Communication with Leaseholders

Transparent communication with leaseholders is essential when it comes to reserves and contingencies. Property managers should clearly communicate the purpose and importance of reserves, as well as the rationale behind contingency planning. Regular updates on the status of reserves, planned expenditures, and unforeseen expenses help foster trust and confidence among leaseholders. Open channels of communication allow leaseholders to understand the financial health of the property and the reasoning behind budgetary decisions.