December 18, 2018
Property Managers: How to Have an Amazing 2019
The New Year is just around the corner. It’s a time when we start to think about our personal and professional goals. As we wave goodbye to 2018, and await to say hello to 2019, there is no better time than in the coming weeks to prepare for the year ahead.
By taking a few simple steps now, busy property managers can get a jump-start on 2019 and set up the year for success.
Look Back to Look Forward
Just like a post-project debrief, looking back and evaluating 2018 will definitely yield insights and excellent learning moments. Do a debrief as a group with your property management team to discover how you can increase the great moments and how to reduce the factors that contributed to the less-than-favorable moments of 2018. And, you can also review your own professional highs and lows over the past 12 months.
Here are a few starter questions to get you rolling:
- What went well in 2018?
- What wins can you celebrate?
- What were the factors that contributed to these successes? How can we replicate this in the future?
- Where there any problems along the way? How can we change to prevent this from happening again?
- Did you meet your quotas or KPIs? If not, why?
Go through the different aspects of your business (leasing cycle, resident relations, marketing, etc) and ask what went well, and what you can do differently to improve it for the upcoming year.
This review will show you exactly where you have had the most impact, and what needs to change.
Big goals are great, but they need to be rooted in everyday tactic and actions. If not, they are slippery, and can easily slip away. In addition to declaring that 2019 will be the year of “a 25% increase in revenue,” as the larger target, break down the activities that will drive that outcome. Then plot out your success milestones on a quarterly, monthly and weekly basis.
Your overarching objective is not a one-time event. You need to have a deep understanding of all the little things you do every day to get to that goal. For team objectives you will need to use a collaborative tool that everyone can see and update. It will help build both teamwork and accountability.
You Don’t Know What You Don’t Know
Every property management firm, team and manager has them—blind spots. Sometimes it’s a lack of awareness about gaps in internal teamwork or processes, problems with vendors or aging equipment. Sometimes it means accepting current policies and processes as a given, without questioning how things might be done better.
There are five ways to tackle this head-on:
- Ask for feedback from your team members. This insight helps all property managers to become more self-aware of how they lead and interact with their teams.
- Talk to your suppliers, contractors and vendors and ask them for ideas, input and feedback. These are people who have their eyes, ears and hands on your business every day and may know things that you do not.
- Survey your tenants. Send out a once a year (better yet – a twice a year) survey asking your tenants how your organization can improve.
- Put at least an hour aside every month to brainstorm with your team on industry and market trends or customer expectations.
- Question a current process – your marketing process, your lease renewal strategy, etc. – can it be done differently, can it be streamlined or automated?
Let Us Help Your 2019
PropertyVista has the property management solutions you need to improve your bottom line in 2019. Web-based and easy to use, our robust suite of tools help reduce vacancies, cut risk and increase cash flow, giving you everything you need to build opportunities and accelerate growth.
We offer a range of packages to scale up with you, making Property Vista an investment for both now and the future of your company. If you’re in the market for property management software, check out our pricing and arrange a demo.