Our Denver rental and real estate markets are rapidly changing as the months go by. You will have many parties that you interact with that will realize these changes. It can be anything from the national average mortgage rate to industry changes like days on market or median prices for homes. What we see the most in Highlands Ranch property management are unrealistic expectations for rental rates on investment properties. Some homes command a high rent and some homes need a lot of work in order to obtain that same price. Communicating this to clients is key.
The biggest issue that people have is an anchor point on price from a previous experience. This is most commonly in the form of “my neighbor rented his house for $3000 a month, we should be able to do the same.” There are many different factors that go into pricing, and they lead to the type of renters they were able to sign at that price. Communicating this in a way that your clients understand is the big challenge. You will first need to manage expectations, settle their unrealistic expectations and give them an educated rental range that you expect the property to fall into.
Start by informing them in different modes of communication. Start with an email so they have everything written down in front of them. Follow up with a phone call so you can explain any issues they had. Once you’ve educated them the rest is easy. The more you’ve clarified your message the smoother the remaining process will be. These methods can be applied to any change you might deal with in a client relationship. It does not have to be limited to any one thing.
Blue Olive Properties effectively manages change and the communication that goes with it, especially in Highlands Ranch property management. Give us a call today to hear more about the program.