Who do you surround yourself with, as a real estate investor or a landlord?
One of the reasons we’re so effective as Visalia property managers is that we understand the value of professional partnerships. This is a relationship business, and if you cannot develop and sustain good relationships with a wide variety of people and communities, you’re going to have a hard time managing your real estate investments.
Today, we’re diving into the topic of partnerships, and we’re sharing some of our best tips on how to build a lasting partnership and why those relationships are so important to your success.
How to Create a Long-Lasting Partnership
Each relationship you form as a person and as a rental property owner comes with its own nuances. You’re going to have a different relationship with your tenant than you do with your vendors, for example. The professional relationship you set up with your insurance agent will not be the same as the relationship you establish with your landscapers.
There are some essential elements to every positive and productive partnership, however. When you want to build lasting partnerships as a rental property owner or an investor, consider what you’re hoping to get out of the relationship and what the other party needs from you. It’s important to choose wisely, whether we’re talking about your relationship with a Visalia property manager or your partnership with the HVAC technician who is going to make sure your heating and cooling system is in good shape.
Look for partners who have a strong reputation in the local market and in the industry. Go online and do a bit of research; you should be able to find reviews and testimonials. Get to know the people or the company you’re partnering with before you begin working together.
By learning something about the other party and being willing to share something about yourself and your own needs, you’ll set yourself up to create a strong and meaningful partnership.
Communication and Your Partners
Every partnership depends on open, transparent, and accurate communication. There’s an expectation of responsiveness. You’re not being a good partner if you let messages sit in your inbox for weeks before you even acknowledge them or respond.
It’s important to establish clear communication channels when you set out to partner with tenants, vendors, managers, or other professionals. It’s the foundation of how you’ll work together. Talk about how you like to be communicated with. Discuss expectations around timing and accessibility. Maybe you turn your phone off at 8pm every night. Your professional partners need to know that. How will you want to be reached if there’s an emergency? How do you want to reach out when you’re the one calling about a problem?
Establish all of these baselines. This will limit disappointments and misunderstandings.
Make sure you’re clearly defining your expectations around communication, services, relationships, and anything else that you and your partners will have to work on together. Setting these expectations from the very beginning of your relationship can prevent problems later on. A smooth working relationship is essential, no matter what kind of partnership you’re nurturing.
Trust and mutual respect is essential in any partnership. When we become your Visalia property management partner, we make sure that you’re being treated well, not only by us, but by our own partners. When we send a vendor over to your property to respond to a maintenance issue, they know we have high standards for how they’ll treat your residents. Mutual trust and respect leads to better interactions and more productive encounters.
Qualities Demonstrating Partnership Potential
Looking for the right partners is of course essential, but what are you doing to attract partnership opportunities to you?
Here are the things that let others know you’d make an excellent partner when it comes to real estate, renting, and property management:
- You love what you do. It’s hard to succeed in real estate if you don’t have a passion for it. Make sure it’s easy to see how much you love this work and all of the opportunities and challenges that come with it.
- You’re reliable and trustworthy. Don’t make big promises that are difficult to keep. You’ll want to make sure you can deliver and do what you say you’re going to do. This establishes trust between you and your tenant or your vendor or your property manager. Pay invoices promptly. Hold yourself accountable. Lead with actions and not with words.
- You’re comfortable with conflict and can solve problems. There’s always going to be a dispute or a misunderstanding that could have been avoided if the communication was better or the expectations were clearer. If you can solve problems by talking them through and you have a plan for avoiding escalation when it comes to disputes, you’re going to be a partner that people want.
- You’re creative and flexible. It’s so important to have processes in place. But, they’re not going to work for every situation. Be willing to do what makes sense, even if it veers from your normal procedures or sets you outside of your comfort zone.
- You’re fiscally responsible. Nothing brings calm to a business partner more than someone who knows how to manage money and not overspend. Depending on your needs and the needs of your property investments, reducing what you spend is an easy way to increase what you earn. Partners can see that. And, they appreciate it.
Whether you’re looking for an investment partner, a lender, a tenant, or someone to expertly manage your Visalia rental properties, establishing yourself as the type of owner who people will want to work with opens you up to new opportunities everywhere.
Signs of a Successful Partnership: Mutual Benefits and Results
How do you know the partnership is working?
Generally, you know that things are going well when each partner has a vested interest in the success of the other. There’s a willingness to identify individuals as part of the collective. Together, you want to be developing a shared vision of success.
Balancing your commitment to everyone’s separate and shared interests will ensure your partnership thrives. It will also lead to innovative solutions, positive results, and longevity. Everyone has to be committed in order to get things going, and the more invested you become in the success of your partners, the more you’ll succeed yourself. A mutually beneficial partnership is almost always more than the sum of its parts. There are multiple end goals, all of which can be reached.
And how do you know if you’re successful in reaching those goals?
You’ll have to commit some resources not just to the process but to evaluating the results.
Establish some metrics that will allow you not only to evaluate the results of your partnership, but the partnership itself. They might look like:
- Financial Metrics
What kind of money is the partnership providing to you? Are you avoiding the risk of expensive lawsuits by having your leases reviewed by an attorney? Maybe your emergency maintenance costs decreased when you began partnering with a professional property manager. You want to determine the monetary value of your partnership. See how many leads turned into leases, for example.
- Strategic Metrics
Key performance indicators (KPIs) around strategy are often not as tangible as your financial metrics, but they’re still important when you’re trying to decide how much to invest in a partnership. You don’t have to overcomplicate this, but are your partners delivering something that you cannot do yourself? That’s what you want to see.
Why Partnerships Matter in Visalia Property Management
Partnerships in property management extend beyond just working with a management company. They encompass relationships with tenants, contractors, local businesses, and even other property owners.
Here’s why building these partnerships is crucial:
- Enhanced Tenant Relationships
A positive relationship with your tenants can lead to longer lease agreements, timely rent payments, and overall tenant satisfaction. Partnering with a property management company that values tenant communication and service can help foster these relationships. It also takes the burden of managing tenants off your plate.
- Efficient Maintenance and Repairs
Visalia’s property market demands prompt and efficient maintenance services. Partnering with reputable local contractors ensures that repairs are handled swiftly and professionally, keeping your tenants happy and your properties in top condition.
- Accessing Market Insights and Strategy
A knowledgeable property management partner can provide valuable insights into the Visalia rental market. We can help you set competitive rental rates, identify market trends, and develop strategies to maximize your property’s potential.
- Legal Compliance
Navigating the legal landscape of California’s rental laws and requirements can be challenging. A reliable property management company will ensure that your properties comply with all local, state, and federal regulations, reducing the risk of legal issues and penalties.
Building lasting partnerships is the key to success in Visalia property management. By establishing strong relationships with your property management company, tenants, contractors, and other stakeholders, you can ensure the long-term success and profitability of your rental properties.
We’d be happy to share some of our resources and invite you to leverage our network of partners. Please contact us at The Equity Group.
