One of the most important relationships a landlord can have is with their property management company. This is why choosing a group that is personally a good fit for you is so important. You will be working closely together, needing to build trust, and the willingness to be completely transparent with one another as decisions arise.
Though this is your investment, being able to rely on the management company’s expertise is essential. A healthy relationship between these two parties is imperative to keeping everything functioning well.
Here are a few things keep in mind to maintain a positive relationship with your property management company:
1. Communication is Key - Good communication is essential to any relationship, but it's imperative in this case. Property owners should keep their management company updated on any changes or plans for the property. This information could include anything from upcoming renovations to shifts in the rental market. Management companies should also keep owners informed of any problems or issues that arise. By staying connected, both parties can avoid misunderstandings and potential problems down the road. Establish a timetable for regular contact with one another. This communication could involve regular in-person meetings once a month or every three months, online conversations, or phone calls.
2. Define Roles Clearly - Clearly defined roles can build a strong partnership. The duties of the management business should be discussed and agreed upon before forming a coalition. The typical tasks include leasing, managing renters, handling all tenant communications, collecting and enforcing rent, managing maintenance and repairs, and accounting. Owners and management may collaborate to establish a budget and long-term property plan and approve key projects and costs.
3. Trust is Important - A good relationship is built on trust. Property owners need to trust that their management company will take care of their investment and do everything they can to protect it. In turn, management companies need to trust that owners will be honest about their property and any changes they plan to make. Without trust, it's challenging to have a successful relationship.
4. Respect Each Other's Time - Both property owners and management companies are busy, so it's important to appreciate each other's time. This awareness means not making last-minute changes or requests and understanding if there is a delay in communication. By respecting each other's schedules, both parties can avoid frustration and wasted time.
5. Be Transparent - Transparency is fundamental in any relationship, especially when money is involved. Property owners should be clear about their expectations for rent prices and how often they plan to raise them. Management companies should be upfront about fees and how they plan to use the owner's money. By being transparent, both parties can avoid misunderstandings and potential financial problems.
6. Be Responsive - When an owner contacts their management company, they expect a quick response. This expectation doesn't mean that every problem needs fixing immediately, but it does mean that managers should return calls and emails promptly. Property owners should return the same courtesy. By being responsive, owners will feel like their concerns will be taken seriously and that their property is in good hands.
7. Be Proactive - Besides being responsive, managers should also be enterprising with a take-charge attitude. They should keep an eye on minor problems before they become big ones and update owners on any changes or issues that could affect their property. By being proactive, managers can avoid surprises and build trust with their owners. Landlords should also appreciate the property manager's dedication to their real estate investment.
8. Be Honest - Honesty is essential in any relationship, but it's necessary in this case. Owners must trust that their management company is open about the property's condition and any changes being made to it. If there is a problem with the property, managers should let the owner know as soon as possible so they can fix it.
9. Have Realistic Expectations - It's important to have realistic expectations in any relationship, especially regarding business. Property owners should understand that their management company can only do so much and that there will always be some issues that emerge out of nowhere. Management companies should also know that owners expect them to take care of their investments and handle any problems that may occur. By having realistic expectations, both parties can avoid frustration and disappointment. Once a property owner selects a reputable property management company and is confident that they comprehend its operating procedures and the contract terms, they must trust the process.
By following these tips, property managers and owners can maintain a beneficial relationship and provide each other with the best possible service.
