Taking on an investment property can be a daunting task, especially when turning it into one that will house tenants. Managing a property takes a lot of work and constant communication with residents.
Ensuring that your property makes a consistent return on investment takes strong planning and an open channel of communication. Property owners should know that tenants are their lifeblood and working with them to provide the best possible service benefits both sides.
Managing a property is equal parts work and listening. We can help bridge that gap to benefit both you and your tenants.
A Face to the Name
It’s important to always be available when your clients need you most. Having clear office hours with someone always available to either answer a phone call or in-person requests allows you to quickly address any issues. Providing a public face conveys trust and builds a rapport that leads to future business down the road. The bottom line is: never underestimate the power of fixing even the smallest issue.
Just the Facts
On that same note, never underestimate the power of a simple answer. Be sure to provide proper resources for tenants with common questions. A frequently asked questions (FAQ) page goes a long way in settling common problems and is another way of building trust with residents.
Know the ins and outs of the building and any known issues. Be sure to also work with new people as soon as they become residents. People enjoy feeling appreciated and listened to, especially when it comes to issues about their home.
The Power of Information
Always be ready to rectify a situation by listening to what your tenants have to say. Hold events where they can congregate, share issues and socialize. Fostering a neighborhood environment builds connections that keep tenants happy and willing to stay.
Information is power when it comes to property management. Efforts like monthly newsletters and a properly updated website will give residents a resource they can constantly refer to when issues arise and will keep them abreast of happenings around the property.
Managing a building goes deeper than signing leases and collecting rent checks. Pleasing customers is a huge part of the equation and working with them not only upholds their needs, but also helps your profit line.