{"id":14240,"date":"2020-10-28T16:00:47","date_gmt":"2020-10-28T23:00:47","guid":{"rendered":"https:\/\/www.rentecdirect.com\/blog\/?p=14240"},"modified":"2022-05-25T14:45:09","modified_gmt":"2022-05-25T21:45:09","slug":"best-tip-for-property-management-growth-think-like-an-owner","status":"publish","type":"post","link":"https:\/\/www.rentecdirect.com\/blog\/best-tip-for-property-management-growth-think-like-an-owner\/","title":{"rendered":"Best Tip For Property Management Growth | Think Like an Owner"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-14241\" src=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/10\/Best-Tip-for-Property-Management-Growth_-Think-Like-an-Owner.jpg\" alt=\"Best Tip for Property Management Growth Think Like an Owner\" width=\"950\" height=\"558\" srcset=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/10\/Best-Tip-for-Property-Management-Growth_-Think-Like-an-Owner.jpg 950w, https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/10\/Best-Tip-for-Property-Management-Growth_-Think-Like-an-Owner-300x176.jpg 300w, https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/10\/Best-Tip-for-Property-Management-Growth_-Think-Like-an-Owner-600x352.jpg 600w, https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/10\/Best-Tip-for-Property-Management-Growth_-Think-Like-an-Owner-768x451.jpg 768w\" sizes=\"(max-width: 950px) 100vw, 950px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">For a property management company, the focus on the bottom line drives attention toward efficiency and growth. From a fresh perspective, one of the best tips to accomplish these goals is to think like an owner.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The first article in this series focused on helping landlords and investors think like a tenant. Continuing on that theme, this article is dedicated to property management companies wanting to dive into the needs of the property owner in order to help grow their business.<\/span><\/p>\n<p>Before a deep dive into what property owners are looking for, take a moment to reflect on your business objectives and vision so that as you think about owners you can reimagine how your perspective aligns with their thoughts and needs.<\/p>\n<h2><strong>Types of Rental Property Owners<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">For a new property management company, working with owners may be a new experience. Seasoned property management companies though have likely dealt with one or all of these types of rental owners:\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">The Investor<\/span><\/li>\n<li><span style=\"font-weight: 400;\">The DIY Landlord<\/span><\/li>\n<li><span style=\"font-weight: 400;\">The Accidental Landlord<\/span><\/li>\n<li><span style=\"font-weight: 400;\">The Fed-Up Owner<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">S<\/span><span style=\"font-weight: 400;\">ome of these property owners may have fallen into property ownership through inheritance (The Accidental Landlord) or found they needed to relocate and decided not to sell their home (The DIY landlord). Other owners have a portfolio of investments as their sole source of income (The Investor). Others have decided that being a private landlord has become a source of stress and angst (The Fed-Up Owner).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Whether an owner by choice or by circumstance, each type desires a return on their investment in the form of rental income as well as equity if and when they decide to sell. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The resource below goes into detail on those four owner types.\u00a0<\/span><\/p>\n<blockquote>\n<p style=\"text-align: left;\"><strong>DEEP DIVE RESOURCE |<\/strong> <strong><a href=\"https:\/\/www.rentecdirect.com\/blog\/who-owns-rental-property\/\">Types of Rental Property Owners That Will Grow Your PM Business<\/a><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">Although coming to property ownership from differing starting points, their commonality is the need for asset management. That\u2019s where a good property management company comes into play to support those goals and relieve their concerns. Before diving into asset management issues, let&#8217;s take a look at some core needs first.\u00a0<\/span><\/p>\n<h2><strong>Understand a Property Owners Needs<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Thinking like an owner starts with understanding human needs common to all. In our first series article, Think Like a Tenant, we discussed Maslow\u2019s Hierarchy of Needs to understand the needs of a renter. Similarly, it\u2019s important to have a grasp of those basic needs of owners. The relationship between an owner and the management company might not intersect on the lower levels of basic physiological and safety needs, but certainly impact the need for belonging, esteem, and self-actualization. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">For more information on Maslow&#8217;s Hierarchy of Needs check out the resource below.\u00a0\u00a0<\/span><\/p>\n<blockquote>\n<p style=\"text-align: left;\"><strong>DEEP DIVE RESOURCE | <a href=\"https:\/\/www.rentecdirect.com\/blog\/property-management-and-investor-perspective-think-like-a-tenant\/\">A Fresh Property Management and Investor Perspective &#8211; Think Like a Tenant\u00a0<\/a><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">Everyone desires respect in a manner that is personalized and communicated in a way that makes us feel seen and heard.\u00a0<\/span><span style=\"font-weight: 400;\">Meeting those core basic needs can immediately set you apart from all the other property management companies. Too often a property owner ends up feeling like a cog in the wheel, a nuisance, or just another supplier of the goods that the property management company needs instead of as an asset to the company.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After those basic needs are met, bottom-line, property owners want to be informed and know that their questions (both spoken and unspoken) are answered. The types of questions an owner may have run the gambit from marking to management. It\u2019s important to be prepared to answer those questions even if unexpressed. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The resource below goes into detail on the questions owners might ask when searching for a property management company.