Pat 1-The Importance of Effective & Frequent Communication
The goal of this 8-part series is to demonstrate how First Coast Realty, Inc. provide professional service to both property owners and tenants, while utilizing best practices and technology to meet the ever-changing demands of the property management business. Good property managers keep up with these demands to provide the best service possible.
Effective communication is the fundamental key to successful property management. Communications should be effective and frequent with the property owners, tenants, vendors, and support staff. Examples for the key components will be addressed for each party of the process. Communication is key. This is a people business.
Property Owners
As a property owner, it is important that your property manager stays in contact with you on a variety of subjects. Some of the items that might come up in the course of a property management contract include but are not limited to:
Ø Accounting of all funds
Ø Timely collection of rent payments
Ø Updates on property condition
Ø Expirations/renewal of leases
Ø Needed repairs
Tenants
Tenants should feel comfortable with their property manager and be able to reach them when needed. Effective and frequent communication best practices to the tenants include:
Ø The application process
Including background checks
Credit checks
Completion of applications and all required information
Ø Deposits
Collection of firs month, last month, and security deposits
Collection of all miscellaneous fees
Ø Fees
Collection of pet fee (if applicable)
Collection of all late fees
Collections of property damage fees
Ø Property Inspections
Routine property inspections
Contentious maintenance of property
Ø Property Maintenance
Clarification of tenant responsibility of required maintenance
Vendors
Effective and frequent communication with vendors is necessary for prompt property repairs and maintenance. Property managers should have a list of trustworthy and reliable vendors that they can recommend to get the work done right the first time. Some of these vendors include:
Ø Electricians
Ø Plumbers
Ø Handymen
Ø HVAC repairmen
Ø Painters
The Support Staff
Effective and frequent communication with the support staff is necessary for on-going service and attentiveness to property owner and tenant needs. The beneficial duties of the support staff include:
Ø Keeping accurate records
Ø Timely responses
Ø Legal procedures
A professional property management staff will include:
Ø Personal assistants
Ø Accounts receivable clerks
Ø Staff attorney
Ø Tax accountant
Ø Real estate colleagues
A Word About Best Practices
Best Practices” are described as professional procedures that are accepted or prescribed as being correct or most effective. First Coast Realty’s Property Management uses best practices for optimal results. Strategies development, skills, quality work product, problem solving ad solutions, and successful results are all work product of best practices. Experience and knowledge are also necessary for profession property management.
Professional property management requires knowledge, experience, and a commitment to best practices. This 8-part series is an outline of what to expect and require from a property manager, whether you are a property owner or perspective tenant. The responsibilities to both tenant and property owner require exceptional communication skills, professional marketing and technology tools, accounting abilities, knowledge of the landlord laws, and public relation proficiencies. The First Coast Realty Property Management Division offers all of this and more. Reach out to us on Facebook or Twitter and we would be happy to walk you through our two great programs or speak to our property manager by calling/texting today 904-494-8408 or email info@firstcoastrealtyinc.com
About the Authors: The video "Property Management-An 8 Part Series" was provided by Broker and Broker-Associate Gene and Libby Johnson with First Coast Realty Inc. We have built a top notch Rental Division, sure to meet everyone's need. We service St Augustine, Palm Coast, Palatka, and Jacksonville areas.
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