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Why Communication Is Key to Maximizing Your ROI on Your Investment

Why Communication Is Key to Maximizing Your ROI on Your Investment

Norfolk landlords work hard to maximize their ROI on rental properties. However, they tend to overlook the importance of communication in maximizing the return on investment. Professional and healthy communication allows you to attract potential tenants, create a sense of trust, and earn more revenue.

As Norfolk property managers, we encourage our clients to practice effective communication with different people they come across throughout the lease. Here is how it helps.

Communication With Norfolk Property Managers

The property manager stays at the heart of the landlord-tenant relationship. Communicating effectively with them can help you maximize your returns on investment over time. Here are several benefits of communicating effectively with your property managers

  • You Know What Goes On In Your Property 

Having good communication with your property managers benefits your business. They will keep you informed about the important developments in your investment, real estate laws, current market trends, tenants' expectations, and current rental prices, allowing you to charge competitively, thus boosting your ROI.

  • Deeper Insights Into Finances

Regular communication with property managers will allow you to keep track of the finance-related aspects of your asset, such as rental income, tax deductions, receivables, and payables. They will also help you set your annual budget and provide a tentative breakdown of yearly expenses, enabling you to effectively maximize your return on investment.

  • Builds Your Reputation  

You will surely impress your tenants with your way of communicating with them and resolving their issues. Even if they leave your rental for personal reasons, they will remember their attentive landlord, that is you. 

The chances are they might recommend your rental to their friends, colleagues, and relatives and spread the word amongst their acquaintances, resulting in a high occupancy rate. You will thus keep generating a steady income from your rental property and continue to maximize your return on investment. 

  • Communication Helps In Improving The Asset Performance 

Technology always comes in handy while boosting your business efficiency. There are a variety of online communication platforms that you can use to contact your potential tenants. It is also a cost-effective option to maximize your return on investment. 

You can share the online portal with your tenants and ask them to post queries, transfer rent and sign rental applications online. Here are some modes of online communication you can use to communicate.

              -  Property Management Software

Online property management software allows you to communicate with property managers at any time and from any place. It improves your work efficiency and helps you to track your tenant and property-related information. There are a variety of deployment options like traditional online installation and mobile applications that let you connect with more resources related to real estate.

             -  Online Portals

Online landlord portals are similar to property management software that allows you to verify rent status, and security deposit, and track tenants' complaints. You can also assess information, such as rental statements, total income dashboard, current leases, inventories, property visits, safety requirements, and invoices through online portals.

             -  Emails

An email is one of the simplest methods of communication, especially for those who are not very tech-savvy. If you want to share information or have a few doubts to ask your property managers, you can simply send an email and receive any information or service you want.

            -  Social Media Websites

Social media websites are the dominant online tool of communication these days. As landlords, you can create an online presence and connect with property managers and a larger pool of tenants by posting queries or rental information through multiple social media channels. 

            -  In-Person Communication 

In-person communication is also equally important to boost ROI on your investment. Here are a few offline modes of communication you can consider for streamlining your rental business. 

As a landlord, you can always visit your hired property management company to communicate about different aspects of property management, such as tips to generate ROI, property maintenance, tenants screening, or other related tasks. In-person meetings are more transparent and elaborative as compared to virtual meetings.

No matter which communication mode you prefer, it will add to the performance of your business and ROI.

Communication With Your Norfolk Tenants

As landlords, you are responsible for communicating with tenants, having frequent discussions with them, asking for feedback, solving queries, and resolving their issues. It makes tenants feel satisfied and allows you to build healthy landlord-tenant relationships, which is crucial for maximizing your return on investment. 

Here is how frequent communication with tenants helps you generate maximum return on your investment.

  • Eliminates The Risks Of Conflict And Misunderstanding

Communicating with your tenants and discussing important lease terms prior to their move-in can help them better understand their obligations and minimize the possibility of misinterpretations or conflicts. In case you unknowingly create room for misunderstanding, you should have effective negotiation skills to tackle the situation.

  • Helps Tenants Better Understand Their Maintenance Responsibilities

Tenants are responsible for maintaining the unit. Communicating instructions about replacing air filters, keeping the property clean and safe, and maintaining the landscape will save you further maintenance charges, allowing you to maximize your return on investment.

  • Greater Accountability

Tenants are accountable for reporting any major repair issues that occurred on the property. You can keep the communication lines open and ask tenants to inform about major alterations in the property immediately.  

  • Encourages Longer Lease

Effective communication can allow you to encourage the tenants to opt for lease renewals. You can ask them about their move-out plans and encourage them to renew the lease by making healthy negotiations. For this, you may need to cultivate a few communication skills, such as active listening skills, verbal skills, and interpersonal skills, to pursue your tenants' minds

Also, consider visiting the property once in a while, meet your tenants and communicate positive feedback if you see that they are taking good care of your home. They will feel appreciated if they learn that you observe their good behavior during the tenancy. 

  • Strengthens The Landlord-Tenant Relationship

Healthy communication builds a strong relationship between landlord and tenant. If you behave rudely, the chances are they might hesitate to communicate with you. On the other hand, if you behave politely, it will make them feel free and allow them to share their thoughts.

Be a good listener because tenants like those who hear them out. Know what kind of upgrades they expect or what additional appliances they want in your property. Understanding and valuing their perspective will make them feel important and can motivate them to take better care of your unit, thus reducing the operational costs in the long run.  

Communication With Vendors And Contractors In Norfolk

Each real estate business is a chain of relationships formed with professional vendors, local contracts, and landlords. Therefore, communicating with them is necessary to manage your rental unit effectively and generate a high ROI from it. Let us see how it benefits you.

  • Better Rental Experience 

Healthy communication with local vendors will allow you to give a positive living experience to your tenants. Even if you are managing your property while being out of state, you can easily solve tenants' issues by communicating with local vendors and contractors. For example, if an emergency like roof leakage or broken plumbing occurs on your property, you can contact your hired vendors and ask them to fix the problem on priority.

  • Long-Term Partnership

Frequent communication with vendors will allow you to create an invisible bond between you and your hired vendors, which may develop a long-term partnership. Local vendors will inform you about current maintenance charges in the area, help you get the repairs done at affordable prices, and watch out for your property when you are away, ultimately maximizing your return on investment. When you come across new vendors, make sure you communicate actively with them and appreciate them, knowing their working styles and experience.

Tips To Improve Your Communication When Handling Your Norfolk Rental

  • Keep The Communication Lines Open

Make sure you offer multiple communication options to the important people you deal with while handling a rental property so that they can contact you easily in case of emergencies.

  • Keep The Message Simple

It is good to be short and simple while conveying the message to your renters. Even if it is bad news related to property or eviction notice, avoid complex or run-on sentences, complex phrases, or lengthy words. A text message is a suitable medium for time-sensitive messages, while email is a better option for long and detailed messages.

  • Send A Prior Notice

Tenants may feel irritated when you bring someone to the property without prior notice. Hence, it is good to inform them at least 30 days before when it comes to maintenance or repairs services. Also, if in case you are planning to switch your property management company, make sure you notify them as per the contract and the process on a professional note.

As a landlord, you have to deal with different types of tenants and, therefore, may find it challenging to deal or communicate with some tenants, especially bad ones. Here a property management company comes into the picture. 

We, at Doud Realty Services, assist our clients to communicate effectively to manage their rental business confidently. We can represent you and solve your rental issues if you can't find time to communicate with your tenants.  

For more information, connect with us at Doud Realty Services.