Each year I am shocked how quickly time flies. 4th of July triggers that halfway point and a bit of a panic knowing the next 6 months will be a fast and furious race to the New Year. Let’s look back and reflect on the progress we have made this year.

January – New Beginnings

Being a business owner takes courage to do what feels uncomfortable. It takes courage to change the way you do business and to recognize that working longer hours isn’t the answer. You can’t keep doing what you are doing and expect different results. Evaluate 2021, and let some things go so you can proactively and intentionally create a new 2022 that serves and supports the life and business you want and deserve.

What did you let go of – clients, old ways of doing business, an employee? What did you intentionally implement or do to move your business forward?

February – Fit & Fabulous

We make goals every year about getting our business fit and fabulous whether it is adding doors, growing our profits, streamlining our operations, or hiring a team. Sadly, most businesses rarely accomplish their goals.

So, what gets in the way? We go solo. Our expectations are unrealistic. We give up too easily. We say we don’t have enough time or money. We have no plan and lose motivation. We let self-doubt creep in instead of surrounding ourselves with positive and supportive people.

What did you do to keep on track to achieve your goals?

March – Feeling Lucky

Just like buying a lottery ticket the odds are a million to one that you will win. Yet, people buy the tickets. Why? It is the dream that they are hoping to fulfill. It is easy money with no work involved. You started a business to fulfill a dream, too, but I would argue that luck has little to do with your success. Luck means that something happened to you. Successful businesspeople make their own luck and are proactive and decisive in how they build their business. They surround themselves with successful people. They are inquisitive and look for creative ways to solve problems. They are consummate professionals and know how to systematize their business and they always have a plan and end game in mind. Success is intentional.

How did you make your own luck this year?

April – Elevating Professionalism

The Census Bureau counted nearly 20 million rental properties in its most recent survey (2018). Individual investors owned nearly 14.3 million of those properties (71.6%). Of those individual investors 71% self-manage and 29% use professional property management. This tells me there is great opportunity for growth in the professional property management area. Become an advisor to clients. Have a business mindset about what you offer and how you deliver your services. Get educated and contribute to your field.

What did you do to you elevate your professionalism this year?

May – Nurturing Relationships

Just like growing a beautiful garden takes nurturing so does your business. Water your relationships through constant communication, own mistakes, and close out clients that aren’t the right fit by performing an annual review of your portfolio. Pay attention to your relationships by following through on what you say you will do and getting to know your clients on a personal level. Nurture your relationships and your business will blossom.

What did you do to nurture your business relationships this year?

June – Leverage Technology

Technology is here to stay, and it will continue to change the way you do business. Today the modern property management office may be completely remote. There are zoom meetings, video tours, online applications and rent payments, electronic signatures, along with outsourcing aspects of the property management cycle such as maintenance. Use technology to become more efficient but don’t let it become a barrier to building relationships with your clients. Implement tech throughout your business to elevate your customer service and you will have a winning plan for growth.

What technology did you implement this year?

July – Roadmap to Growth

Growth in property management comes in many forms from adding doors, increasing profits, hiring more staff to support the growth, expanding into new locations or with new offices, or adding new businesses that compliment what you do such as a maintenance company. How you do it matters and knowing what type of growth you want is essential before you even start down the path. Do you have the time, education, and skills necessary? Growth doesn’t mean the business needs to be complicated. Keep things easy for you and for the people doing business with you.

What did you accomplish on your roadmap to growth this year?

August – Problem Solving

Property Management isn’t an easy business. As property managers we don’t own the real estate we are the facilitators and managers of the real estate. It isn’t uncommon for property owners, tenants, and prospects to get upset with us. Solving problems starts with listening, being proactive, and accountable.

What is your process for problem solving?

September – Hiring Excellence

When you are a business owner you wear all the hats and do all the task to keep the business going and growing. Often that means working 24/7. However, to really grow and to get out of the daily grind you will need to hire help. If you take the time to be honest and intentional about your needs, create a detailed job description, and set aside time to welcome and train your new team member they will contribute to your goals; whether it is growing the business, streamlining systems, taking the tasks you just hate to do, or allowing you to work on the business instead of in it 24/7. People today are looking for opportunities to grow, contribute and create a career; not just show up and work a job.

How did you change the way you hire and onboard team members?

October – Change with the Season

Change in the property management industry is happening at lightning speed. Yet, the property management cycle is the same. How we perform those tasks is what is changing. It is human nature to resist change but if you build into your business intentional times to examine your business, follow your roadmap, or check in with your long-range plan you will see where change is needed. Examine your operations, processes, and people on a regular basis to determine if you are being as efficient and profitable as possible and have a team that works well together to make it all happen. Change will happen with or without you, so it is better to be proactive and be the change instead of reacting to it. No one likes a surprise audit, or a key staff member that quits unexpectedly, or a Fair Housing lawsuit. Success happens to those that act.

What change did you make because of examining your business?

November – Thanksgiving

Thanksgiving is my favorite holiday. The change of color in the trees, the cooler air, comfort food, family, and the opportunity to give thanks for all we are blessed to have in our lives. This year many have been challenged to look for the blessings. Fires in California that have destroyed people’s homes and businesses to the hurricane in Florida that has changed the landscape and people’s lives forever. However, despite the devastation, it is the kindness, humanity and compassion that brings everyone together. NARPM members have stepped up across the country and locally to offer assistance. I feel very blessed and comforted to know that my industry and fellow property managers are there to help when it is needed most.

How did challenges this year affect or change how you do business?

As we reflect on 2022 with challenges to our personal lives and businesses there is much hope. Opportunity arises from these challenges and setbacks. New ideas and businesses are formed. Existing businesses will grow out of the adversity and fear of our current times. Housing laws, inflation, employment trends, technology, and politics all influence our industry. Take the time to reflect on the past year and incorporate what you have learned to create your new 2023.