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How can you use conflict resolution to increase revenue in property management?

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Conflict resolution is a vital skill for property managers, as they often have to deal with disputes between tenants, owners, contractors, and other stakeholders. But did you know that conflict resolution can also help you increase your revenue in property management? In this article, you will learn how to use conflict resolution models and frameworks to improve your communication, negotiation, and customer satisfaction, and how these can lead to more referrals, renewals, and rentals.

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1 Identify the source of conflict

The first step in resolving any conflict is to identify its source and understand the perspectives of the parties involved. You can use the Thomas-Kilmann Conflict Mode Instrument (TKI) to assess your own and others' preferred styles of handling conflict, such as competing, collaborating, compromising, avoiding, or accommodating. By knowing your own and others' styles, you can tailor your approach and avoid escalating the situation.

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Edwin Makhari

Risk and Loss Prevention Leader at Leroy Merlin S.A
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One thing I find it helpful is to determine the root cause of the conflict, whether it's between tenants, with property owners, or among staff members.

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Ravi Varanasi

Investor's Power Partner | Realtor & Property Manager | Expert in Cash Flow, High-ROI Rentals & Asset Protection | Owner at Real Property Management Varanasi. Serving Greater Philly Area!
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In property management, adept conflict resolution not only fosters positive relationships but can significantly boost revenue. Addressing tenant concerns promptly ensures tenant satisfaction, reducing turnover and vacancy periods. Proactive communication and fair dispute resolutions enhance the property's reputation, attracting more tenants. Satisfied tenants are more likely to renew leases, contributing to a stable income stream. Efficient conflict resolution creates a positive word-of-mouth effect, attracting new clients. Therefore, embracing conflict resolution as a revenue-boosting strategy is essential in the property management landscape.

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2 Choose the best strategy

Depending on the source and nature of the conflict, you may need to choose different strategies to resolve it. You can use the Interest-Based Relational (IBR) approach to focus on the underlying needs and interests of the parties, rather than their positions or demands. This can help you find common ground and create win-win solutions. Alternatively, you can use the Circle of Conflict model to identify the specific factors that contribute to the conflict, such as data, relationships, values, interests, or structure. This can help you address the root causes and design appropriate interventions.

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Edwin Makhari

Risk and Loss Prevention Leader at Leroy Merlin S.A
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One must select a conflict resolution strategy based on the nature of the conflict. This could include mediation, negotiation, or arbitration. If the meditation, negotiation, or arbitration is disregarded the following could occur: increased conflict, unsatisfactory resolution, wasted time and resources, legal complications and damage to relationships.

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3 Communicate effectively

Communication is key to any successful conflict resolution. You need to listen actively, empathize, and ask open-ended questions to understand the other party's point of view and emotions. You also need to express your own thoughts and feelings clearly, respectfully, and assertively, using "I" statements and avoiding blame or criticism. You can use the Nonviolent Communication (NVC) framework to communicate your observations, feelings, needs, and requests in a constructive and compassionate way.

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Edwin Makhari

Risk and Loss Prevention Leader at Leroy Merlin S.A
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Clearly communicate with all parties involved, ensuring they understand the issues at hand and the proposed resolution to avoid the following possibilities: misunderstandings, increased tension, failure to address underlying issues, unmet expectations, and breakdown of trust.

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4 Negotiate fairly

Negotiation is a common method of resolving conflicts, especially when there are limited resources or competing interests. You need to prepare well, set realistic goals, and establish trust and rapport with the other party. You also need to be flexible, creative, and willing to compromise. You can use the Principled Negotiation model to negotiate based on objective criteria, mutual benefit, and fair standards, rather than power or pressure. This can help you achieve lasting and satisfactory outcomes for both sides.

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Edwin Makhari

Risk and Loss Prevention Leader at Leroy Merlin S.A
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Be fair and impartial when negotiating a resolution. consider the needs and perspectives of all parties involved. the parties whose needs and perspectives are disregarded are likely to feel resentful and dissatisfied with the resolution leading to a breakdown in relationships and potentially future conflicts including lack of cooperation, and damage to your reputation.

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5 Follow up and evaluate

After you have resolved a conflict, you need to follow up and evaluate the results. You need to document the agreement, implement the action plan, and monitor the progress. You also need to provide feedback, recognition, and support to the parties involved. You can use the SMART criteria to set specific, measurable, achievable, relevant, and time-bound goals and indicators for the resolution. This can help you ensure accountability, transparency, and improvement.

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Edwin Makhari

Risk and Loss Prevention Leader at Leroy Merlin S.A
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After resolving the conflict, follow up to ensure the resolution is working. Evaluate the effectiveness of the resolution and make adjustments as needed. Recurrence of the conflict is possible, lack of trust, missed opportunities for improvement, decreased morale and Legal consequences possibilities if proper evaluation and follow-up wasn't done.

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6 Increase your revenue

By using conflict resolution models and frameworks, you can improve your communication, negotiation, and customer satisfaction skills as a property manager. This can help you build trust, loyalty, and reputation with your tenants, owners, contractors, and other stakeholders. As a result, you can increase your revenue by generating more referrals, renewals, and rentals, and reducing costs, risks, and turnover. Conflict resolution is not only a way to solve problems, but also a way to create opportunities and value in property management.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you use conflict resolution to increase revenue in property management?

1

2

3

4

5

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1 Identify the source of conflict

2 Choose the best strategy

3 Communicate effectively

4 Negotiate fairly

5 Follow up and evaluate

6 Increase your revenue

7 Here’s what else to consider

Property Management

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How can you use conflict resolution to increase revenue in property management?

1

2

3

4

5

6

7

1 Identify the source of conflict

2 Choose the best strategy

3 Communicate effectively

4 Negotiate fairly

5 Follow up and evaluate

6 Increase your revenue

7 Here’s what else to consider

Property Management

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