As 2010 draws to a close, now is a good time to reflect on the past year. Don’t just think about what didn’t work in 2010; also think about what did work. After all, the goal is to find what works and stick with it rather than constantly changing how you do things.
For an overview of where 2010 leaves you, begin by honestly asking yourself the following two questions:
- What were the high points this past year?
- What were the low points this past year?
When you’ve answered both of these questions, you should have a good idea of where you stand. Say, for example, you filled 40 percent of your vacancies through tenant referrals. This probably means you’re doing a great job keeping your units in shape and keeping tenants happy. In other words, you’ve found a formula that works. Keep it up.
Now suppose 15 percent of your tenants made at least one late rent payment in 2010. That might mean it’s time to examine how you collect rent – your policies and procedures. Maybe you’re too accommodating or perhaps you should allow tenants to pay rent online or sign up for automatic withdrawals each month.
We hope you’ll let us know about your property management company’s goals and resolutions for 2011. Here’s to a happy and prosperous New Year!
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