Any successful company, partnership, team or relationship will display excellent communication skills. Failing to communicate at a high level will present large-scale issues detrimental to the goal at hand.
The goal of any property management company should be to increase the ROI (Return on Investment) of the property they manage and make sure it stays in excellent condition.
In this blog, we'll discuss why communication between a property owner, property management and the tenant is critical when accomplishing investment property goals.
Preventing Major Repairs
When preventing major repairs, it's important for the tenant and property management to display great communication. For example, if the tenant notices a leak under the kitchen sink, no matter how large or small, it's important to contact property management. Thinking it's no big deal and having an "out of sight, out of mind" mindset can cause a much bigger issue. As we all know, sitting water results in one thing... MOLD. All of a sudden you went from a simple maintenance repair to a costly mold removal process in addition to a repair. Costly repairs reduce the cash flow going into the homeowner's pocket, which we always want to prevent.
Updates/Construction Occurring in Home
Investment property owners sometimes want to make improvements to their home while a tenant is living in it:
- Front/Garage Door
When the updates are completed, the tenant will have a better living environment and the homeowner has increased the home's value.
But keep in mind that communication during renovations must be superb. The homeowner needs to relay the information to property management or directly to the tenant.
- What days will the renovations be taking place?
- Who can the tenants expect on what day?
- What time will they be arriving?
Something you don't want is the tenant to be taking a shower while the construction company is trying to gain access to the home. It creates an uncomfortable situation. An unnecessary scrambling from all parties involved. Good communication can make the experience seamless for everyone involved.
Property inspections are an essential part of making sure an investment property owner's home is in tip-top shape. In this scenario, you MUST give the tenants notice.
Your tenants are entitled to at least 24 hours’ notice, and the length, purpose and timing of the inspection must be reasonable. And although some law enforcement agencies have advocated performing property inspections as frequently as every four to six weeks, the general consensus is that (in addition to the “Move-In” and “Move-Out” inspections) you should have your rental property inspected every three to six months.
Reed Property Management
Reed Property Management has a proven track record of exhibiting excellent communication skills when working with property owners and tenants. This puts everyone's mind at ease throughout the entire process.
Things such as repairs, renovations and property inspections are inevitable. But having a property management company in your corner that has your best interest at heart makes everything significantly easier! We'd love to increase the ROI of your investment property, contact us today!