Successful property management companies understand that they must be effective business managers. Real Estate investment is a business and rental property owners want their investments to be profitable. Property managers are responsible for making the kinds of decisions that will help their owners’ investments be lucrative, all while staying within the bounds of the law.
With this goal in mind, one of the most effective things a property manager can do in order to run their business effectively is to learn to say no.
Mastering the skill of saying no will help managers keep their sanity, streamline their management business practices, and will also make things easier on their tenants in the long run.
Dealing with demanding tenants
Our current culture sometimes makes it difficult to politely refuse to do something for another person. It can feel mean, rude, or uncaring to refuse to give in to someone’s requests.
However, a property management company that is dealing with demanding tenants must learn how to say no and draw boundaries. Honing the ability to say no will help property managers assess responsibility, limit their time focused on unnecessary tasks, and prioritize goals. It will also allow the property manager to say yes to other more reasonable or appropriate requests.
Learning to say no can sometimes be difficult. Following these tips will help property managers master this important business skill.
6 helpful tips on saying no to tenants:
- It takes practice—It may take some practice with saying no before a property manager feels comfortable doing it. Running through scenarios and formulating answers to requests a head of time can often help.
- You don’t have to be mean—Remember that when saying no, it is never necessary to be rude or mean. Professional property managers must learn how to turn down requests in a polite manner using language that is clear and concise but not abrupt or negative.
- Body language is important—Body language and tone of voice is a key part of delivering an effective no. Managers should make eye contact, keep his or her voice even and firm, and deliver decision with an explanation if needed.
- Don’t apologize..too much—Many people bundle up a no with copious apologies, which minimizes the effect of the conversation and suggests room for negotiation or another petition. Avoid overly apologizing—one simple and sincere apology will do.
- Be respectful—Property managers must learn how to say no to the situation or request, not to the person. Being polite and respectful to the tenant while denying the request emphasizes that the property manager is clearly focused on the business decision being made, not putting the tenant down.
- Explain your reason clearly—Offer an explanation as part of the message if possible. When reasons are presented clearly, the tenant is more likely to accept the answer as final. They may not like it, but at least they will see the reasoning behind it.
These tips can help property managers boost their confidence and get mentally ready to stand their ground when needed. Good property managers like Martin Feinberg will use their ability to say no when necessary to effectively manage their business while safeguarding their property owners’ investments.