It was another great year for the rental industry with high rents and low vacancy rates nationwide. With a new year fast approaching, now is the time for managers to start thinking about goals for the upcoming year to continue to capitalize on the industry’s success.
Take a look at all that you accomplished in the previous year. What items do you want to repeat or avoid? What new trends to you want to follow for yourself, your business and your properties?
Evaluate your next set of goals in order to proactively manage your business and set measurable benchmarks you can track.
To help you make the most out of 2017, here’s a list of the top goals for your rental business to make this your most successful year yet!
Property Management Goals for 2017
Prioritize your industry relationships
Building relationships in your network creates valuable resources for you to gather tips and glean from the experience of your peers. Consider attending a property management conference or connecting with your local rental housing association.
If traveling to a meeting won’t fit with your schedule, you can find an online property management community and participate in the real estate forums. Active participation in online forums is a great way to find the answers to your questions, build relationships and promote your business.
Organize your office
Re-evaluate your office and business procedures to make sure they are as efficient as possible. If pen and paper work well for you, that’s great. But if you find yourself missing deadlines or losing notes, it is time to consider property management software, or other tech tools to streamline your workflow.
Starting the new year with a new program is an easy way to make sure your financials are in place when monthly, quarterly or annual reports are due. Software can be especially useful when it comes to tax season as most programs allow you submit tax documents, like 1099-MISC forms, online without any extra steps – what a time saver!
Approve the best tenants
When was the last time you evaluated your tenant screening criteria? If you found yourself dealing with problem causing tenants one too many times last year, you may need to update your screening process. Make 2017 the year that you diminish stress from lousy tenants by focusing on effectively finding the great ones. Make sure they meet the standards for recommended credit, criminal and eviction history in a great tenant.
Keep the best tenants
You did it! You found a great tenant with that shiny credit score and glowing rental history. Now what? Make sure he stays put!
You need to keep your best tenants as long as possible. Focus on tenant retention this year and prioritize retention tasks each month. According to MultiFamily Executive, renewal rates peak in February, so make sure to capitalize on this timely opportunity.
You can consider renewal incentives like a rent discount, unit upgrade or a free parking spot. Additional ways to improve renewal rates with less out of pocket expenses include prioritizing your landlord-tenant relationship and responding to maintenance requests quickly.
Reward your team
Did you know that the apartment industry has one of the worst employee turnover rates? According to a 2008 survey by the National Multifmaily Housing Council, the employee turnover rate within the apartment property management field is 36.1 percent.
Make this year a record breaking retention year, for both your renters and your employees. Keep your best workers by ensuring they feel appreciated and valued. Cater lunch, write a thank you note for a job well done, or set aside funds for special benefits. The happier your employees are the more likely they will treat your tenants better and improve your business overall.
What goals are you prioritizing for 2017? Let us know in the comments