\u00a0<\/span><\/p>\n<blockquote><p><strong>DEEP DIVE RESOURCE | <a href=\"https:\/\/www.rentecdirect.com\/blog\/what-owners-want-to-know-faq-from-rental-property-owners\/\">What Owners Want to Know &#8211; FAQ From Rental Property Owners<\/a><\/strong><\/p><\/blockquote>\n<h2><strong>The Business Needs of a Rental Property Owner<\/strong><\/h2>\n<p>Getting into the mind of a rental owner, in addition to a healthy business relationship where they feel heard and understood, they need to know their business needs will be met. Let&#8217;s look at some of the things owners are thinking:<\/p>\n<p><strong>Will my investment be well maintained?<\/strong><br \/>\nThey want to know that their asset is in good hands and will be protected from neglect, bad tenants, and shoddy workmanship. This speaks to tenant screening practices, how you manage maintenance requests, routine maintenance tasks, and property inspections &#8212; your track record on the day-to-day activities that keep assets in the best condition.<\/p>\n<p><strong>Does this property management company understand tenant relations?<\/strong><br \/>\nJust like you, owners are concerned with occupancy and tenant turnover. They want to know from you that you understand that an empty house is not profitable for either of you. Educate them on your tenant marketing strategies and tenant retention programs. Lean in and let them know the value you place on securing and keeping great tenants.<\/p>\n<p><strong>Am I partnering with a reputable property management company?<\/strong><br \/>\nBe upfront with all the data pointing to that answer such as your online reputation, licensing information, years in business, outline management and maintenance team strengths, etc. If you are new to property management, you will need to up your interpersonal skills to build rapport and trust as you build your business. Established or new business, building trust is on-going so be sure never to over-commit as it leaves you open to under-delivering on a promise.<\/p>\n<p><strong>Will I be left in the dark or kept in the loop?<\/strong><br \/>\nOwners crave information regarding their portfolio and you can provide that easily with a few simple tools. Brag about your property management software in how easy it is to access their data through an owner portal from any mobile device. Let them know you provide access 24\/7 from their portal to those very important reports and ledgers. Many PM software programs, like <a href=\"https:\/\/www.rentecdirect.com\/\">Rentec Direct<\/a>, also allow you to email or text important information from the program directly to their email or phone as well as share important documents to their owner portal file library.<\/p>\n<p><strong>Does this rental management company really understand the industry?<\/strong><br \/>\nThey want to know that you are an expert and will keep up with current trends, systems, and best practices. Don&#8217;t be shy in telling owners where you get your information and what you are reading to stay informed. A newsletter is a perfect opportunity to spread your knowledge and insight while helping owners stay current as well. In addition to being seen as an expert, it also helps keep the doors of communication open and builds your reputation and trust.<\/p>\n<h2><strong>Attract and Retain Good Owners<\/strong><\/h2>\n<p>Thinking like an owner will help you attract those owners who align with your business vision. Your marketing material and website will show you understand their needs and have really thought from their perspective. Your online reputation will speak to that as well. We all want to be a part of a community so think about offering a referral program so your current owners can spread the news about how you care of their properties as if it were your own.<\/p>\n<p>Additional marketing and social reputation suggestions are provided in the resources below.<\/p>\n<blockquote><p><strong>DEEP DIVE RESOURCES | Marketing and Social Reputation<\/strong><br \/>\n<strong><a href=\"https:\/\/www.rentecdirect.com\/blog\/manage-your-social-reputation\/\">How to Manage Your Social Reputation Like A Pro<br \/>\n<\/a><a href=\"https:\/\/www.rentecdirect.com\/blog\/email-marketing\/\">7 Tips For Property Managers to Create Effective Email Marketing Campaigns<\/a><\/strong><br \/>\n<strong><a href=\"https:\/\/www.rentecdirect.com\/blog\/easy-rental-real-estate-marketing-ideas-for-the-busy-landlord\/\">Easy Rental Real Estate Marketing Ideas for the Busy Landlord<\/a><br \/>\n<\/strong><\/p><\/blockquote>\n<p>Remember, when all is said and done, owners want to know that you will stand by their side as a partner with their best interest at heart. It&#8217;s easy to do when you put yourself in their shoes and think like an owner.<\/p>\n<hr \/>\n<h3><b>RELATED READING FOR YOU:<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.rentecdirect.com\/blog\/who-owns-rental-property\/\"><span style=\"font-weight: 400;\">Types of Rental Property Owners That Will Grow Your PM Business<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.rentecdirect.com\/blog\/turn-home-into-a-rental\/\"><span style=\"font-weight: 400;\">Should I turn My Home Into A Rental Property?<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.rentecdirect.com\/blog\/grow-pm-business\/\"><span style=\"font-weight: 400;\">Stand Out To Owners and Grow Your PM Business<\/span><\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>For a property management company, the focus on the bottom line drives attention toward efficiency and growth. From a fresh perspective, one of the best tips to accomplish these goals is to think like an owner.\u00a0\u00a0 The first article in this series focused on helping landlords and investors think like a tenant. Continuing on that [&hellip;]<\/p>\n","protected":false},"author":69,"featured_media":14241,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":true,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"iawp_total_views":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[275,13881],"tags":[16157,16156,805],"class_list":["post-14240","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education","category-property-management-tips","tag-attract-owners","tag-owner-relations","tag-owners","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO 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