Maximizing your return on investment (ROI) is more than rental values, upgrades, and good tenants.
Communication also makes an impact on what you earn with your investment property, and many owners take it for granted. A successful rental property owner knows how to communicate well with diverse audiences of tenants, vendors, and property managers.
Communicating with Portland Residents
Responsive owners earn more on their investments. They face fewer vacancy and turnover costs and they’re notified right away when there’s a maintenance issue that could move from simple to expensive very quickly.
The way you communicate with tenants will establish how your relationship is managed. If you’re confrontational and adversarial, your tenants won’t be easy to work with. If you’re professional and respectful, you can expect a pleasant tenancy. Before residents move in, make sure you have a conversation about the requirements of the lease agreement and the things you expect from them. Talk about your rent collection policy and how to request repairs and what action should be taken if there’s an emergency.
Landlords and tenants should talk to each other throughout the tenancy. Don’t wait until there’s a problem. Check in from time to time and be accessible. Follow up on any maintenance work that’s been completed. Make sure you’re set up to communicate in whatever way they’re most comfortable. Some people like phone calls. Younger tenants tend to prefer text and instant messaging. Being available increases your ROI because tenants are more likely to renew their lease agreements and stay in place, allowing you to avoid turnover and vacancy expenses.
Communicating with Portland Vendors and Contractors
Having good relationships in place with vendors and contractors will increase your ROI because you’ll get help as soon as you need it, and you’ll also be able to access their most competitive pricing. When you’re in the middle of a cold snap and a tenant reports that the heating isn’t working, you want to know your Heating Ventilation Air Conditioning (HVAC) contractor is going to help you right away. When you have a good relationship in place and you communicate well with each other, your property will be a priority. This protects your asset and keeps your tenants happy.
Communicating with Portland Property Managers
If you’re working with a professional Portland property management company, you won’t have to worry so much about communicating with tenants or with vendors. Your property manager will take care of that for you, and the communication will be handled with expertise and professionalism.
In this case, your main job will be to communicate openly and honestly with your management team. You’ll need 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.
Smart investors know that working with a professional property manager provides better communication and higher ROI. You’ll have access to an online portal, 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.
If you’d like to talk more about communication and our commitment to responsiveness, please contact us at Performance Properties. We can help you with all your Portland property management needs.