The end of the year is always a time of reflection; what we’ve accomplished, what we would like to change, what we need to improve. That’s why making New Year’s resolutions can be helpful; if we stick to making resolutions that are do-able, that we have every intention of keeping. Unfortunately, many of us make the same resolutions over and over again, with nothing to show for it.
Take a moment to think about this: What are some resolutions that you can make that will improve both your business and your properties? Here are some suggestions:
- Get organized. Maybe you’ve been promising yourself that this is the year that you’ll get organized. While wanting to become more organized is certainly a step in the right direction, if you don’t have the necessary tools you need to get more organized, you’ll find yourself buried by paperwork by February. Consider looking at more efficient property management software or upgrading your 10-year old computer as a start. Doing these two things will guarantee improvement.
- Expand your marketing effort. We all get into a comfort zone, using the same resources over and over again, simply because at one time they were useful. Now’s the time to take a long, hard look at your marketing efforts and seriously consider expanding those efforts to include social media. Yes, rental guides and newspaper ads still work, especially in smaller markets, but if you’re looking to expand your pool of potential tenants in a larger market, social media is a necessity.
- Engage – Engage – Engage with everyone from potential tenants and business associates to your residents. Assemble the best, brightest team at your properties that will ensure that your business and your property will be represented in the best light possible. This also means engaging your tenants in everything from organizing a neighborhood watch team to a holiday pot luck. After all, the more residents are involved with their community, the more likely they will remain a tenant for the long haul.
- Become a better boss. We all like to think we are a good boss, but your employees may not agree. Create and maintain an environment where your employees not only feel valued but are valued. By offering appreciation and a true open door policy, your employees will likely become more productive and extremely loyal.
By choosing only a few New Year’s Resolutions that will truly benefit your property management business, you’ll likely be reaping the benefits this time next year.