Communication is critical to the effective management of your Southwest Michigan rental property. When you’re looking for a management company, make sure you get an idea of how they will communicate with you.
It’s also important to know how they communicate with tenants. One of the reasons you hire a professional property manager is so that someone is managing the tenant relationship and enforcing the lease. Property managers and tenants need to communicate well for a number of reasons.
Good Communication Ensures On-Time Rent Payments
The timely payment of rent has a direct impact on your cash flow and your ROI. Everything pertaining to rent collection must be included in your lease agreement, and you need a property manager who enforces a consistent rent collection policy. When your tenants are able to communicate well with your property manager, rent will be paid on time every month. Tenants will likely have access to online rental payments, and they’ll respond immediately to the property manager if they fall behind. A good management company will know how to talk to tenants about the importance of on-time rental payments, and demonstrate a record of timely rental collection and disbursements.
Good Communication Leads to Better Maintenance
It’s impossible for your property manager to maintain your investment property if they don’t communicate well with your tenants. The tenants are living in the home; they’re going to be the people who notice water leaks, broken appliances, and issues with roofs, flooring, and heating and cooling systems. Property managers need to be responsive and proactive when it comes to maintenance and tenant communication.
For routine maintenance, your property manager should have a system for tenants to report necessary repairs. Online maintenance requests are useful because they’re convenient for the tenants and they provide a documented record of the work that’s been done on your property. For emergency maintenance, tenants must have a way to get in touch with your property managers immediately. That might be a 24/7 maintenance hotline or a cell phone number. Make sure your property manager is prepared for these calls.
Tenant Retention Saves Money
A good relationship between your tenants and your property managers will lead to better tenant retention. When you’re able to retain great tenants, your turnover and vacancy costs will be lower. Property managers who are responsive, proactive, and willing to make an effort with your tenants will develop better relationships, leading your tenants to want to stay in your home. A good property manager will know how to enforce a lease and inspect your home without violating a tenant’s privacy. A good property manager will talk to your tenant about the market and know how to propose a reasonable rental increase without chasing the tenant away. You should expect a manager who communicates about pets, maintenance, rent, and everything else that’s involved in the management of your home.
When you’re looking for a property management company, look for one that excels at managing tenant relationships and communicating well with everyone; owners, tenants, vendors, and other professionals. Tenants will expect this, and you should too.
We’d love to tell you about our communication strategies. Contact us today at Real Property Management Southwest Michigan.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
