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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

Creating Excellence in Owner Relations:The CRM Model

Presented by:

Paul Herman, Tom Leddy

and Linda Hess

what is crm
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
how does crm fit in the vacation home rental world
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
how do you rank your customers
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
today we re talking about owners
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!
define relationship
Define Relationship
  • Relationship:
    • The state of being related by kindred, affinity, or other alliance.
      • Webster’s Revised Unabridged Dictionary
value of crm
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
a working definition
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.
“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.
“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).
a few basic crm concepts
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?
owner touch points
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
listing new owners
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
a few basic crm concepts14
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.
market segmentation examples
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?
what type of owner
What Type of Owner
  • First-time owner
  • Experienced owner
  • Multiple properties
  • Good business sense
  • No business sense
  • Hands-on
  • Hands-off
what is a vacation home
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
what does your owner relationship include
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
important relationship items
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
why did he choose you in the first place
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
all owners want
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
many owners want
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
some owners want
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
tools to help manage the relationship
Property Management System

Current address and contact information

All financial information from properties

Current and past maintenance history

Take full advantage of capabilities


Email or regular mail


Disaster information


- 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
owner retention
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
owner services
Owner Services
  • Basic maintenance
  • Cleaning
  • Marketing for rental guests
  • Handling finances
    • Rental income
    • Bill paying
  • Educational opportunities
  • Knowledge of market, trends, etc.
developing loyalty the extra mile
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.
the other side of crm
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
competitive advantage
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