How Property Managers Can Help Rental Owners Embrace Change

It’s human nature to resist change. Change requires effort, and effort isn’t always something people want to put forth. But people do make the effort required to effect change in certain areas of their lives from a young age. If you didn’t, you would never learn to speak or walk. Sometimes, embracing change is necessary in order to operate at a level you’re not accustomed to.

In property management, I’ve found that many long-time rental property owners hold on to the management of their property not because they prefer the control or because they think they can do the work more efficiently than a management company, but simply because they’re used to things being a certain way and are averse to the idea of change. I lead two property management companies, and I’ve actually been told on multiple occasions by owners that even though they don’t like the process or result of managing on their own, the idea of change worries them too much.

Self-managing owners of rental properties who feel similarly can benefit from learning to accept change. Property management is an ever-changing industry, the direction of which often depends on new systems and technology. In the past decade alone, software programs have reorganized and improved the way you can oversee properties. Complex rent control laws—federal, state and local—that surround ownership and leasing are also in constant flux, and they require careful compliance to avoid potentially devastating lawsuits. If these are aspects of property management an owner is not interested in, then perhaps working with a property manager is worth considering.

On the flip side, however, property managers must make sure prospective clients know they’re committed to making change as painless as possible. In my experience, one major reason many owners fear change is that they’ve tried hiring management before and have found the transition more troublesome than it was worth. This is valid. After all, if you settle for a manager who doesn’t prioritize your peace of mind, you might end up in a mess of a transition that defeats the purpose of having hired them in the first place.

If you’re a manager, this is one of the many reasons to focus heavily on making the transition easy for your new client. Another way you can alleviate the difficulty of change for clients is by adapting your service to each client’s unique needs, rather than making the client adapt to you. If they need somebody to look over their owner’s statement with them each month, you should provide that service.

It’s also crucial to remember that owners never owe you their business, and just because you believe a change is right for them doesn’t mean they’re obligated to accept it. Don’t push a client to take a step in their rental ownership journey they’re not ready for. This won’t help either of you, and it might lead to resentment that could threaten to dissolve your relationship. These situations call for patience.

And, just like my old English professor used to tell me, “Show, don’t tell.” By that, I mean it’s more important to earn a client’s trust with your actual work than it is for you to talk them into a vision you have for their property. Essentially, don’t inundate a client or prospective client with talk that you can’t back up with your service or the returns that might come from change.

David Bowie remained at the forefront of his art form for decades, and he advised us to “turn and face the strange.” If you own rental property, I recommend you do the same: Confront the discomfort that might come with making a change, whatever that change might be. And if you help manage properties, strive to help your clients embrace change.

You can follow David on Twitter at https://twitter.com/laproptymngmt

The article can be found at the following link:

https://www.forbes.com/sites/forbesbusinesscouncil/2023/01/19/how-property-managers-can-help-rental-owners-embrace-change/?sh=717c8a6c4256