Just a few short months ago, you were enjoying the hot summer sun. Suddenly it’s October, which means only one thing; the end of the year is rapidly approaching. Every year you vow to be prepared for the end-of-the-year activity that seems to overwhelm you. This year, get a head start by beginning the necessary year end preparations early.
What should you be doing to end the old year smoothly, while transitioning into a new year?
Make Sure Your Paperwork Is Up To Date
This includes bank reconciliations. I’ve mentioned this before, but it’s so important to keep bank reconciliations up to date. So many smaller companies tend to put these to the side in favor of more “important” work, but knowing your real bank balance, knowing what checks have not cleared, checking for erroneous charges or postings is important work. While reconciling is important for all bank accounts, it’s imperative for your trust accounts. You must know what is in any trust account at all times, particularly in advance of any year-end audits.
Take A Look At Your Current Technology
Determine if your current technology is still working for you, and will continue to do so in the future. Year end is a perfect time to determine what still works, and what may need to be updated. Upgrading your property management software, a server, your database, is not anyone’s favorite activity, but it’s easier to do so before it becomes a necessity.
Keep Your Security Deposit Refunds Up To Date
In most states keeping your security deposit refunds up to date is a legal issue, but when I say up to date, I’m really referring to keeping all former tenant paperwork filed properly, making it easy to locate backup if necessary.
Start The Budget Process For The New Year
If you begin making notes now, the final budget preparation will be much easier, and much more accurate.
Start setting goals in the office for what you want to accomplish in the New Year. Do want to increase tenant retention rates? Draw up a program that will help your staff reach this goal. Do you want to increase leasing rates? Work with your leasing staff to establish a reachable goal that will increase both their confidence along with your occupancy rate.
Traditionally, the last quarter of the year is slower in activity, making this a perfect time to get your property management company organized and your employees excited about the upcoming year.