling relationships.
Building these relationships is not just about making people feel good about their living arrangements. It’s also a good business plan. Incorporating hospitality into property management helps cultivate a positive reputation for the manager or landlord, which helps increase retention rates for tenants and makes the property more appealing to those looking for a new home.
A hospitality-centered approach is a mutually beneficial solution that encourages tenants and managers to think about the big picture as much as possible. How you deal with tangible problems will be at the forefront of every residents’ mind, but they will also remember how you treated them when it comes time to renew their lease or move on. Going the extra mile for folks pays off in the long run.
Modern technology makes it easier than ever to make connections, and all managers should be aware of the latest trends and apps. One such platform that helps drive conversation between managers and tenants is Piñata. It is an app-based startup platform, with a hospitality-focused approach to bettering relations between renters and property managers in the name of community. Users gain access to a rewards program that incentivizes renters to pay their rent on time. There is also a marketplace with discounts and cashback offers, and a credit building program that reports to Experian, Equifax and TransUnion.
“Property management has always been a service-based industry, and we’re starting to see a shift to including hospitality and amenity-focused services. Many property management companies try to provide some level of this, but it’s difficult to maintain deals at every store and administer a regular program for all renters,” said Lily Liu, co-founder and CEO of Piñata.
The demand and need for rental housing is not shrinking anytime soon. Every property manager and investor working in the space must think about the best ways to keep their properties filled with people happy to be there. Hospitality is the surest way to find the best solutions, and those who learn how to leverage technology first will have an advantage in the near future.