Now that we’ve covered the essentials of managing resident and vendor relationships, consider how to manage the relationship you have with property owners. Now, I try to minimize owner involvement if I can, assuming they don’t want to be more involved. Ideally, it's an investment that they get to watch grow and about which they make strategic decisions.
With regard to recurring communications with owners, we email our owners an ownership statement every month that includes all their accounting statements and information, operational information about their property like tasks assigned and completed, along with relevant resident communications. With that we also include property inspection documentation.
We also send out periodic updates with recommended vendors for repair requests. Our owners love this :)
A great tool for managing owner relationships
If you’re doing a good job tracking your exploits with Asana and Zendesk, most the time you can just print to PDF or export the data they need to know and simply email it to the owners. So show vendors what you’ve done using Asana and Zendesk, because managing owners is fairly simple if you’re doing your job right! All you’ve got to do is just show ‘em what you’ve done.
Advice for managing owner relationships
1. Be low maintenance. Try to make them as little involved as possible unless they need to be in on it for strategy.
2. Communication is key, so be prompt. Be the first to reach out, instead of working with them. If owners aren’t communicating with you very well, you can groom them to communicate better. Do this by asking for their preferred mode of communication, make sure you know what they expect from you, and create communication channels to build trust with them. This enables you to consistently give them exactly what they want to know in sustainable and efficient ways.