Good communication is the key to success in any relationship, especially in the relationship between a property owner and a property manager. Property managers are responsible for taking care of a property on behalf of the owner, which includes everything from maintaining the property to finding tenants and collecting rent. For this relationship to be successful, property managers must provide regular updates to the property owner about the status of their property.
How often and in what ways should the best Detroit rental property management companies communicate with owners? Today we cover this important topic and why it's important for reaching your goals.
Whether you are a seasoned investor or learning how to invest in Detroit real estate, it is crucial to understand the importance of good communication between property owners and property managers. When you invest in real estate, you are making a significant financial commitment, and it is important to have confidence in the property manager who is responsible for managing your property.
Finding a property manager that delivers timely communications and keeps you informed isn't always easy. Even though a professional manages your properties, you're still the owner and decisionmaker with goals to be met. Therefore, proactively staying in touch with you must be a priority for anyone managing your rental properties and tenants.
Depending on the number of properties in your portfolio and your preferences, a good property manager will tailor their communications with you based on your needs.
The frequency of these updates will vary depending on the specific circumstances of each property. However, in general, it is a good idea for property managers to provide updates at least once a month. This ensures that the property owner has a clear understanding of what is happening with their property and can make informed decisions about any necessary changes or improvements.
One of the best ways for property managers to deliver regular updates is through the use of software. Many property management software programs are available that allow managers to track essential metrics, develop reports, and deliver information to owners in a timely and efficient manner. These programs can also be used to store important documents and information, such as lease agreements, maintenance records, and financial statements.
At Own It Detroit, using Propertyware and other programs means we can deliver daily, weekly, or monthly reports to real estate investors. Our Owners Portal provides secure access to reports about each property in your portfolio 24/7. In addition to routine reports, we're available to talk about your properties and goals at your convenience.
The Detroit Metro area has plenty of property management companies to choose from. However, finding one that communicates in a way that builds trust and confidence with property owners takes time and careful research.
As you talk with a potential Detroit property management company, ask how they inform owners.
Do they send reports?
Do those reports capture the metrics that help you understand the performance of each property in your portfolio?
Can you also reach your property manager if you have questions or concerns about the information in a report?
Are they proactive when communicating about issues and solutions for your properties?
The bottom line is that they are your properties. You need a partner with the experience to maximize your returns and the processes and resources in place to keep you updated on each rental property. Rental property owners should never wonder what's going on with a property or have to chase down a property manager to get an update.
We understand that data and knowledge are power. Our goal is to provide property owners with the information they need to make informed decisions about their investments. The team at Own It Detroit understands that every property is unique and that every property owner has different needs and expectations. As a result, we work closely with property owners to understand their specific needs and to develop a customized approach to managing their property.
In addition to providing regular updates, Own It Detroit also provides ongoing support and guidance to property owners. We understand that investing in real estate can be a complex and challenging process, and our team is committed to helping property owners navigate these challenges and achieve success. Whether you are a first-time property owner or a seasoned investor, Own It Detroit is here to help.
Property managers must regularly update property owners about their properties' status. Good communication is the key to success in the relationship between a property owner and a property manager, and software can help ensure that this communication is timely and efficient.
If you are considering investing in Detroit real estate or ready to grow your existing portfolio, find a property manager you can trust to keep you in the loop! Reach out to Own It Detroit to learn more about how we work with property owners to help them reach their goals.