Somebody who has moved over 15,000 homes with his business partner in 8 years has definitely a lot to say about investment property management. Property investments are worth a lot of money and maybe that’s the reason why managing them requires a good chunk of your time and commitment.
Speaking with respect to or about your business partner is crucial to maintaining trust in your business relationship. Resist the temptation to have a negative tone when speaking to or indirectly to your partner. Always work through disagreements with mutual respect. A good way to improve trust is to always defend and protect your partner’s reputation in public or in a private setting.
Improve Your Investment Property Management Skills
Improving your investment property management skills directly affects the partnership and the business. To do that, prioritize spending time working on the business. Our world is full of digital devices and means. It has become much easier to email, text, and use other social means rather than have a face to face conversation. Ensure you set time to remove those digital devices from an important conversation about your business.
Also, you don’t keep score of mistakes with your business partner. Both sides of a business partnership have made mistakes. You have seen the best and worst in each other. Highlight each other’s strengths and areas that are growing rather than focusing on the worst. When someone “keeps score” both of the partners lose and the focus changes to a negative influence on each other. Forgive, forget and push each other to be better. It is extremely hard to rebuild trust when it is lost.
Do’s & Don’ts of Investment Property Management
- Do be a master of organization.
Property managers do a lot of tasks every single day and without superior organizational skills, it’s impossible to stay on top of things. It’s important for you keep a list and a calendar so you don’t miss a task or an appointment with possible tenants, business partners, and repair contractors, among others.
- Do improve your communication skills.
When it comes to investment property management, communication is the key. Whether you’re talking with tenants, property managers, or business partners, you have to be able to share your thoughts, opinions, and even criticisms in a constructive way. Without proper communication, nothing substantial will be achieved.
3. Do not keep secrets.
Create a “secret-free guarantee” in your business relationships. When it comes to your business partners, you should be open to criticism and be vulnerable. However, this only works if you are both open. Once you know vulnerability, use each other strengths to fortify the business. Your business will be stronger for it and can fend against competition.
Follow these tips and you’ll build a fantastic investment property management business. Your business partners are one of the most important people in your business but so are your property managers, tenants, and handymen. By building a healthy relationship with all them, your business will flourish.