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2019 New Year Resolutions for Landlords and Property Managers

The new year is traditionally a time for resolutions, and your business should be no different.

A fresh year marks the perfect time to start new goals and map out ways to achieve them when it comes to your management business and techniques. Whether your goals are to expand your portfolio this year or involve tackling more general day-to-day tasks with increased efficiency, the new year is the perfect time to evaluate exactly what you hope to achieve.

Remember, the key to achieving your goals is to ensure that--after you lay out the general idea--you set quantifiable goals that will allow you to measure your progress. Vague goals rarely work, and complacency thrives in ambiguity. For instance, a goal such as “get more organized” can be quantified in specific ways. Instead, think more specifically about what you are meaning by that goal and translate it into a quantifiable task. Your goal could be to rearrange the filing cabinet, go paperless, or learn more about your PM software; think about what organization looks like in your business and list those measurable goals.

 

For those of you who don’t already have new year’s resolutions in mind already, here are a few ideas from which your management team might benefit.

 

Befriend Industry Experts:

Find an industry mentor to glean techniques from. Learning the best tips and tricks from an experienced person is vital, and having a friendship where you can vent any business difficulties is invaluable.

 

Get Organized with Software Use:

Create a list of any ways that you are not currently using your software to the fullest. Stay up-to-date on any updates your software has made so you’re always utilizing every tool available. Make a note to follow up with support if find that you still have burning questions.

 

Find Great Tenants Through Screening:

Make tenant screening a priority this coming year.  Dealing with poor tenants is no fun. Make 2019 the year that you diminish stress from lousy tenants by focusing on effectively finding the great ones out there.

 

Stay Up-to-Date in Your Industry:

Find a few favorite industry blogs and schedule a little time every week to read them. If you use management software, be sure to schedule time every few months to check into any feature updates that you might not be utilizing.

 

Retain Employees Through Incentives:

Employee turnover rates within the apartment management are high. Retain your best workers by ensuring they feel appreciated and valued. Rewarding great work with incentives like catered lunch, thank you notes after a hard job, or funds for special benefits.

 

Focus on Residents Through a Retention Plan:

Make this a goal with a detailed plan to get there. Shoot for a specific amount of retention tasks per month. This could be small (like a card or text to check in) or larger (like a movie party or gift.) Realistic and specific goals with help you succeed.

 

Whatever you decide, make sure you set a few goals to start the new year off right. Look to refine methods and tasks that worked well for you last year, and replace any underserved you. This will help ensure that 2019 is the best year for your management business to date.





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