How can you use conflict resolution to improve relationships with lenders and financial institutions?

When it comes to dealing with lenders and financial folks, think of it as having a good chat with a friend. Open up the lines of communication, listen to what they've got to say, and be quick to sort out any hiccups. Trust is built on being straight up about your financial situation, and when things get a bit tricky, don't be afraid to suggest some solutions or work together to find a middle ground. Regular check-ins and a friendly, cooperative vibe go a long way in turning potential conflicts into opportunities to strengthen the bond with lenders and financial institutions.

Both parties should consider themselves as being on the same team but communication by representatives regarding their directives,mandates, and feedback on concerns and the objectives of associated roleplayers like credit and ops is critical.

Make it a priority to here what the Lenders concerns are and to let them know they've been heard. I will often repeat back to them what I've heard is their concern to make sure I am addressing what they need addressed.

The first step to resolving any conflict is to understand the other party's perspective, needs, and interests. Try to put yourself in their shoes and see the situation from their point of view. What are their goals, expectations, and constraints? What are their concerns and fears? How do they perceive you and your actions? By empathizing with them, you can show respect, build rapport, and identify common ground.

Communication is key, maintaining good relationships between parties, and being knowledgeable about the subject, with this 3 key items almost every possible problem can be solved.

Communication is the key and should be Step #1. Listen and be open to what is being said. Many times emails don't convey tone or intention so read it back to yourself before sending. I love the world when good communication leads to great connection with another person. Start there! With a lender or vendor, they want to be heard. It builds trust. Many times it takes repeating what someone says...I call it recreating them. Summarize what they said to you and repeat it back to them so you both are clear. Being authentic and comminating with integrity is vital; this simply means do what you said you would do in the timeframe that you said you would do it!

When dealing with lenders and financing institutions the conflict often relates to the borrower, the property owner, and the lender. Often the conflict has to do with occupancy, payments or values. It's important to work with all the parties in cooperation with each other to come to satisfactory resolution. Often this requires compromise and having all sides see the benefit of a compromise vs a more litigious route.

The second step to resolving any conflict is to communicate clearly and respectfully with the other party. Avoid blaming, accusing, or criticizing them, and instead use positive and constructive language. Express your own perspective, needs, and interests, but also listen actively and attentively to theirs. Ask open-ended questions, clarify any misunderstandings, and acknowledge any emotions. By communicating effectively, you can reduce tension, increase trust, and facilitate dialogue.

This involves expressing your needs, feelings, and perspectives in a respectful and constructive way, while also listening to and acknowledging the other party’s point of view. Positive communication can help you avoid misunderstandings, clarify issues, and find common ground.

By prioritizing open and effective communication, you set the foundation for a constructive conflict resolution process. This allows both parties to better understand each other's perspectives and work collaboratively towards finding solutions that benefit everyone involved.

As you navigate between the parties, working to come to a mutually agreed resolution, it's important to keep respecting each party's concerns and that they be heard even if you don't agree.

By approaching negotiations with a willingness to compromise and a focus on finding solutions that meet the needs of both parties, you create an environment conducive to resolving conflicts and improving the overall relationship with lenders and financial institutions.

The third step to resolving any conflict is to collaborate and compromise with the other party. Instead of seeing them as an adversary or a competitor, see them as a partner or a collaborator. Seek to understand their underlying interests and values, and try to find creative and mutually beneficial solutions. Be flexible and willing to make concessions, but also assert your own rights and boundaries. By collaborating and compromising, you can create win-win outcomes and strengthen your relationship.

This refers to recognizing and addressing any differences in authority, influence, or resources that may affect the relationship or the outcome of the conflict. For example, if you feel intimidated or pressured by a lender or a financial institution, you can seek professional advice, legal assistance, or third-party mediation to balance the power dynamics and protect your rights.

In any negotiation, contract negotiations included, always focus on win-win. Don’t be greedy. Don’t be overly defensive. Don’t be me-focused. This will show the client your sincerity and open the path for more future business.

Once the resolution has been agreed to by the parties, making sure that the promises made are kept and the information delivered as needed so as to satisfy the agreement and everyone to move on forward.

The fourth step to resolving any conflict is to follow up and follow through with the other party. After reaching an agreement or a resolution, make sure to document it in writing and confirm it with them. Monitor the implementation and execution of the agreement, and provide feedback and support as needed. If any issues or problems arise, address them promptly and proactively. By following up and follow through, you can ensure accountability, reliability, and satisfaction.

The next step to resolving any conflict is to learn and improve from the experience. Reflect on what went well and what went wrong, and what you can do better next time. Seek feedback from the other party, and share your own feedback with them. Appreciate their efforts and contributions, and celebrate your achievements. By learning and improving, you can enhance your skills, knowledge, and confidence.

The last step to resolving any conflict is to benefit from the process and the results. By using conflict resolution to improve your relationships with lenders and financial institutions, you can gain many advantages. You can improve your communication and cooperation, reduce your stress and frustration, increase your credibility and reputation, save your time and money, and advance your career. By benefiting from conflict resolution, you can become a more effective and successful property manager.

Actions speak louder than words. Be trust worthy in the small things. Go beyond the call of duty. Be available and willing with a glad heart. Even when you don’t understand or agree with their demands always be willing to meet them to the best of your ability. Show them that you are for them and not against them, that you have their best interest at heart. You want to see them do well and to be pleased in making the decision to invest in you. Especially when they have a plethora of choices to make. They chose you so make them glad about it without any regret. Last thing I would say is, don’t think that because you have been working with them for years that you can slack up. Always put in top notch effort, as you did in the beginning.