Communication is an important part of King County property management because it has a direct impact on your tenant retention, your maintenance expenses, and the way you track and document your income and expenses. Communication touches nearly every part of leasing, managing, and maintaining your rental property.
It’s important to realize how critical good communication is to the effective management of your property and your ability to earn more and spend less on your property.
Good Communication Inspires Tenant Retention
Residents expect and need clear, accurate, and responsive communication from their landlords or their property managers. If you ignore calls and messages from your residents, you’re going to lose them. No one wants to feel like their issues don’t matter, so be responsive to their needs, whether it’s a maintenance request or a simple question about how to deal with the utility companies.
With good communication, you can be a resource to your residents. When you keep in touch with them, you’re letting them know that you care about their rental experience. They shouldn’t only hear from you when rent is late or when you’re trying to schedule an inspection. Thank them every time they pay on time. Communicate your appreciation that they’re taking good care of the property. Check in once in a while to see if there’s anything they need. This will help you keep your tenants in the long term, which is good for your ROI. When tenants renew their lease agreements, you have fewer vacancy, maintenance, and turnover costs.
Good Communication Eliminates Disputes and Conflicts
You’ll have the opportunity to communicate with your residents before they even move into the property. Don’t leave your new residents to interpret the lease agreement and your expectations all on their own. How can you be sure they’ll actually check the rent collection policy so they know when rent is due? How can you be sure they’ll understand what they’re responsible for maintaining versus what you’ll take care of?
When you communicate and explain some of the most important parts of the lease agreement to your residents, everyone will be on the same page and aware of what the expectations and responsibilities are.
King County Property Management Technology Improves Communication
Our team invests heavily in technology and one of the reasons for that is we value communication. The right technology can help owners communicate better with their tenants. If you’re using a professional property management company, you’ll have access to accounting software and online portals, which will help your property manager communicate efficiently and effectively with both residents and owners.
If you are managing on your own, you may not have the resources to invest in sophisticated property management software. But, you can still help your bottom line by making yourself available to tenants, vendors, and other community partners online and through platforms such as social media. Be willing to meet people where they are. Increasing your ROI requires creativity and innovation.
We have some more ideas on how to communicate better as a landlord. If you’d like to talk about these important issues, please contact us at Real Estate Gladiators.