Purchasing a rental property can be a lucrative investment, but also comes with countless responsibilities that can get out of hand. Hiring a property manager while maintaining a collaborative and communicative partnership can lead to smoother and more efficient operations and ultimately lead to a more profitable investment. Forging this strong relationship with your property manager is just as important as the relationship with your tenants and can generate an increase in tenant satisfaction.
Detailed Reporting
Regular and detailed reports on your property allow you to stay informed and involved regardless of where you are located. Keeping transparent documents like property performance reports, maintenance requests, occupancy rates, financial statements, and updated local regulations helps keep you both on the same page when making decisions and addressing any concerns.
Proactive Problem Solving
Anticipating any concerns can help you prepare your property and your tenants in the case of an emergency. Whether it be a sprung leak in the middle of the night, or severe property damage due to a storm, as a landlord you want to prepare for the unexpected and talk through possible scenarios with your property manager so that a general course of action is agreed upon.
Open Line of Communication
Ensure that you and your property manager discuss and remain on the same page as to how often they are in touch, the method in which they are in touch, and the information being shared. While it is important to relinquish some control, having that strong sense of communication allows you to remain in the loop and have faith in your property management company to make decisions with your best interest in mind. This line of communication should also include an open door for feedback, questions, and concerns from both directions.
Upfront Expectations
Clearly define your goal and your expectations up front to avoid any miscommunication down the road. This is a long-term partnership and establishing mutual respect and mutual understanding with each other will help both sides align their efforts toward shared objectives. This can include discussing roles and responsibilities, best practices, calls to action in the event of an emergency, etc. When in doubt, ask upfront. This transparency can set the trajectory of the relationship moving forward.
Ensure Legal Compliance and Keep Up to Date on Local Regulations
While most reliable and well-trusted property management companies are on top of legal compliance, this is a critical point that both landlord and property manager should be well-versed in. Keep informed on the local landlord-tenant regulations as these can vary if you have properties in different cities. A professional and trustworthy property manager will be one step ahead of you and keep you up to date on any shifts that may occur.
A successful landlord and property manager partnership is built on communication, trust, and aligned efforts toward the success of your property. By following the above tips, you can foster a collaborative and strong relationship that will benefit both parties and your tenants.