CEO and Founder of L.A. Property Management Group and Crown Commercial Property Management.
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As a professional property manager, you may have encountered a new type of property owner in the market. This class of owner is confident in every aspect of their investments without having to stress the minutia of day-to-day work on them. They live in a state of certainty regarding the direction of their assets, and they out-earn their competitors hand-over-fist.
But the owners I’m describing aren’t some species created in a lab for the sole purpose of profiting on rental property. They’re not hyper-educated prodigies of real estate. They don’t all wear the same sunglasses, and they don’t know anything you don’t. Except maybe for one thing: They know that no owner can afford to settle for management that’s less than excellent. Their secret is that rather than hiring the bare minimum, they’ve chosen property managers they can depend on as trusted advisors. If you’re a property manager and you’re not offering clients that type of confidence, you could benefit from learning how to do so.
At the core of this concept is the value of collaboration. Collaboration between an owner and a manager creates greater trust and improves your ability to help your client take action on your advice. You might think of your collaborative skills as your bedside manner, how you approach interactions, especially conflict. Collaboration — the willingness not only to offer explanations but also to truly listen to your client — is a powerful tool to help you move past conflicts or disagreements. The challenge for most of us property managers is that we too quickly get wrapped around the axle, believing that we know the right answer. That’s counterproductive. Make sure you give your clients opportunities to contribute to solutions. Give them a chance to share ideas while you both discover the best course of action as you move forward together.
One phrase I find useful in a lot of conversations with property owners is, “Let’s just explore some ideas here.” This can help bring about a fair interchange — it’s not just you speaking your piece or them speaking theirs. And let’s be honest: It’s not your place to impose your opinions. You’re there to serve and suggest to the owner, who will make the final call. But there’s a special satisfaction that comes from truly collaborating on ideas with your client, in which you arrive together on a certain path for repairs, remodels or other property-related decisions. This all comes together to define a consultative approach to property management: providing not only top-notch management service, but also sound and savvy counsel whenever your client needs it.
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If you want to be consultative, you have to be impartial. This can be difficult. But at the end of the day, if the client knows that your absolute conviction is to see them come through their current crisis in the best way possible, without having your own vision blurred by any biases or partialities, you will prevail and deliver the client new heights of service.
Our industry’s main driver is creating value, and these steps all add up to your client realizing that a long-term partnership with you will do just that. Do what it takes to build trust, and they’ll see you as an important part of their investment life.
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