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Creating Excellence in Owner Relations: The CRM Model. Presented by: Paul Herman, Tom Leddy and Linda Hess. What is “CRM”. Customer Relationship Management Becoming a common and important concept in many industries Beyond mere ‘Contact Management’

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Creating excellence in owner relations the crm model l.jpg

Creating Excellence in Owner Relations:The CRM Model

Presented by:

Paul Herman, Tom Leddy

and Linda Hess


What is crm l.jpg

What is “CRM”

  • Customer Relationship Management

  • Becoming a common and important concept in many industries

  • Beyond mere ‘Contact Management’

  • Many industries have CRM software to help sales process, on-going service, and even accounting


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How Does CRM Fit in the Vacation Home Rental World

  • Our industry actually has 2 major customers

    • Both owners and guests

  • We need some quantity of both to thrive

  • Customers can choose to go elsewhere

  • The happier our customers are, the more likely they are to stay or come back


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How Do You Rank Your Customers?

  • Is your owner your primary customer

    • Or

  • Is your guest your primary customer

  • You can’t have 2 primary customers

  • In some states, agency defines this relationship


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Today We’re Talking About Owners

  • Whether the owner is your primary or secondary customer, he is still you customer and you can manage your relationship with him!


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Define Relationship

  • Relationship:

    • The state of being related by kindred, affinity, or other alliance.

      • Webster’s Revised Unabridged Dictionary


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Value of CRM

  • Gain more control in interaction with customers

  • Manage expectations better

  • Understand what customers really want

  • Provide products that better serve customers

  • Increase trust and loyalty

  • Competitive advantage


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A Working Definition…

  • “The Plan and Practice of managing the lifetime relationship with your customer.”

    • “The Plan”: Every successful endeavor requires proper planning. Successful CRM rarely happens by chance. Many organizations jump to implementation w/o proper planning.


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  • “The Plan and Practice of managing the lifetime relationship with your customer.”

    • “The Practice”: Systematic implementation of your plans. Should produce measurable results. Should be evaluated and refined over time.


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  • “The Plan and Practice of managing the lifetime relationship with your customer.”

    • “Lifetime Relationship”: The relationship needs to be actively managed from the day they enter your program until the day that they leave (and perhaps beyond).


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A Few Basic CRM Concepts…

  • Touch Points

    • Each time your company interacts with a customer is a touch point.

    • Can we name a few?

    • Are they planned? Managed? Documented?

    • Are all “touchers” properly trained? Enroll your complete staff in the vision.

    • Any way to increase the effectiveness of the touch?

    • Any way to increase the number of touches?


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Owner Touch Points

  • Renter who purchases property

  • Original purchase of property

  • Rental listing

  • Any owner stays in property

  • Every month’s owner statement

  • Newsletters

  • Owner get-togethers

  • Any phone call – positive or negative

  • Any marketing information that the owner may see – including web site


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Listing New Owners

  • Walk them through the process

  • Create realistic expectations

  • Provide written package of information

  • Have face to face meeting (at home)

  • Answer all questions, follow up

  • Introduce them to staff members

  • Be courteous, polite and professional


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A Few Basic CRM Concepts…

  • Market Segmentation

    • Do you treat all of your customers the same?

    • Are they?

    • Consider the difference between an owner that has one 1970’s motif 2 bedroom condo and an owner that has 3 8 bedroom oceanfront homes

      • We shouldn’t treat the condo owner badly, they are in your program for a reason (right?)

      • We should realize that the OF home owner deserves the best that we can offer.


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Market Segmentation Examples

  • Saks Fifth Avenue

    • High value customers ($2000/yr) are routed to special CSR’s.

    • The calls are routed such that a high value customer is connected to a CSR in one second or less.

  • Could we coin a new acronym here:

    • HVO – High Value Owner?


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What Type of Owner

  • First-time owner

  • Experienced owner

  • Multiple properties

  • Good business sense

  • No business sense

  • Hands-on

  • Hands-off


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What is a Vacation Home

  • Investment

    • Revenue and occupancy are most important

  • Second home

    • Nice and homey

  • Little touch of heaven

    • Rest of life just in anticipation of next visit


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What does your owner relationship include

  • You manage his property

  • You rent his property

  • You provide services to his guest

  • You provide ancillary services for his home

  • The more you know about him the better he feels about the relationship


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Important Relationship Items

  • Good communication

    • Regular out-going communication

    • Easy access to correct people in-coming

  • Recognition

    • More is better, not easy for newer staff

  • Respect

    • VIP treatment in some fashion

    • Reasonable deference from all staff

  • Consistency of actions

  • Good follow-through on problems or research


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Why did he choose you in the first place

  • Most established company

  • Oldest company

  • Start-up company with lowest fee structure

  • Personal relationship or referral

  • Yellow pages

  • Saw your sign driving by

  • Bought the home from you


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All Owners Want

  • To trust you with his property/asset

  • To receive timely communication

  • To receive timely revenue checks and documentation

  • To arrive at your office and be recognized

  • To call your office, be recognized and treated with respect

  • To get quick, accurate answers to his questions

  • To arrive at his home and have it perfect


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Many Owners Want

  • To be self-sufficient

  • Have more control

  • Direct access

    • Direct owners’ 800 number

    • On-line access to specific information

  • New capabilities available elsewhere

    • Direct deposit funds


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Some Owners Want

  • To exchange Christmas cards

  • To make you Godparents of their kids

  • To have dinner with you every time they come to visit

    • Or

  • To be totally invisible

  • To be left alone


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Property Management System

Current address and contact information

All financial information from properties

Current and past maintenance history

Take full advantage of capabilities

Newsletters

Email or regular mail

E-alert

Disaster information

Weather

- Pre-arrival

Owner Surveys

Do them, and publish the results

Web site

General site containing items of owner interest

Owner-specific site

Access to owners’ statement and work order history

Owners’ 800 number direct to liaison

Owner agent/representative

Guest Surveys

Allow them to hear directly from guests

Tools to Help Manage the Relationship


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Owner Retention

  • You want to keep your owners in the program

  • It is always less expensive to do more business with existing customers than to get new customers

  • You invest in each owner through your web site, photographs, brochures, correspondence, etc.

  • Encourage and listen to feedback; thank them


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Owner Services

  • Basic maintenance

  • Cleaning

  • Marketing for rental guests

  • Handling finances

    • Rental income

    • Bill paying

  • Educational opportunities

  • Knowledge of market, trends, etc.


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Developing Loyalty/The Extra Mile

  • Open house/party annually

  • Owner/guest events: weekly welcome party; holiday activities

  • Owner’s fair w/vendors, staff, community

  • Educational seminars: investing, upgrading, etc.

  • Gifts: welcome basket, logo items, cards

    --Trade w/local golf, restaurant, etc.

  • Perks: discount club

  • Rewards: add on services to reward action

  • Select owners: priority bookings, bonus services, etc.


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The Other Side of CRM

  • Some owners should be let go

  • They are too demanding

  • Take up too much time and provide too little profit

  • You can only know this if you measure it


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Competitive Advantage

  • The closer your customers feel to you, the better customers they will be

  • Better customers spend more money

  • Better customers complain less often

  • Better customers are more understanding when things go wrong


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Your Thoughts?


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