Multi-Family Property Management Tips: Transparency
The multi-housing property management sector has ballooned over the past few years. In addition to pandemic-related housing shifts, a new line of owners have flooded the market looking to capitalize on rising home costs, as well as home purchase tightening with increased mortgage rates. In our multi-family property management tips series, we’ll explore various ways you can set yourself (and your properties) apart from increasing competition.
Let’s discuss three ways that transparency can empower you (and your tenants) as a multi-family property manager.
Multi-family property management tips: Strong relationships
This is a two-pronged emphasis. Of course, it’s essential to establish a quality relationship with potential (and eventual) tenants. Additionally, it’s important to cultivate lasting relationships with others within the property management community. This includes service individuals (plumbers, lawn care, etc.), as well as fellow managers within the industry.
As Assets America acknowledges, “Building mutual respect will help smooth things out when little problems crop up. It also helps you retain tenants when it’s time to renew leases. Your goal is to minimize turnovers and vacancy rates. Additionally, this will encourage tenants to relate problems so that you can quickly resolve them before they grow.”
Multi-family property management tips: Differentiation factor
The most accountable, trustworthy, and coveted tenants are also, often, the most aware “buyers” in many cases, as well. When exploring housing options, one of the quickest ways for you to differentiate yourself (and your property) is through transparency. Walk-throughs, providing references of past tenants (with permission), and having a clear communication channel are all ways to tap into this.
Additionally, leveraging the power of technology can allow you to amplify this quicker and more often. Platforms such as Covideo are excellent for providing a personalized video tour for a potential tenant who is out of town (or state). Putting a face to the name can also ease their concerns while establishing trust and rapport.
Multi-family property management tips: Tenant satisfaction
Transparency also allows for increased tenant satisfaction. The goal is to find quality tenants and create a mutually beneficial environment with lease renewals. Keeping the line of communication open and being proactive in articulating changes is to everyone’s benefit.
Homee also emphasizes the importance of addressing changes/upgrades, especially to other units/properties, noting a lapse in doing so “can lead to a loss of renter satisfaction because of the preferential treatment and a desire to leave unless it is explicitly stated that the upgrade has increased A’s rent, and B can have the same if they’re willing to pay for the upgrade.”
At its core, this multi-family property management tip acknowledges the industry is a network of relationships that must be maintained. Transparency, from the start, creates a healthy way for your management team and your tenants to coexist ideally. That strong relationship can not only become a great impetus for tenant satisfaction, it can also become a differentiator for you, yielding additional business opportunities.
Curious to see how leveraging the power of video can help establish and nurture better tenant relationships? Speak with one of our multi-housing property management experts today!