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Property Management Goals for the New Year

New Year’s Day has snuck up once again, and if you’re feeling like it’s coming sooner and sooner each year, you may find that you haven’t had a moment to recover from December’s holiday festivities–let alone had time to plan resolutions for 2019.

 

And if you are one of those lucky few who are on top of it, and already have your personal goals lined up, perhaps it’s time to add a few professional resolutions to your register.

These new year goals for landlords and property managers should lead you on the right path to ensure that 2019 is a successful year for your business and investments.

 

Make Friends In the Industry

Befriending industry experts is an ideal goal for landlords or property managers who are just starting out, or find that they’re in need of a little extra coaching. Find a mentor within the industry that you can glean helpful tips from and go to when you’re in need of advice. Learning from an experienced person is vital, and having an industry friend with whom you can vent any business frustrations is vital. If you’re a seasoned pro, consider offering up yourself as an expert to those new to property management. Whether you’re advising someone locally or are adding valuable tips to the growing support online, you are not only helping another person out but are further establishing your credibility as an expert in your field. A win-win for everyone involved.

 

Get Organized with Your Management Software

If you’re not using a property management software, it might be time to check with experts on how to pick the best software for your property management needs. If you already are utilizing a management software, now is the time to make a list of ways that you are currently not using your software to its fullest. While it may fall off of your priority list on a day-to-day basis, checking in to see if your software has added any features or tools is more than worth your time. Just think, there could be a time-saving feature that you already have at your fingertips that you’re missing out on!

 

Find the Best Tenants Possible

Having a dream tenant for every unit isn’t always a reality, but it’s certainly a goal for which every PM and landlord should strive. This year, make a resolution to prioritize tenant screening. Finalize your written tenant screening criteria and go the extra mile to complete a background check and look into the rental history of any applicants. You will thank yourself later.

 

Aim for Amazing Resident Retention

While this should always be a priority, the new year is the perfect time to settle in and refocus on ways to retain the residents you currently have. Nothing can kill profits like a vacancy. Finding new tenants is always a pain (even if you can speed up the turnover process), and there are no guarantees that a great application will mean excellent tenants. Strive to keep the renters you have! Make them feel appreciated this coming year and watch your investments pay dividends.

 

Setting a new year’s resolution is the ideal way to keep yourself on track this coming year. Defined goals will ensure that you have a way to mark your progress and success professionally, and can set your properties up for the best year yet!

Credit: Brentnie Daggett of Let’s Talk Property Management

  1. Interesting article. Excellently constructed, with very informative content too.