Property managers love new clients, and welcoming them into your client portfolio is a mix of sharing important information about your processes and making them feel valued and nurtured right from the start. Learn the best way to welcome and onboard new owners to your property management company.

Adding new owners to your management portfolio is a crucial step in your property management business’s success and growth. Each owner brings new properties, more doors and an increase in your potential management income.

You want to make sure you handle the owner onboarding process smoothly, as it sets the stage for your ongoing professional relationship. Your goal is a long-term management relationship, and a well nurtured owner relationship means they will think of you first each time they purchase a new rental property that needs a property manager.

From supporting a new rental property owner’s transition into property management with a welcome kit and thorough onboarding to ensuring legal compliance with communication and reporting requirements, this guide will help you understand welcoming new owners as a property manager.

Supporting New Owners

New owners may or may not have much experience with property management, and they may have lots of questions about the process. Be patient with your new clients, especially if they’re new to the industry as a whole, and provide them with any information you might deem necessary to ensure they feel comfortable with their knowledge of the industry.

One of the easiest ways to welcome new owners is to provide them with an informational packet about your services as a property manager. In this pamphlet, you can include information on your business and what the duration of their time with you will look like. Additionally, when onboarding new owners, introduce yourself, provide easy methods of contact with you, and answer any questions they may have. Ensure you explain your pricing, how you provide these services, and how you ensure ancillary services and fees are priced as transparently as possible.

Learn more: Connecting With Landlords as a Property Manager

Welcome Packets

Welcome packages are a valuable resource for almost any industry, and property management is no different. Consider offering a small, professional welcome package for your property owner clients. These can be gifted shortly after you begin working together or upon the start of your professional relationship. You don’t have to make the package something grand or expensive; just a small compilation of information about your property management company and a few small incentives can be a great way to make your new clients feel welcome.

A welcome package or gift can be a great way to welcome new clients as a property manager. In this packet, you can provide a business card, the aforementioned informational pamphlet, and even some of the same incentives that you might offer your clients’ tenants, such as discounts on the first month of your services. Branded pens or other small office supplies with your logo on them can also be great if you have the resources for them.

Thorough Onboarding

Your onboarding process is a great time to welcome new owners and a great opportunity to build goodwill with your new clients. Create a thorough onboarding checklist ahead of time, but don’t be afraid to deviate from it to accommodate clients’ individual needs. Don’t rush your owners, as many of them will be new to having a property manager, and do your best to ensure they feel supported and comfortable.

Take your time with the onboarding process and do your best to accommodate your clients’ preferred pace. Onboarding a new client typically comes with the following steps:

  • Signing a Management Agreement
  • Obtaining paperwork for all properties, including but not limited to any current tenant documents such as lease agreements, renters insurance, and move-in inspection reports, as well as insurance information
  • Establishing avenues of communication with both owners and tenants
  • Communicating with any current tenants to inform them of the change in management
  • Onboarding with property management software

Onboarding New Owners with Rentec Direct

Property managers using Rentec PM can enable an Owner Portal for owners in their account. These owner portals include summaries of recent finances and occupancy rates, property profiles for their owned rental properties, and numerous helpful reports to keep owners up-to-date on the performance of their properties.

Learn more: Seamless Setup: Your Personalized Rentec Direct Onboarding Service

Property Management Reports & Continued Communication

A property management report is an essential tool for your ongoing relationships with owners. You should outline what your property management reports will include, including any legally required disclosures such as financial statements. A property management report needs to include an income and expense statement, owner statements, operating statements, and an account ledger report.

Also, establish communication early and keep it consistent. Newsletters, regular email updates, and the aforementioned reports will be key to continuing to develop these positive owner relationships.

Final Thoughts

Welcoming and onboarding new owners as a property manager is exciting and a great opportunity to develop strong professional relationships. With these helpful steps, you can welcome some amazing new clients and develop great relationships with your new clients. Remember when working with clients that it is always important to know your local landlord-tenant laws and the laws that govern your business as a property manager.