Hiring a professional to manage your investment property can take a considerable burden off your shoulders. You can still collect a profit from the rent without having to deal with the tenants or their issues. However, for things to run smoothly, it’s still important that you get along with the person managing your property. In this article, we will explain how to build a positive relationship with your property manager.
Talk About Everything in Advance
It’s very important to talk about and accurately define your expectations upfront so that there are no misunderstandings. In every human interaction, it’s very common for people to have unspoken expectations or take something for granted. However, when entering a professional relationship, it can be a huge mistake to leave any important topics unaddressed.
Try to get everything in writing. The basis of any professional relationship is a signed contract. A legal document can help you outline the duties and responsibilities of the involved parties. The contract with your property manager will detail the fees you are obliged to pay the manager, as well as the exact services they will be providing for your Reno investment property. After the paperwork is out of the way, you can continue to build a positive relationship with your property manager, as neither of you will have to worry about the legal aspect of your professional interaction.
Communication Is Key
Some landlords don’t want to deal with their property at all, and that’s probably the main reason they hired a property manager in the first place. On the other hand, there are landlords who want to have a hands-on approach and constantly be kept in the loop about what’s going on with their property. While discussing how communication will function, you can also agree on how it will happen – are you going to talk over the phone or just through emails.
Have a Plan to Deal With Emergencies
It’s easy to build a positive relationship with your property manager when things are going fine. When there is no stress on the horizon, people generally tend to be relaxed, happy, and accommodating. However, in order to keep the relationship with your property manager functioning, you also need to have a protocol for dealing with stressful situations. Have a plan for dealing with:
Find a Property Manager You Are Comfortable With
Even before you start looking for a property manager, you should go through a brainstorming process. First of all, try to think of what your deal-breakers are and what you will instantly say no to. Meet the property manager in person and see if you like their attitude and overall demeanor. You can ask them for their references and about their previous experience. Get a property manager who has a good reputation and comes with a recommendation.
Inquire about their management style and how they handle various issues that can occur. Think up possible problematic scenarios and ask the property manager what they would do in that situation. The best way to build a positive relationship with your property manager is to find someone you think you’d like to work with.
What if You Are Not Living Near Your Property
It’s common to hire someone to manage your Reno property if you aren’t living there yourself. If you are the owner of a remote property, it will probably be difficult for you to visit and inspect it often. Therefore, it’s essential to build a positive relationship with your property manager that is based on trust. On the other hand, you could choose to relocate to be closer to your investment property. For example, if you currently live in Vegas, you could leave Las Vegas for good and move to Reno. This way, you could live nearby and easily handle any emergencies with your property.
Connect on a Personal Level
Although you are paying the property manager for their services, and your relationship is on a professional basis – it’s still okay to ask your property manager a few personal questions and learn their story. For starters, it’s the polite thing to do. Consequently, if business is all you ever talk about, building a positive relationship with your property manager will be tough. You can also congratulate them when they manage to quickly resolve a problematic situation. After all, giving credit where credit is due is normal for any professional relationship, so why would you treat your property manager any different?
As you can see, there aren’t really any secrets or tricks that will help you to build a positive relationship with your property manager. Base your relationship on mutual trust and respect, and get everything important defined as soon as you start working together. Preparation and forethought can save you a lot of stress in the long run. If you set things up correctly from the start, you could have an excellent professional relationship with your property manager that can last for a long time.
Clark Real Estate
305 W. Moana Ste C
Reno, NV 89509