It’s that time of year when we set new or maybe the same resolution for the coming year such as to get more clients or increase revenue. So, why do we set property management resolutions and then not accomplish them?
Well, most resolutions are “should” or “have to” resolutions. There is low motivation behind “should” and “have to” goals. We don’t really want to exercise but we know we SHOULD.
We also set resolutions out of Fear. If I don’t raise my rates, or keep my rates below the market average I will be sure to get the business are examples of fear based decision making. Decisions based on Fear are never a good strategy to succeeding at anything.
So how can we change our decision making from letting our limiting beliefs, assumptions and fears get in the way of our success?
Be aware of your self-talk. Notice when you are being judgmental with yourself. Notice when you are saying the “Should” and “Have To” phrases.
- Be honest with yourself. What is the excuse or story that you are creating for yourself?
- Change your perspective. You always have a choice. Having a choice gives us power and control.
- Find your WHY. When you have a strong reason to do something you will be bought into it and more likely to be successful. The WHY is what keeps you motivated and helps you stay on target.
Here is an example of a New Year’s Resolution: You want to increase your management fees.
- Awareness of your self-talk. You are fearful that your clients will leave you. Is it true your clients will leave you? We often get caught up in the black and white the all or nothing. What if you raise your rates a quarter percent or a minimum flat fee? What other ways can you increase your revenue? You conquer fear by being courageous and taking action. Once you have success it is easier to do it again.
- Be honest with yourself. What is the story you are creating around raising your rates? Usually, it is around the fear you have that you aren’t worthy of the increase. You have to value yourself and your services. So, how do you do that? Here is your assignment. Make a list of your education, experience, classes or designations you have, committees that you chair or positions you volunteer in, and the clients you have helped. List all the services you provide from accounting, showing, document preparation, storage of old files, knowledge of the law and fair housing issues. Sit back and reflect on how great a property manager you are. How skilled and experienced you are. That you offer extreme value and you want to work with people who will pay what you bring to the table. Here is another way to look at it. What would it cost to hire all those people to do what you do? Often we don’t see what we do as valuable. Let me tell you it is extremely valuable. Try sitting in a small claims court and you will realize what you bring to the table. But, you have to own it. You have to truly believe you are valuable and what you do is valuable. I use to keep all the voicemail messages from my clients when they called to tell me what a great job I was doing for them. Then when I had a terrible day I would replay those messages and tell myself I really do know what I am doing.
- Change your perspective. Now that you know you are fabulous and are worth your weight in gold do some research. How can you distinguish yourself from your competition? What can you offer that others aren’t? In my area just returning phone calls is a selling point. Then think of ways that you can monetize your services, offer value added services such as doing tenant placement services (maybe others don’t offer this service). Once you have done your research if there is room to increase your rates and you can justify why you need to do it then raise your rates. If still nervous try raising them a fractional amount and see if you get any clients that leave you. Or, increase rates for new clients only and see if you get takers. If so, then you can go back and start to slowly increase rates for your existing clients. No one said you had to jack the rates on your clients. You get to decide how much and when.I will tell you that when I raised my rates no one left. When I offered lots of value added services my clients purchased them. If someone does leave, then it is time for them to leave to open the space for you working with someone who appreciates what you have to offer versus making you feel badly about charging for your valuable time. That is changing your perspective. There are people out there that need you and your services.
- What is your WHY behind raising rates or wanting to increase your revenue? Is it to hire an assistant so you can work less and spend time with family? Is it to hire an assistant so you can go get more business? Is it to increase your revenue so you can invest for retirement? The stronger the WHY the more likely you will be motivated to follow through on your goal to increase your revenue whether by increasing your fees or finding other ways to increase your revenue through other services
How can I stay motivated?
- Have an accountability partner. Someone to make sure you stay on track.
- Celebrate the small accomplishments to keep the momentum going. Celebrate that you did your research today, decided on your new services or put together that template letter to clients. Don’t wait for the end result (increased revenue at end of year) to celebrate.
Resolutions are great but focus on the small steps that will lead you to the finish line.
Finally, if you don’t have a resolution that is ok, too. Give yourself permission to not worry about it or feel badly about it. Maybe all you need is 1 large goal that is your Theme or Motto for the year. Remove the word Resolution or Goal from your mindset and create a new way of focusing on what you want. If you don’t have a focus or end game any road will take you nowhere. Success in anything starts with a dream, then a plan, then action. So dream big, take action and guess what? You just might achieve it! Now that is something worth celebrating.
The Property Management Coach provides groups and individuals in business and personal development through tele-classes, webinars, workshops, retreats and one to one coaching. Kathleen Richards, owner, is a Certified Professional Coach and founder of The Property Management Coach. Kathleen has many years in the property management field and is a NARPM member with a Master Property Manager designation. The Property Management Coach is a NARPM National Affiliate. She specializes in work/life balance, stress reduction, time management, and much more. Visit The Property Management Coach for more information or call 800-475-3084.