How can you satisfy tenants and investors?

Always interview management firms before appointing them to manage your rental portfolio. All firms are not the same. Their true skillset is in how they deal with adversity in tenancy voids and how well they can use initiative rather than working on instruction alone. Test them on legal knowledge and ensure they are clear on what terms your expect them to work on as an investor, such as not expecting you to be their micromanager. After all you are paying then a portion of your profits - you deserve to call the shots as an investor on the service you expect.

It is naturally difficult to be the bearer of bad news, the sooner property managers get over the shyness of doing that, they will find themselves in a much better position to then take corrective actions. If there is a requirement for maintenance or an asset about to fail or just failed. Communicate immediately and clearly.

By prioritizing clear communication, proactive maintenance, personalized tenant experiences, financial management, and embracing technology, we successfully satisfy the diverse needs of both tenants and investors. This balance ensures not only the success of the current property but also paves the way for sustained success and growth.

I think one thing a lot of management companies find themselves immersed in when managing is “people pleasing”. However, sometimes pleasing people momentarily leads to bigger problems later. Be honest with your landlords and do not promise them larger than life returns on their investment knowing full well that with the income come many expenses and sometimes some unforeseen. Honesty goes a long way sometimes in retention of business when the economy turns. Set up a “good tenant” incentive program if they follow certain procedures and general Maintenance on their properties. Incentives and recognition go a Long way in keeping tenants happy and this also helps keep the properties in good condition.

Communication between tenants and landlords or investors is very important. Whether the matter is intended to be discussed between them, positive or negative. The main goal is to solve the problem that may often be in the interest of the property. I am very surprised by some real estate departments when they ignore calls or mail from tenants, which may be for maintenance or complaints. Here we have lost the most important law in real estate management, which is continuous communication and listening to tenants to create a special relationship with them and also to hear them about any matter that may affect your property.

Related to above keep communicating, whatever you feel will add more value. Don't shy away from capital expenses, as that is clearly the investors call. Give them full and complete picture and let them decide. If asked for recommendation always be conservative.

To keep tenants and investors happy as a property manager: 1. Tenants: - Be responsive and helpful. - Maintain the property well. - Offer great amenities and flexibility. - Keep them safe and engaged. - Embrace sustainability. 2. Investors: - Maximize property profits. - Maintain and report property value. - Manage costs wisely. - Minimize risks and comply with regulations. Satisfying both tenants and investors is key to success.

The best resident retention is employee satisfaction. If your employees feel valued-by praise, listened to by upper management-as well as reasonable compensation, they will gladly take care of the residents and the community. The Property Manager and Maintenance Tech should be empathetic and patient as well. Those are qualities that cannot be taught.

An investment on a property / real estate deal should be one of the easiest asset classes to ensure a steady and safe return. To ensure this is the case, an investment strategy for property should always involve purchasing at at least 18% below market value. This allows for fluctuations in market cycles and results in higher annual rental yields. In cases of rental yields becoming unachievable due to sustained tenancy voids, an investor may force change of use of the asset or flip the property for an exit to cover any short term financial losses. The key factor to enjoy real estate investing is always to ensure you have a below market value purchase. Sourcing this is a different conversation but a skillset I have harnessed since 2004.