Setting and following good communication practices consistently ranks as one of the best things a Miami property management company can do for you and your residents. What results is better transparency so you’ll always know how your property is performing and what your expenses look like compared to your income.
Communication and transparency go hand in hand, and when you’re looking for an experienced team to manage your residential property portfolio or your community association, make sure you don’t settle for less than a company with a demonstrated ability to communicate well and provide accurate, detailed information when you need it.
Responsive Communication Improves Investment Experiences
We often talk to owners and investors who hire the first property management company to respond to them, as responsiveness is a crucial part of property management. Professional Miami property managers must be available and respond to the owners they work for, as well as to residents, vendors, and valued professional partners like real estate agents, insurance brokers, and attorneys.
When you can’t get a property management company to reply to your request for more information, you can predict how they’ll communicate once you actually hire them.
Transparency should eliminate unwanted surprises, particularly when it comes to maintenance and accounting. You don’t want large repairs made at your property without your prior knowledge or consent. An unexpected charge for $800 on your statement should trigger follow up with your property manager to pinpoint where the breakdown in communication occurred. This sort of lapse unacceptable. If your tenant moves out and you don’t find out about it until you fail to receive your rental payment the next month, it’s evidence of a huge communication problem Hold your property managers accountable, and make sure they spell out their communication practices before you hire them.
Communication is Essential in HOA Property Management
Transparency while providing community management is also important. When a professional company provides your association management, you should expect accurate and detailed financial reports, access to top technology, available software, and experienced professionals who know how to manage the expectations and responsibilities of both board members and homeowners. None of that can happen without strong communication.
An HOA board needs to know the association management company is available, accessible, and responsive. When you can’t get in touch with your manager and questions are left unanswered, it’s annoying and stunts the decisions and resolutions process. When your phone calls and emails aren’t answered, finding a manager that takes your needs more seriously becomes an urgent priority.
Your HOA management company should handle all your bookkeeping and accounting, including budgets and bank accounts, fee collection, and vendor payments. Your board should have access to updated financial reports and accounting statements. Inadequate transparency is a huge red flag and a very good reason to find a new community management company.
There’s much more you’ll want to know about communication and transparency, and we’d love to share our plans and policies for delivering the best in residential and community management. Contact our team at Trident Management to learn more.