Things You Need To Know Before Setting Your Resolutions
Goals such as “be more organized” can be quantified in a variety of ways. Instead, think about what you mean by that goal in greater detail and translate it into a measurable task. List those measurable goals, whether it’s to reorganize your filing cabinet, go paperless, or learn more about your project management software.
1: Get A New Certification
Obtaining new property management certifications will require a certain amount of self-learning time and effort. While this might sound like a burden to some, it should be approached as an opportunity.
The ability to advertise your qualifications is extremely valuable and can provide substantial growth to your property management business. Clients want to know that their property manager knows the ins and outs of the industry and can handle any situation that arises. Becoming a certified property manager is an excellent way to gain marketable skills that will attract any property owner. You can become what every property owner wants by being up to date on modern property management techniques, technologies, and best practices.
2: Create A Playbook For Growth
Great property managers are always on the lookout for new ways to expand their business. These opportunities entail using every available marketing channel to promote your company.
The first step in launching your company’s growth is to search for local real estate groups, property management networks, and other places where you can market online.
3: Make Communication A Core Competency
The first step is to make templates for all of your documents. Templates simplify the communication process by reducing the need to redo the same thing repeatedly.
Use your property management website, for example, to post templates. You can upload maintenance request forms, which tenants can then download and submit whenever they have a request.
4: Retain Employees
Start focusing on rewarding excellent work. Employee turnover rates in the apartment management industry are far from optimal. Maintain your best employees by making them feel appreciated and valued. Provide a catered lunch, write a thank you note after a long day’s work, or set aside funds for special benefits.
5: Nurture Relationships With Tenants
Excellent tenants do not want a landlord who is only available when the rent is due. Your renters may have questions or concerns throughout the year, and you must be available to address them, no matter how serious they are.
Whether you open yourself up to after-hours requests or work with a property management company that can handle the personable communication for you, as long as your renters receive the communication they deserve, they’ll remain confident in your abilities as a landlord and are more likely to renew their lease for years to come.
6: Stay Away From Distraction
Now that you’ve established your goals, why not try some of these simple tech hacks to help boost your productivity? Some of the best suggestions include automating simple tasks, following the 20-20-20 rule, and clearing your mind with simple mind practices.
Do your eyes ever hurt while you’re working? The bad news is that staring at a computer screen for hours on end may cause eye strain. According to studies, even two hours of visually demanding computer work can cause dry eyes, blurred vision, eye-related pain, and tiredness.
The good news is that by following the 20-20-20 rule, you can avoid this eye strain.
7: Be More Active On Social Media & Build Engagement
Consistently post on social media to raise brand awareness, engage potential customers, and generate leads. Here are some social media ideas to help you out with:
- Create more videos because studies have shown that property management videos can generate 4* the number of listing inquiries.
- Post a testimonial to help potential clients understand why they should hire you as their property manager.
- Run a contest or giveaway to broaden your reach and raise brand awareness.
- Make your brand more relatable to your customers by using pop culture references.
- Take advantage of live videos
- Celebrate milestones loud and proud.
- Share a relevant and interesting infographic to visually summarize or explain something.
8: Organize Paperwork
As a property manager, you must deal with paperwork on a daily basis while also staying current on industry trends. Fortunately, if you have a good file management system in place, you can save time and handle things like legal disputes, audits, and Fair Housing claims more effectively.
For example, you will be handling tenant files such as:
- Property maintenance notices
- Rent payment records
- Documentation for move-in and move-out inspections
- Deposits and refunds for security deposits
- Approval-related correspondence
- Eviction papers
- Violations of leases and corresponding action records
9: Prioritize Mental Health
10: Build A Forever Learning Mindset
Maintain a student mindset so that you are constantly learning about new legislation, real estate pricing psychology, best practices, and property trends. Subscribing to these property management blogs, attending various real estate conferences, and enrolling in training and development courses are all recommended.
11: Learn From Mistakes
Being a successful property manager necessitates a wide range of knowledge. You don’t have to be an expert in every field, but you should understand the fundamentals. It is not enough, for example, to understand how to manage a property. You should also be familiar with online marketing, accounting, and other real estate-related fields. The more versatile you are, the more marketable you will be, and the better you will be at what you do.
