JuvoHub - Property Management Podcast
Owners and Asset Managers – Communication and Expectations
How do you tackle the hard conversations? Brandi Boudoin joins us and shares her perspective on communication and expectations regarding property owners and asset managers.
Host(s): Jonathan Saar from Market Me Social and Mark Howell from Howl Creative Concepts
Our special guest: Brandi Boudoin from TriBridge Residential
Brandi Boudoin (pronounced bodewin) is a Regional Vice President at TriBridge Residential. Brandi has 26 years of experience in the multifamily industry. She has also been an active member of the Atlanta Apartment Association for more than 20 years and couldn’t imagine a finer group of people anywhere else.
How do you effectively communicate when tackling difficult topics? Covid has put a substantial strain on the housing industry resulting in many tough conversations with asset managers and owners. Delinquencies and collections are still a significant issue that needs to be addressed.
Brandi shares some fantastic actionable tips and best practices to help take the sting out of these conversations and encourage an environment where everyone is working towards a common goal.
Key Questions/Topics Covered
What are assets managers looking for today?
We have come a long way as an industry. From the mom-and-pop set up to multi-billion dollar businesses. With this came investors and asset managers. And unfortunately today, asset managers’ primary focus is on recouping their business losses due to Covid.
These are challenging times that require open communication regardless of how hard the discussion might be. The best way to communicate with asset managers is to show them the numbers. (We all know they love numbers.) Provide them with the spreadsheets and projections to show where your team is and where you plan to be in the future. Also ask for their insights. Get them involved in finding actionable solutions.
How can you try to encourage our asset managers to remember that it’s still a people business?
First and foremost, without our renters, we have no business. It’s as simple as that. We need to be forward-focused on customer service. This message needs to be communicated while still remembering that it is a business, and therefore we are responsible for the financial aspects. Balance is key for both parties involved.
It’s not always easy to deliver bad financial news. You need to rip the band-aid off and do not sugarcoat it. Then it's about working together. By coming together as a team with a common goal in mind, you can find solutions that work.
What has helped you to be ready to have the tough conversations?
Working with the asset managers to create a business plan that involves analytics always helps. Also, from a property management perspective, remembering that this is a business, and no matter how much you want to say “yes” to the resident, it isn’t always possible. By communicating effectively and setting expectations, even the hard conversations become manageable.
When you are coaching your managers, what advice do you give them regarding over-communication?