If you want to earn as much ROI as possible on your Los Angeles rental property, you need to know how to communicate. While most investors think about the rent they need to collect and the improvements they need to make in order to earn as much as possible with their investment property, communication counts too.
A successful investor will communicate well with tenants, vendors, and property managers.
Communicating with Los Angeles Tenants
The way you communicate with tenants will set the tone for your relationship and for the entire tenancy. Before they move in, make sure you have a conversation about the requirements of the lease agreement and the things you expect from them. Talk about your rent collection policy and how to request repairs and what should be done if there’s an emergency.
Landlords and tenants should talk to each other throughout the tenancy. Don’t wait until there’s a problem. Check in from time to time and thank them for paying rent on time. Ask if there’s anything they need to have a better rental experience and follow up on any maintenance work that’s been done. Make sure you’re set up to communicate in whatever way they’re most comfortable. Some people like phone calls. Millennial tenants tend to prefer text and instant messaging. Being available and accessible increases your ROI because tenants are more likely to renew their lease agreements and stay in place, allowing you to avoid turnover and vacancy expenses.
Communicating with Vendors and Contractors
Having good relationships in place with vendors and contractors will increase your ROI because you’ll get help as soon as you need it, and you’ll also be able to access their most competitive pricing. When you’re in the middle of the hottest summer in Los Angeles County and a tenant reports that the air conditioning isn’t working, you probably won’t be the only person calling your HVAC contractor for help. If you have a good relationship in place and you communicate well with each other, you have a chance that your property will be a priority. This protects your asset and keeps your tenants happy.
Communicating with Los Angeles Property Managers
If you’re using a Los Angeles property management company, you won’t have to worry so much about communicating with tenants or with vendors. Your property manager will take care of that for you, and the communication will be handled with expertise and professionalism. Your only job will be to communicate openly and honestly with your management team. You’ll need to discuss your investment goals, talk about your plans for the property, and listen to the advice you’re given about pricing, upgrades, and maintenance.
Smart investors know that working with a professional property manager provides better communication and higher ROI. You’ll have access to an online portal, where you can stay up to date with everything happening at your property, and you’ll be able to communicate electronically from anywhere in the world and at any time.
If you’d like to talk more about communication and our commitment to responsiveness, please contact us at Bell Properties. We’d be happy to tell you more about how it can improve your return on investment.