Elite Property Manager - - EVERYONE'S TALKING ABOUT… -

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.

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