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What are the most common communication challenges when working with investors in a larger investment group?

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As a property manager, you may have to deal with different types of investors who have varying expectations, goals, and preferences. This can pose some communication challenges, especially when you work with investors in a larger investment group. In this article, we will explore some of the most common communication challenges and how to overcome them.

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Peter Lohmann

News & insights for property management business owners. Policy > Process > Tech

1 Aligning with the group's vision

One of the first communication challenges is to align your property management strategy with the group's vision and objectives. Different investors may have different reasons for investing in a property, such as cash flow, appreciation, tax benefits, or diversification. You need to understand the group's overall vision and how your property fits into it. You also need to communicate clearly and regularly how you are managing the property to achieve the group's goals and address any concerns or feedback.

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2 Balancing information and transparency

Another communication challenge is to balance the amount and frequency of information you provide to the investors. On one hand, you want to be transparent and accountable, and keep the investors informed about the property's performance, expenses, vacancies, maintenance, and market trends. On the other hand, you don't want to overwhelm or confuse the investors with too much or irrelevant information, or create unnecessary panic or expectations. You need to find the right balance and tailor your communication to the group's preferences and needs. You can use various tools and methods, such as reports, newsletters, emails, calls, or meetings, to communicate effectively and efficiently.

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3 Dealing with conflicts and complaints

A third communication challenge is to deal with any conflicts or complaints that may arise among the investors or between the investors and you. Conflicts and complaints can be caused by various factors, such as disagreements over decisions, expectations, or outcomes, misunderstandings, miscommunication, or dissatisfaction. You need to handle these situations professionally and diplomatically, and try to resolve them as soon as possible. You can use techniques such as active listening, empathizing, clarifying, apologizing, or compromising, to defuse tensions and find solutions. You also need to document and follow up on any issues or actions taken.

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Peter Lohmann

News & insights for property management business owners. Policy > Process > Tech
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Conflict is inevitable in property management. You're in the middle (between the residents and the property owners). So what can you do? You have a fiduciary duty to the property owners (in most states). This means you need to act in their best interests, even if it doesn't benefit your company. This needs to stand above all other decision-making criteria. That said, there is usually a win-win solution in property management; what's good for residents is often good for the property owners too. Talk to all parties involved and see if you can suss out a good solution.

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4 Building trust and rapport

A fourth communication challenge is to build trust and rapport with the investors in a larger investment group. Trust and rapport are essential for a successful and long-term relationship, as they foster confidence, loyalty, and satisfaction. However, building trust and rapport can be difficult when you work with a large and diverse group of investors, who may have different personalities, backgrounds, and experiences. You need to make an effort to get to know the investors, their interests, their preferences, and their communication styles. You also need to demonstrate your competence, credibility, and reliability, by delivering on your promises, being consistent, and being responsive.

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Peter Lohmann

News & insights for property management business owners. Policy > Process > Tech
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Build trust like this: 1. Say you're going to do something. 2. Do it. 3. Tell them/show them you did it. If you execute on this consistently, you will build a LOT of trust with the investor group. Another important part of trust is owning up to your mistakes. Real estate investors don't like surprises. If something negative is going to affect their investment, let them know as soon as you know. Don't ever try to hide bad results or problems.

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5 Adapting to changes and challenges

A fifth communication challenge is to adapt to any changes or challenges that may occur in the property market or the investment group. Changes and challenges can be internal or external, such as changes in the group's composition, structure, or strategy, or changes in the market conditions, regulations, or opportunities. You need to be flexible and agile, and communicate any changes or challenges to the investors in a timely and clear manner. You also need to communicate how you are adjusting your property management plan to cope with the changes or challenges, and how you are mitigating any risks or seizing any opportunities.

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Peter Lohmann

News & insights for property management business owners. Policy > Process > Tech
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In a larger investment group, your internal "champion" (the person who influenced the group to select your company) may leave or lose influence internally. This could put your relationship at risk. Mitigate this risk by building out personal relationships with multiple group members and deepening your connection whenever possible.

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6 Educating and empowering the investors

A sixth communication challenge is to educate and empower the investors in a larger investment group. Educating and empowering the investors means providing them with relevant and useful information, resources, and guidance, that can help them make informed and confident decisions, and enhance their knowledge and skills. You can educate and empower the investors by sharing your expertise, insights, and best practices, by providing them with market analysis, trends, and forecasts, by offering them training, coaching, or mentoring, or by inviting them to join industry associations, events, or networks. By educating and empowering the investors, you can also increase their engagement, satisfaction, and retention.

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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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What are the most common communication challenges when working with investors in a larger investment group?

1

2

3

4

5

6

7

1 Aligning with the group's vision

2 Balancing information and transparency

3 Dealing with conflicts and complaints

4 Building trust and rapport

5 Adapting to changes and challenges

6 Educating and empowering the investors

7 Here’s what else to consider

Property Management

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What are the most common communication challenges when working with investors in a larger investment group?

1

2

3

4

5

6

7

1 Aligning with the group's vision

2 Balancing information and transparency

3 Dealing with conflicts and complaints

4 Building trust and rapport

5 Adapting to changes and challenges

6 Educating and empowering the investors

7 Here’s what else to consider

Property Management

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