You have seen it all over social media. What is your “word” for 2017? People are summing up their New Year’s resolutions with a word. While most resolutions are personal, maybe we should apply these “words” to our professional lives also. So, what will your property management New Year’s resolution be?
As a property manager or leasing agent or even a property owner, you are constantly looking for ways to increase efficiency throughout your multifamily community. Here are a few tips for doing just that.
Communication increases efficiency.
HELP. The word is a powerful verb. When applied in different ways it can be used as both an offer and a plea. “How can I help you?” “Can you help me?” Remember the word “HELP” throughout the year. Make yourself available to others. Share your talents. Offer your skills as you strive to help others and go the full 212 degrees. If you allow the word help to motivate your year, you will spend more time caring and less time complaining!
Organization improves performance.
LIST – Getting organized can mean different things to different people. Organization must first begin with defining goals. Creating a list, can help you be more successful in achieving your goals. Whether your resolutions include organization information, accounting or maintenance, management software could be the answer to multiple organization needs.
Organization should also include backup strategies and delegation techniques. Taking on too many duties can weigh you down and slow every process inside the community. Allowing those around you to help and share in duties can provide a sense of bonding on top of easing workloads.
Technology streamlines processes.
TECH – Think hard about the last time you carried cash in your wallet or paid a bill via check. The majority of today’s renters prefer to process payments electronically. According to World Payment Reports, electronic payments account for more than $426 Billion in transactions and that is expected to grow more than 10.1% this year. Consider implementing an electronic means of accepting payments. Electronic payments are easy to track and easier to receive.
Additionally, technology is not limited to payments. Keeping communication, maintenance requests and other notifications functioning through email or performance management software can great increase efficiency. It also decreases the amount of time necessary in record keeping. This year, in establishing resolutions, consider streamlining your communication and payments into a multi-layered or compatible management systems.
Learning incites change and growth.
GROW – While basic principles remain the same, the multifamily industry is ever-evolving and constantly changing. Changing markets and trends require adaptation and responsive property management techniques. Even for experienced property managers, continuing education and staying current is very important to maintaining an efficient community.
One primary area of constant change, growth and learning can be via social media. Increasing your online marketing even via a simple email marketing campaign can show huge results and gains for your overall bottom line. Optimizing your community for mobile sites can also be a huge asset.
Growth processes can include everything from reading regular blogs such as Leonardo247, attending conferences or enrolling in training programs. Keeping abreast emerging trends can substantially improve your overall resolutions strategies.
Competitive analysis gives you an edge.
EDGE – Before you can know where your community needs GO, you must know where it has been. You must also have an accurate picture of the competition around you. Being able to gather data to analyze your own community as well as your competitors is one of the most valuable tools in your property management arsenal. For more great information on competitor analysis through market surveys check out our in-depth blog article, Market Survey Mastery.
In conclusion, allow New Year’s resolutions to help you focus you community’s business objectives. To ensure that your goals are met, implement new routines quickly in the new year and stick with your plan to increase efficiency. When planning actionable items, be sure to keep them simple in execution. Incorporate new ideas alongside existing processes to avoid disrupting daily routines. This will allow your entire staff to smoothly transition into new systems.
Utilizing a property management system such as Leonardo247 can consolidate many organizational efforts into a single system and help achieve your resolutions. Recording keeping, task management, risk assessment and much more can all be handled simply. For more information on Leonardo247 or to get a FREE Demo visit our page.