Maintaining a good relationship with the investors is crucial for every property manager. Investors play a critical role in your business, so you must maintain a long-term relationship with them.
While investing in a property, the financiers aim to get the most out of their assets with good yields, steady income, and capital growth. No one wants to have the risk of getting shortchanged in this investment journey. So how do you present yourself as the right fit in the eyes of investors? Here are some basic things that you can do to keep your investors happy.
Keeping investors in the dark is one of the biggest mistakes made by property managers. Lack of transparency can lead to tarnished reputations and broken relationships. So make sure your investors have access to all relevant details like market value and property deals that might be available.
It is a very basic requirement to make them aware of all the issues associated with a property. After all, they’ve put their hard-earned cash into it, so they must get a brief update of key metrics or a complete monthly report with the financials. The regular flow of information and better communication will help you maintain a good relationship with the investors.
2. Manage expectations
While investing in properties, investors are aware of the fact that success takes time. As a property manager, you need to sell your vision, but your ideas or projections must be achievable. The better approach is to under promise but over deliver. You might get caught setting high expectations, only to end up explaining why the numbers have been missed.
3. Seek advice and help
Although not every investor may want to get actively involved, some investors will be more than happy to help when asked. Many investors have a wealth of knowledge and experience in developing a business from scratch and selling a business. So, you can use their expertise and contacts to seal the deal.
4. Be prompt
No investor likes to wait for rent payments or an essential report of the property. You are reliable for managing the property, so you must ensure that everything regarding the property is running smoothly. If there is an issue, you need to be the first one to communicate it to the owner.
5. Keep the profits coming in
Investors want to stay on top of costs and want to maximise the earning capacity of their investment. They will want someone who can keep the finger on the pulse of ever-changing market trends and actively makes decisions to achieve their goals. So, it should always be on your mind.
6. Leverage your portals
You can ease up the process of property management with some efficient software applications such as Bricks+Agent. It helps the property managers to streamline the communication with the owners as well as tenants. Using such software can make the property maintenance a breeze and help you get your job done while keeping the investors happy in the process.
For more useful insight and advice sign up to our newsletter below!