KUL'S TIPS TO SECURE RELATIONSHIPS WITH YOUR OWNERS
Kul says that ongoing communication is still a major factor for owners/investors, with 53 per cent of them expecting to be contacted monthly and a further expectation they will receive a response within one day of making an inquiry.
“When they've reached out to you, they expect a response within a day – which again is common sense, but it's surprising how many people don't call back within a day.”
Kul urges property management leaders and professionals to ask themselves:
How often are you proactively contacting your landlords?
What type of information are you sharing with your landlords?
Do you have a clear schedule outlining the types of communication you share with your landlords?
“If an owner is not hearing from their property manager, it is likely they are not invested in the relationship. If all you do is get an invoice to say, ‘Here's what happened in the last month and here are our fees, and here's what you got paid in rent…'
“If you haven't engaged, you haven't built the social capital, and that's what makes it easy for an owner to switch property managers.”
Fostering that engagement is easier than many property managers believe, Kul explains. It's as simple as using available data and market insight to liven up standard communication like monthly statements.