Communication is part of customer service, and if you’re not receiving good communication from your property managers, you could be losing money. Communication leads to ROI. It’s not easily measured, but when you think about some of the biggest expenses investors face, such as vacancy, turnover, and maintenance – you have to wonder if those costs could be lowered with better communication.
You need to trust that your Walnut Creek property managers are communicating proactively with you. It’s also important that they’re communicating well with tenants. It leads to better tenant retention, which is directly related to your ROI.
Setting Communication Expectations
You need to establish the communication expectations you have when you’re hiring a Walnut Creek property manager. Let them know what you need in order to trust that your property is in good hands. If you’re taking care of the leasing, management, and maintenance of your property on your own, you’ll need to put some solid communication plans and policies in place for how you deal with your tenants, vendors, and others.
Before we begin working with you, we’ll ask how you like to be communicated with. Some people prefer a phone call and others want a text message. We’ll also ask how frequently you want to hear from us. Some of the owners we work with appreciate routine check-ins. Others don’t really want to hear from us unless there’s a problem.
Communication is personal. It’s also a part of how we increase what you earn and decrease what you spend.
Property Management Technology Improves Communication
At Stokley Properties, we don’t hesitate to invest in new technology. We know it helps us communicate better. The right technology can help owners communicate better with their tenants. If you’re using a professional Walnut Creek property management company, you’ll have access to accounting software and online portals, which will help your property manager communicate efficiently and effectively with both residents and owners.
Technology can drive better communication about accounting and maintenance. If you’re able to see invoices and estimates in real time, you can save some money by getting work done when it’s needed. Our technology allows us to communicate with you during the leasing period, helping us make decisions about pricing, showings, and applicants.
Good Communication Improves Tenant Retention
The most important way that communication impacts your ROI is with higher tenant retention.
Tenants expect and need clear, accurate, and responsive communication. Ignoring their calls and messages will only lead to damaged relationships and unpleasant rental experiences. Tenants who do not have accessible landlords or property managers will likely move on when the lease is over. That leaves you with vacancy and turnover costs that could have been avoided.
Your tenants need support from time to time. Make sure you can provide it. Residents should hear from their landlords or property managers regularly, and not only when rent is late or an inspection needs to be scheduled.
We also think it’s important to communicate your appreciation to tenants. Thank them for on-time rental payments and for taking good care of the property. This type of positive communication will go a long way in retaining your best tenants.
If you have any questions about establishing good communication with your tenants or with a Walnut Creek property manager, we’d love to tell you more. Please contact us at Stokley Properties.