12: Complete Quarterly Inspections
Property managers inspect the properties they manage thoroughly and on a regular basis. Failure to do so may result not only in the loss of insurance coverage but also in dissatisfied customers.
Other reasons to conduct rental property inspections on a regular basis include:
- Preserving and increasing the value of the property
- Identifying areas that require repairs and maintenance
- Confirming that no illegal activity is taking place on the premises
- Increasing tenant retention
Inspections should ideally be logged and completed every three months.
13: Managing Time Effectively
With clients and other issues to deal with, time management is essential. You become more productive and efficient when you understand how to use your time.
Create and stick to a routine to help you manage your time. Make a long, visual to-do list and get your workstation ready for the next day.
However, resist the urge to be glued to your desk, answering emails 24 hours a day, seven days a week. Instead, divide your day into chunks that are dedicated to a single task at a time.
14: Reach Out To Local Businesses
Get in touch with local businesses and form mutually beneficial collaborations. You could, for example, collaborate with a well-known local bakery to host a virtual bake-along event. This is excellent for increasing brand awareness and deepening relationships with the community.
15: Secure Your Business From Malware Attacks
With the number of cyber-attacks on the rise, proactive prevention is essential. Here are five precautions you can take to protect your company from malware attacks:
- Keep software and systems up-to-date
- Use strong passwords with two-factor authentication
- Regularly back up your files
- Educate your employees
- Build a multi-layered security approach
16: Foster A Culture Of Transparency
Create a culture of openness and inclusion to ensure your team feels supported. After all, poor company culture can drive away even the best property managers. Learn more about the reasons why property managers leave.
17: Create A System To Find The Right Tenants
To avoid landlord-tenant problems, you must have a system in place for screening and finding quality tenants. The system should assist you in automating processes such as background checks, security deposits, and associated paperwork.
Of course, you don’t want to eliminate the human element entirely. Once the preliminary screening is complete, ask the landlord to assist you with the final tenant vetting.
18: Be Self Driven
Property managers who are successful have a strong desire to succeed. They avoid distractions and are primarily concerned with growing and improving as professionals. They go above and beyond to ensure that their goals are met.
As a property manager, you should:
- Dedicate yourself to discovering innovative solutions
- Join organizations
- Carry out research
- Participate in seminars
19: Be Dependable
It is critical to be available when clients require you. Your job description requires you to work with a variety of people, and it is your responsibility to keep them happy.
Respond to emails and phone calls as soon as possible. If you are unable to respond immediately, please notify them and express your heartfelt apologies. In any case, demonstrate to them that you genuinely care about resolving their issue as soon as possible.
Property management is a fast-paced and competitive industry. As a result, it’s critical to have skills and abilities that keep you ahead of the competition. These habits, along with self-discipline and determination, will benefit both your professional and personal life.
20: Look For Opportunities Where Others See Obstacles
One key to success is the ability to solve problems that others cannot. This is especially true in the field of property management. It is critical to maintaining a proactive attitude at all times.
For example, you can entice more owners by demonstrating the advantages of property management over self-managed properties. Incentives, discounts, and referral fees can be used to sweeten the deal.
21: Be A Forward Thinker
The property management industry is rapidly evolving as a result of technological advancements. There is an increasing number of softwares, mobile, and cloud solutions being developed to make property management processes easier and more efficient. You must adapt to and embrace these changes in order to keep up.
22: Celebrate Milestones
Celebrating your daily, weekly, or monthly accomplishments helps remind you of your progress and keeps you focused on the bigger picture items on your to-do list.
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Finally, make a point of posting your resolutions throughout your home to serve as a visual reminder of your goals. If you have a habit of putting your resolutions on hold once the new year arrives, make a point of focusing on one resolution at a time. This will assist you in staying on track and focusing on specific and actionable tasks to get things started.
Get Connected With i4T Global
Property management is a job in itself and unless you have an experienced property management team by your side, it’s easy for any of the above resolutions to fall south.
i4T Global has served Property Managers Companies of all sizes for years. We can help you ensure rent gets in on time, repairs happen quickly, and that your best renters remain in your homes.
Contact us today to learn more about the value of our services and how we can help you be a 5-star Property Manager in the new year.