Communication can make or break any relationship. This is especially true when it comes to property management. From tenant repairs and new leases, to recommendations for improving profit margins on your rental – effective communication is key to success.
No one wants to be in the dark; and when they are – things get messy, confusing, and frustrating. Here are three key areas where you want to make sure your property manager has a clearly defined communications procedure.
Tenant Repairs
Tenant retention rates are a vital component to turning your rental into a profitable investment. When a client needs a repair, efficiency goes a long way toward keeping quality tenants in your rental. Your property manager should have an easy to use portal where your tenant can easily make a request, and get a response with a plan for repair quickly. This portal should enable the property manager to assign repair projects to trusted professionals who will perform the work according to your contract.
New Leases
You need to be kept up to speed on your properties and their vacancy rates. A quality property management team will have systems in place to notify you when leases end, and when new leases are signed. Staying on top of this process will help you make informed decisions about your property.
Lease Renewals
If you have a quality tenant in your rental, you’ll want to keep them there as long as possible. Your property manager should have a clearly defined communications procedure in place to notify you when that tenants lease is coming due for renewal. That way, you can make informed decisions on how to keep that well-paying, trusted tenant in your investment property.
A qualified property management team will provide you with as much information as possible to allow you to be as involved or as passive as you would like in managing your investment. Your input matters, and you also need to have a clear view of what’s going on to make an educated decision when reviewing recommendations regarding your rental.
Choosing the right property manager is essential to owning a profitable and successful investment, communication is the key to open that door.
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