For success in achieving the owner’s objectives, there must be open communication between the owner and the management company. The process must be continuing from the onset of the management plan based on the owner’s objectives to the dissemination of monthly and annual financial reports for the owner’s records.
Meetings between the owner and the management company should be set up on a regular basis. In these meetings, topics such as major repairs, personnel problems and rent collection can be reviewed. In-between meeting, managers must communicate serious problems with the owner immediately, so they can be addressed in a timely and cost-effective manner. Constant communication is essential to the process of management.