Why Communication Is Key to Maximizing Your ROI on Your Property

Why Communication Is Key to Maximizing Your ROI on Your Property - Article Banner

Our company is committed to responsive communication, and that’s because we hear a lot of complaints from owners, tenants, and even vendors about the lack of communication that’s found with other property managers.

With all of the methods of communication available to us today, shoddy communication is simply unnecessary. Not only is it part of building trust and developing a positive working relationship, it also impacts your ROI.

What you earn is directly related to communication.

For example, if a tenant tries to report a leak at your rental property and your management company is slow to get back to them, that simple leak can quickly become an expensive plumbing disaster that may even lead to mold and property damage.

Here’s another example. If your property is listed for rent and there’s a delay in responding to prospective tenants who call with questions or showing requests, you’ll have a longer vacancy period. That means less rental income.

We prioritize communication because it’s the right thing to do.

We’re also proactive about it because we know it affects your bottom line.

Here’s how communication can make a difference.

Better Communication Leads to More Efficient Management

You can’t earn any money on your East Valley rental property if things aren’t happening. You need to know your vacant property is being aggressively marketed. You need to know tenants are being carefully screened. You need to know rent is coming in on time, the lease agreement is being enforced, and preventative maintenance is helping you avoid expensive emergency repairs.

Communication drives all these things, and it also lets you know that your investment is in good hands.

Bad communication wastes time and resources.

It’s hard to put a price tag on what you lose when time is wasted and communication is lacking, but you can feel it when those monthly statements roll in or you have to deal with tenant turnover or high repair bills. If you’re paying to repair the same appliance month after month in your rental home, it means that something is being missed. Why hasn’t that appliance simply been replaced? Why hasn’t your property manager made the recommendation?

When communication is lacking, you’re missing deadlines, you’re spending more time on maintenance projects than you expected, you’re waiting for deals to close because someone was confused about what someone else meant. It’s an endless, frustrating cycle that doesn’t contribute to your ROI. In fact, it drains what you earn because of all the waste.

Good communication contributes to productive and efficient management. A management team committed to communication protects your time and your resources. We help our owners earn back their time and prioritize what they need to do to take those further steps towards investment success.

Property Management Is a Partnership

Smart investors choose to work with a Mesa property management company in order to improve the performance of their investment properties.

This requires communication.

Property management is a partnership, and we understand the importance of talking with our investors early and often. These aren’t conversations about rental collections and toilet troubles. We’re talking with you about your investment goals and the best path forward in achieving them.

It’s important to adopt both informal communication and a formal process of sharing information. For example, monthly accounting statements are part of our consistent communication plan. We keep your owner portal updated to ensure you have access to any information you need.

We’re also willing to answer the phone and respond to messages outside of those routine communications. Our input, feedback, and recommendations help you make better investment decisions. That leads to more money. Ask us about the market and how we can leverage rental values, population changes, and tenant demands.

When your property management partners are interested in your success, you’ll grow your portfolio’s size and value. This is what we mean when we say communication impacts your ROI. You can’t move forward when you’re not getting good information from your management partners

Why bother working with professionals who can’t help you make good decisions? Our experience, insight, and professional connections and networks can lead you down a better and more profitable investment path. We want to help you grow your business and your portfolio, and to do that, we need to talk.

Our consistent communication helps you make more profitable decisions by holding ourselves accountable to your expectations and our promises. We are dedicated to building trust and nurturing a relationship with you that leads to more successful outcomes.

Honest conversations are important in making the right decisions. You’re not going to earn more money when you have people telling you what you want to hear all the time. Surround yourself with experts who are ready to have difficult conversations when necessary.

Good Tenant Communication Increases What You Earn

Positive and productive tenant relationships require responsive communication. Your managers must be available and accessible - not only to your current tenants - but also to your prospective tenants.

Establishing and maintaining good relationships with your tenants is crucial to your ability to attract and retain good residents. Tenant placement and retention contributes directly to your ROI.

You never want to lose tenants because of a lack of communication from your management team.

Property managers serve as your tenant liaisons. You don’t have to develop relationships with those residents because your management company is doing it for you. We will take care of the maintenance requests, the lease renewals, the conflicts, and the disputes over security deposits. We will follow up with late rent and we will be here to answer the phone if there’s an emergency.

Property managers take care of the communication and the entire relationship. We make sure we’re doing everything we can on the tenant side to earn you more money. We’ll ask if tenants are having a good rental experience. We’ll respond promptly to maintenance requests. We’ll establish and enforce policies pertaining to rent collection, maintenance reporting, and pets.

You won’t be completely left out. We’ll share the good news and the challenging news. You can expect us to reach out when:

  • We need to evict a tenant.

  • A lease is broken.

  • We successfully renewed a lease agreement.

  • A tenant requests an upgrade or an update that you’ll need to approve.

  • Maintenance issues are reported.

We’ll make sure you’re in the loop, but it won’t be up to you to chase down late rent or manage a dispute between neighbors. That’s where our communication skills are put to your best use.

The way your property manager communicates with tenants will establish how easily you can count on timely rental payments and lease renewals. Think about how this impacts your ROI when you’re hiring a management partner. Before residents move in, make sure you ask your property manager about what will be discussed and shared with the tenants. You want to be sure they’re going over the lease requirements, particularly rent collection policies and what to do in case of an emergency.

Property managers and tenants should talk to each other throughout the tenancy, and while you don’t need to be informed every time that happens, you do want to know when there’s something going on that affects your property and its performance.

How Can You Communicate Better?

We set the expectations and manage the communication plans, but there’s a role for you, too.

Your main job will be to communicate openly and honestly with your management team. You should expect to discuss your investment goals, talk about your plans for the property, and listen to the advice you’re given about pricing, upgrades, and maintenance. Share all of your expectations early so you can be sure everyone is on the same page.

We invite you to have informal conversations as well as follow formal communication protocols. It can make a big difference in how your property performs. The relationship you establish with your management team is important to your growth and your ROI. We’ll check in with you whenever you want - and we’ll make sure our conversations are productive and meaningful.

Make sure your property managers have all of your correct and current contact information. This might seem obvious, but you’d be surprised at how often owners and investors forget to update management partners with new phone numbers, email addresses, and physical addresses.

We will be careful and protective of that information. If we need to reach you during an emergency, you aren’t going to want us scrambling to find you.

Before you hire a management company, talk about what you need from them in terms of communication.

Technology Enhances Communication and ROI

We love technology, especially when it comes to communicating. Our advice is to leverage the technology that’s available to you. A good property manager will provide an online portal for owners, where you can stay up to date with everything happening at your property, and you’ll be able to communicate electronically from anywhere in the world and at any time.

Personal communication has no equal. Those quick phone calls, in-person meetings, and general run-ins are invaluable. However, you should leverage the tech that’s growing so rapidly in the property management field, and let it do its job towards earning you more money.

Would you like to hear more about our communication strategies? Please contact us at TCT Property Management Services. We manage homes throughout the East Valley, including Mesa, Gilbert, Chandler, Scottsdale, and Phoenix.