Make Your Property Owners Feel Better
Are your property owners complaining about your ability to manage more efficiently during the Corona Virus pandemic?
Are they questioning your tenant retention and turnover reduction, rent collection skills, maintenance practices, or your fees? Perhaps their concern is with how their balance sheet looks and whether their properties have a good future?
Recessions create plenty of second guessing.
Property owners might be experiencing doubts about their investments going forward. And some of it might be warranted for the short term, given how apartment and condo demand and rent prices are falling.
Long term however, rental properties are pretty good investment vehicles. There’s no doubt that smart investment firms are grabbing up some bargain properties right now, which will pay off nicely in the years ahead.
Let’s Ease up on the Negative Outlook
There could be so many reasons why property owners or landlords feel negative about their business and wealth. Even if the situation is not your fault, you must deal with the fallout of the pandemic era.
Rather than succumb to the negativity and dour assumptions about the future, perhaps you can help landlords see the way ahead?
The pandemic social distancing pressures, fears, along with tenant rent payment default issues are big challenges for profitable performance. Until a vaccine is developed, the matter won’t go away. So, is the real issue about surviving until that time?
Will it get better? For most it will, but for a few, it’s a tense summer and fall season.
Why are Owners Grumpy?
Other than taxes, property owner complaints come down to three things:
⦁ tenant quality
⦁ expenses and budget
⦁ rental property performance
Landlords are people with emotions and they can lose sight of their long term goals under pressure.
You can help them manage their fears and expectations through clear communication and a realistic outlook. If that isn’t sufficient, then exploring new revenue sources might be in order.
Change is an opportunity to move the business to your advantage. You should ensure you’re educated on the changes that Covid 19 is creating in the business sector. Your empathy and insight will be appreciated.
12 Ways you Can Help Property Owners Feel Better
- use your most recent owners reports to show you’ve got the situation under control
- explain how their current losses are pretty well standard for most rental property businesses
- show how property finances should return to pre-Corona Virus levels next year
- show them your Corona Virus management processes, precautions and tools
- go over the balance sheet with them to discuss their properties positives and negatives, and to gauge what their biggest concerns are with them
- explain how you’ve improved tenant acquisition, screening, and communications
- tell them how you’ve improved marketing services and how you’ve adapted to increasing digital business services
- explain how you’re making rent payments easy and encouraging tenants not to get behind on rent
- explain how a bigger commitment to marketing will attract better tenants and raise perceived value to current tenants
- explain how you’ve automated tasks such as bookkeeping, tenant communications, and maintenance
- explore any other improvements you could make, and let them know that nothing more can be done to lower expenses and improve cash flow
- show them your digital property management platform and how it can be used for new rental revenue opportunities (self-storage, wireless communications, marina slip rentals, etc.)
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Modern Digital Systems are a Wonderful Improvement
Those property managers who have committed to digital property management solutions are enjoying less of the grind through the pandemic. Digital business is easing the time consuming face to face business of managing leases, making payments, and engaging with tenants. And it provides better data and reporting on all property management functions.
We just blogged about property management marketing and how this generates value in so many ways. Your property owners would be impressed with a new commitment to digital marketing. Just one more way you can present a complete, credible, modern set of benefits, ones that are provable and believable.
What if My Property Owners are Going to Jump Ship?
More than a few property owners are thinking about jumping ship to another property management firm. Now is the time to discuss the balance sheet and how you can adopt new systems to ease their fears and doubts.
Sometimes, it’s not the value that’s lacking. On occasions like this, property owners are nervous and can lose sight of their long term objectives. Something might be bothering them and it’s good to know what and respond. By all means, get their feedback and discover the issue.
Create Persuasive Reports Using Better Data
Property owners should have good financial and performance data. After all, they do pay attention to your owner reports including balance sheets and they shape how they feel about your services. Might be a good time to sharpen up those reports with better data and visuals.
So the matter could be their lack of confidence in what they know and can visualize. If it isn’t that, then they might be concerned about ROI performance.
It’s your opportunity to educate them with detailed stats, outlooks, and then work on how you’re going to improve ROI as we ease out of the Corona Virus shutdown period. Your property management software can help you with those reports.
Prove Your Value to Future Landlords
For mid-sized landlords or small investment firms, it’s important to provide data, prove industry expertise, credibility and develop confidence in your firm. And, if you can add value for property owners , then this could be a golden opportunity to present your plan.
Always have new landlords in the pipeline. It’s good for security and good for growth. The strength and success you show in your own business might impact how they feel about the value they’re receiving.
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