The average salary for a property manager in Los Angeles is around $58,970. Being a property manager is certainly a financially-rewarding pursuit, although it comes with its fair share of pressure and responsibilities. Fortunately, a manager can take a share of the load and help you look after all aspects of your property, from finding and screening tenants to maintenance and repair jobs. However, clear communication is key if you want to build a strong and productive relationship. By scheduling regular check-ins, clarifying your preferences, and establishing set communication channels, you can successfully maintain open lines of communication with your property manager, stay informed on your investment, and get the most out of your working relationship.
Schedule regular check-ins with your property manager
Arranging regular check-ins with your property manager is the most effective way to keep yourself in the loop with your properties. A good property manager should be happy and willing to regularly fill you in on key details, such as, occupancy and vacancy rates, maintenance issues, and recent repairs. Check-ins should be held at least once a month to keep you well-informed. You may find daily or weekly updates, on the other hand, a little excessive as frequent updates can take up too much time to read and reply to.
It’s also useful to agree on a set schedule for the property manager to report financial statements. This schedule can be monthly or quarterly, for example, as best suits your needs. Also, ask that the reports are clear, easy to read, and free from jargon.
Clarify what you should be contacted about
It also pays to clarify what issues and decisions you want to be consulted on, as opposed to which ones you’re happy for the property manager to handle alone. So, perhaps you want to be informed of any and all issues that occur, but trust the property manager to take care of emergencies without having to consult you first. Or, maybe you’d like to be looped in on every decision, big or small. Either way, it’s important your property manager understands and abides by your preferences.
Checking you’re on the same page with your property manager is essential to the overall quality and longevity of your relationship. Over 50% of business relationships eventually fall apart, according to Inc. And although there are a number of reasons for failure, unclear roles in the partnership is a big one. When duties and expectations aren’t clearly defined, conflict naturally occurs as a result. So, it’s important to confirm you and your chosen property manager are both aligned on your designated responsibilities, as well as on your overall attitude and goals, in order to build trust and set the partnership up for long-term success.
Establish agreed-upon communication channels
It’s also important to specify which communication channels you’ll both primarily use to get in touch with each other. In particular, email is an easy choice. In fact, most business professionals (62.86%) prefer to use email to communicate for business purposes. Emails have the advantage over other forms of communication as they provide a written record of your conversations that can be quickly scanned and searched, which in turn helps prevent misunderstandings. So, if you go with email, clarify the primarily email addresses to be used, as well as agree upon the time frame for response. So, for example, perhaps you’d like emails to be replied to within 24 hours at most. Overall, it’s important your chosen property manager is happy to communicate by either email, text, video chat, and phone when necessary.
Also, don’t forget to establish emergency communication best practices. Would you prefer your property manager to use a different communication channel for emergencies? For instance, although email is great for everyday issues, a phone call may be more suited to emergency situations — although it’s really your preference.
All successful landlord/property manager relationships need to be built on a foundation of honest and effective communication. By scheduling regular check-ins, being clear about your preferences, and establishing agreed-upon communication channels, you’ll successfully get the most out of your chosen property management company.
