The Intentional Investor and How to Work With Them
Intentional Investors purchased rental property as an investment from the start. They’re the most likely to own multiple units and to be actively adding new properties to their portfolios, though some are more interested in profitability than growth. 48% of small-business rental owners identify with this profile in 2021, an increase of 4 percentage points since 2018.
- Determine the level of involvement they’d like to have regarding their properties. Some Intentional Investors want to be completely hands-off so they can focus on the investment side of the business, and want to equip their property manager to make decisions on their own. Others like to be actively informed and consulted along the way; so setting expectations regarding communication and decision-making can avert confusion or frustration.
- Align your strategy with each client’s goals. Some Intentional Investors are focused on acquiring new properties. Others are content to stay the same size or even sell properties to ensure that their current ones are running profitably. Be sure to find out which metrics they use to define success so you know where to focus your efforts.
- Share your rental market expertise. Even full-time investors feel overwhelmed by constant changes in regulations, local market performance, and leasing trends. For owners who are inclined to believe that they’re capable of running their properties on their own, your expertise on these matters is a major component of your value.
- Encourage their growth by proving that you’ve got things under control. Particularly for the two-thirds of Intentional Investors who own properties in cities they don’t live in, it’s critical to help them feel confident that you’ll prevent and handle any issues at their properties while staying on top of the local market.
- Provide them with insight into their individual properties and their overall portfolios.
Many Intentional Investors want a detailed view of each property’s collections, maintenance expenses, and vacancies in addition to a more consolidated, big-picture view of their portfolio’s performance. They expect to be able to access this information on their own on a monthly basis.
Looking for more tips on how to many properties and their owners? Contact Cosmo Management Group today and speak to one of our representatives.