In the Eyes of an Investor, Transparency Equals Trust
In reading several articles similar to the one Arlington Now and Gordon James Realty put together, there is always one common theme when it comes to finding a good property manager – trust. It makes sense when you consider real estate is a great investment instrument as long as the real estate is properly monitored and maintained. We’ve all seen home improvement TV shows highlighting a house with decent curb appeal but a complete disaster inside so they can get it for next to nothing. Behind most of those is a story about a horrific tenant (even mansions aren’t immune from getting trashed by renters). While these might be extreme cases, it’s easy to see how an investor will consider trust as the most important facet of their decision.
- Time. While this seems obvious, many property managers have automated their business to a point where they never have to talk to investors. Statements, payments and listings are automated, properties are maintained and serviced by third parties and tenants pay their rent online. This reduces the opportunities to connect with your investors so you have to dedicate time to checking in with your investors. Be considerate of their time but be diligent to have meaningful conversations before you need them or you need to give them bad news.
- Results. Investors like nothing better than to talk about the excellent results they are getting with a property management company. While financial results are the goal, not all results have to be financial. The investor came to you because they want their investment to appreciate, and they don’t want to spend the time managing the property. So getting the property on and off the market quickly and resolving maintenance issues in a timely manner qualify as results and might appeal to your investors just as much as dollars in their pocket.
- Data – Even if you have a happy investor, it is possible the time you have put in and the results you have provided aren’t good enough. A third party property management firm could enter the picture and promise a greater return or lower expenses. You can burn relationship capital to keep the investor, but a much more effective means of keeping your investors is to use data to illustrate your market knowledge and expertise.
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