The new year isn’t just a time to reflect on your personal goals and achievements, but also a time to look into how your business and properties are doing. Developing a plan to meet your rental property goals is the best way to set yourself up for success. But, what should your goals be? And how can you ensure that you follow through with them?
Focus Your Goals
The resolutions you make for your property will be very specific to their condition and what your strengths and weaknesses are as a property owner. Here are some ideas to get you started:
Save energy in your rental properties
Perform more property inspections
Focus on marketing vacancies
Improve your photography for your listings.
The list of possible goals goes on! You may have many areas of improvement you want to focus on, but try not to get overwhelmed. Set your goals in order of most to least important. That way, you’re sure to accomplish at least your most important goal for the year.
Make Your Resolutions Specific & Write Them Down
Writing down your goals makes you more accountable later when you sit down to review your progress. It’s also best to make your resolutions as specific as possible when you record them, that way you can see exactly how much of your goal you’ve accomplished and how much is left to do.
For example, instead of vowing to attract new leads, write down exactly how many leads you want to generate, and by what date. The same goes for addressing property maintenance issues. Write down which buildings need work, and create a timeline with specific tasks to accomplish the work.
Set Accountability Milestones
It’s not enough to have goals. You also need to set aside time to work on your goals and to consider whether you’re on the path to achieving them. Using the timeline you developed, set specific dates where it makes sense to reflect on how your goals are coming along.
For example, if you vowed to conduct one inspection of a different property every month, review if you’ve accomplished your goals on the last day of every month. Set the review into your calendar so you don’t forget.
Don’t Get Discouraged
No one accomplishes all of their new year’s resolutions. Especially in property management, things are busy and emergencies can derail even the best-laid plans. See every missed milestone not as a failure, but as a chance to try again. With a positive attitude, you’ll accomplish more by the year’s end than you would have otherwise.
Property Management from Central Erin
If your properties are becoming too much for you to manage, or if you feel you need help achieving your yearly goals for your property, reach out to us at Central Erin Property Management. We’re the professionals you can trust to manage your properties.