At Sin City Real Estate and Management, owners choose how involved they want to be— our responsibility is to keep them informed, protected, and confident regardless. The purpose of a management company is to eliminate the constant run around and headaches that come with self-management. We deal with the stress, and you enjoy your investment turn-around. A “good” property management company should provide consistent, clear communication that keeps owners informed, confident, and aligned with the management process.
When it comes to owner participation, a lot of the time they want the Champagne Experience. Little to no involvement but all the benefits of an investment property. This should not mean that the owner has no access to the procedures and documents pertaining to their property. Property managers should provide a clear, consistent way to access the information you need. Our company uses Rentvine, a property management software that has an owner portal, allowing our clients access to all communications, work orders, and documents that involve their property.
The use of an owner portal is vital in open and effective communication, allowing the owner to check documents and information on their own time. The usage of the owner portal allows the owner to decide how often they want to be involved and informed, they can log in and view what they need.
Communication is about quality, not quantity, the last thing an owner wants is to be bombarded by an overwhelming amount of information. Through the portal, owners can access their properties details. Through this, they can view their properties marketing specs, maintenance work orders, bills, files, and their ledger. Transparent reporting is a key aspect of efficient communication.
It is the best management practice to be proactive, not reactive, from maintenance to communication. Owners deserve to be informed when needs and problems are anticipated, not after the problem has worsened. Sharing information in advance helps to prevent issues and builds trust in the client relationship. Early warning signs and transparency reduces financial surprises for the owner; they should be informed on every financial decision that is made.
We do not take over properties, we take responsibility for them. Poor management practices stem from a lack of communication, either with tenants, vendors, or owners. Poor communication costs owners missed issues, delayed decisions, increased repair costs, and strained relationships.
When looking for a management company, owners need to consider many factors. Owners should consider any red or green flags that a company may present. Red flags, or concerns you should look out for, include inconsistent or vague communication, they cannot explain their processes and procedures, and you also want to look at how their previous management stories play out. For example, you would want their stories to be about preventing fires, rather than putting out fires, showing they are proactive rather than reactive. Green flags in property management include a strong system of operations, proactive communication, clear and structured reporting, as well as transparency about vendors and costs.
When it comes to “good” property management, communication is not a courtesy, it is a fundamental management function. Strong efficient communication, catered to the owners’ expectations and involvement, is a key differentiator in professional management.
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