Landlord tips

Here’s Why You’re Losing Money With Your Rental Business.

By Chris Fluegge June 27, 2022

Poor communication can lead to increased costs in a number of ways. For instance, failure to communicate office supplies, turnover material shortages, etc., means that your team may not be able to do their jobs properly. This could lead to mistakes and delays, which will increase your costs.

Poor communication can also lead to lost tenants, excessive damages, and much more. If you don't communicate well with your prospective tenants, they may not be able to find your business or they may not be able to understand the value of your rental property and why they should rent there.

This could lead to lost tenants and reduced revenue for your business.

Overall, poor communication is a common problem in many businesses. It can lead to increased costs, lost revenue, and damaged relationships.

The Basics of Communication

Communication is the process of sending and receiving information. It is a basic human need and it is also an important part of everyday life. That is especially true when it comes to business communication.

There are many different types of communication. These include:

Verbal communication: This is the most common type of communication. It involves the exchange of information through spoken or written words.
Non-verbal communication: This involves the exchange of information through gestures, facial expressions, and body language.
Electronic communication: This involves the exchange of information through the use of electronic devices such as computers, smartphones, and tablets.
Written communication: This involves the exchange of information through the use of letters, emails, and text messages.

Here are some examples of how communication is used in business:

Property managers communicate with their tenants and prospects by sending them emails, phone calls, and text messages.
Residents and prospects communicate with property managers by responding to their emails, phone calls, and text messages.

Communication is an important part of everyday life and it can be used in many different ways.

Because of the importance of being able to reference back to prior communications, the most important type of communication in property management is Written Communication.

Communication is important in all areas of life. It is used in education, business, and personal relationships.

Build Rapport Through Better Communication

Communication is the process of transferring information from one person to another. It is a vital part of our daily lives, and it is also an important part of our relationships with other people.

There are several ways that you can improve your communication skills. These include:

Listening: One of the most important aspects of communication is listening. When you listen to someone, you show that you are interested in what they have to say.
Active Listening is key to developing rapport with your tenants, team members, service providers, and owners.
Body language: Your body language can also have a big impact on how people perceive you. For example, if you give someone a smile when they are talking, it shows that you are interested in what they have to say.
Nodding and shaking your head, and making direct eye contact is also all important.
Mirroring is also helpful when talking with someone. People tend to like themselves, and when you mirror them, they tend to like you too.

Thoughtful Responses:

Responding with relevant and thoughtful contributions to the conversation helps let the other person(s) in the conversation know that you are listening and that you care about what is being discussed.

Timely Responses:

All else being equal, a timely response is essential to building rapport. If you respond to emails, calls, or text messages a day or two after the fact, you aren't doing anybody any favors.

Timely responses let the recipient know that you care and that you are respectful of their time and concerns and that what they have to say is important to you.

Engage in Difficult Conversations:

As a property manager, difficult conversations are just par for the course. Delaying and procrastinating having those conversations will oftentimes make them even worse.

Promptly addressing sensitive issues professionally and tactfully is better than putting it off until a mountain grows out of a molehill.

Defuse Conflict:

But engaging in difficult conversations isn't enough in and of itself. To be a better communicator and build rapport with those around you, you also need to be a master at defusing conflict by:

- Remaining calm no matter what

- Listen and empathize with their concerns and frustrations.

- Focus on a solution. Oftentimes what will resolve an issue (with the least fallout) benefits all parties, not just one.

Overall, there are several ways that you can improve your communication skills. These include listening, body language, active listening, eye contact, as well as thoughtful and timely response.

The next step is to engage in difficult conversations and master the art of defusing conflict with solutions that result in the least amount of fallout.

Best Practices For Effective Communication

Effective communication is a vital skill for any business owner. It is important to communicate effectively with your employees, customers, and other business contacts.

Here are some best practices for effective communication:

Be clear and concise: It is important to be clear and concise when you communicate with other people. Don't use complicated language or jargon, and don't use long sentences.
Be respectful: It is important to be respectful when you communicate with other people. Don't be rude or condescending, and don't use offensive language.
Be honest: It is important to be honest when you communicate with other people. Don't lie or mislead people, and don't exaggerate or embellish the truth.
Be professional: When conducting business, it is important to be professional when you communicate with other people. Don't use slang terms or casual language, and don't use text-speak.

Overall, effective communication is a vital skill for any business owner. It is important to be clear, concise, respectful, honest, and professional when you communicate with other people.

Document It

In property management, many conflicts arise out of "he said, she said" disagreements because the conversation was verbal, and it was neither recorded nor written down.

If something important was discussed verbally, a written follow-up should be done shortly after to document the exchange of information that took place.

This will help avoid disputes in the future.