With 2021 just around the corner, everyone is thinking about what they can do differently next year, and making a list of New Year’s resolutions. For property managers, 2021 will hopefully see a return to normal(ish) and present new and exciting opportunities. Here are three resolutions that are topping many lists for the year ahead.
1. Create a Tenant Retention Plan
Due to the pandemic, many people are rethinking where they want to live, and with the allure of wide open spaces there has been an outward migration, and suburban and rural properties are being snapped up. Especially for urban property managers, you will need a detailed plan to keep your best tenants.
Set aside a specific amount of time for retention-related tasks per month. This could include tenant check-ins or even arranging a community event. To start, set a retention goal and have an updated property assessment, so you understand your positioning in a competitive market. Additional amenities and services can help to differentiate your property from the competition. However, with the pandemic and changing demographics, some amenities like smart technology, socially distanced communal work space and free, high speed Wi-Fi may be seen as more desirable than a work-out space. Your tenant retention plan should include a plan for maintaining and adding services and amenities as necessary.
Early in the new year, send out a tenant satisfaction survey, which will help you to establish which aspects of property management are satisfactory to tenants and which areas need improvement. You may also want to let the residents know about the results of the survey and any planned follow-up activities. Addressing small issues before they become larger problems will go a long way toward maintaining tenant satisfaction.
Before a lease is up, review the tenant profile – do they pay their rent on time, how many repairs have been required in their unit, etc.
As the adage goes, it’s twice as expensive to seek a new tenant than it is to keep an old one. A key factor will also be stellar customer service and seamless customer experiences. This often boils down to better communication, easier, more convenient ways to pay rent and on-time maintenance.
2. Invest in Yourself
You should never stop learning; professional development should be an ongoing process throughout your career. By developing your knowledge and skills, you will not only make sure that you stay current with industry standards and practices, but also stay relevant in the marketplace. Too often, it’s easy to become complacent and maintain the status quo, but as the property industry continues to evolve, you risk getting left behind if your knowledge and skills become out of date.
It can be learning a new skill, taking a course or further developing yourself as a leader. The important thing is to identify a specific achievement you want to have by this time next year.
3. Get Organized
With the challenging year of 2020 finally nearing the end, do you know what your 2021 goals are? If you are like most property managers, you want to do more, keep tenants and owners happy and have a successful 2021. Have a plan going into the New Year to narrow down your annual goals into monthly and then weekly activities. And be sure to block off your time on a daily basis.
Getting organized requires going well beyond keeping track all of your Zoom meetings – it means creating a system you can use and easily replicate throughout the year.
Did you know that 20% of manual maintenance requests are misplaced and 25% of residents have lingering work orders? Harness the power of digitalization and technology to get rid of any paperwork, which is inherently error-prone, reduces your productivity and is at risk of falling through the cracks. In 2021, more and more property managers will be using tech tools like communication portals, central digital document repositories, work flows and automated maintenance or inspection reminders to keep them organized.
How Property Vista Helps
Property Vista gives you everything you need to make the most efficient business model for your brand, from automation tools to online rent payment and beyond. Check out our pricing and arrange a demo.