Every property owner and manager knows that effective and regular communication is essential to running an efficient and profitable building. But that doesn't mean they know how to do it right.
Having a communication plan in place goes hand‐in‐hand with effectively managing risk and relationships, thus attracting and retaining tenants. The article below will help you to identify if your team has the program and tools required for exceptional property management.
As technology continues to drive change in the commercial real estate industry, the business of property management continues to become more complex. Buildings, and the people in them generate a huge volume of activity every day. Some of that activity is predictable, but much is not. Property owners and managers need to have defined processes in place in order to collect and store necessary information, make informed decisions, and share those decisions with their tenants.
Employing simple communication tools allow owners and managers to better monitor tenant needs and put a more effective and professional face on their buildings. Tenants value the visibility and control provided by these open lines of communication – which reflects well on the services the owner provides. The cost to provide these services to the tenant and to support them with operations management tools is exponentially less than what it would cost to replace that tenant.
- Emails: Always keep emails short, to the point and include facts, not editorial comments. Set a two-minute delay on your email outboxes to prevent email mistakes such as answering in haste/anger or cc’ing the wrong people. Don't forget that postcards and hand written notes are also a nice reminder of your availability to tenants when they aren't glued to their smartphone.
- Bulletin Boards: The bulletin board is a tool that allows building managers to post ideas, concerns, events or general information. The best way to describe it is like a notice board for the building’s management. The bulletin board can also provide a place for management to express concerns in a constructive and helpful manner. Not only is the bulletin board a great place to share information, the building manager can also use it to publicize events.
- Bulk Texts: It takes just a few minutes to send personalized notes to any of your contacts regarding important or time-sensitive issues. You can send a short, completely customizable text message, which is ideal for sending things such as rent reminders, package delivery notification, short time-sensitive communications, maintenance reminders and more to your residents. Your tenants are busy and on the go and they'll appreciate the convenience and timeliness of texting communication.
When you have a comprehensive and well thought out tenant communication plan in place, you are able to eliminate surprises and manage the expectations of everyone in the building – both tenants and staff – with clearly‐defined tactics and deliverables. You'll be able to strengthen your relationships with your tenants, increase their satisfaction, and stand out as an innovator among your peers.
Looking to hire a licensed property management company?
Braden Equities Inc. has been successfully managing apartment buildings in Edmonton since the 1970s. A lot has changed since then, but our commitment to the residents living in each building we manage has not. Contact us today.