As a property management business owner or team member change in the 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. Here are 3 areas to address annually.

  1. Operations

Is your business running smoothly? Are you utilizing systems, and software to streamline your operations? Review your memberships to see if you are using the services. Are there other services now offered at better pricing? Review your insurance for the best rates and coverage. Does your website need updating? Is the information still relevant? I know many offices have decided to not open to the public and list the office as the headquarters for the business. They have chosen to be fully remote. What about your Policies and Procedures? I am sure there are changes there that need to be updated. Review your P&L (Profit & Loss) Statements not only monthly, quarterly, and annually but look at the comparisons to prior years. What changes do you need to make to expenses? Most importantly, are there changes to your services and pricing? Is your profit growing? When was the last time you audited your accounting?

Calendar quarterly to review your operations to take advantage of the best in technology, streamline operations and review financials. Compare your current status to annual goals and long-range goals which should include an exit strategy. Start with the end goal in mind and work backwards to what is needed to be done today. Intentionally knowing where you are headed will lead to success that much quicker. You always want to be working towards best practices which will prepare you for when an opportunity arises.

  1. Processes

Examine whether the processes you have in place are working, easy to use and make sense. The goal is to streamline processes to be consistent and replicated every time. Has your software replaced some of the checklists and paper methods? In my coaching practice the biggest challenge most offices face is streamlining their processes or setting them up. There is also the idea that once you have a process it is done. Never, you should be refining, changing, and updating processes as the business changes and grows. I find very process-oriented business owners have processes for processes and they get frustrated that the team isn’t using the processes created. Aim to keep things easy, and simple for everyone involved. Don’t be married to “this is the way we have always done it.” Be open to doing things differently if it means getting it done efficiently.

  1. People

People don’t like change, but we need it to stay engaged. Consider that everyone has their own speed at which they can absorb change. If attending conferences or continuing education be mindful to introduce one new thing at a time. There will be less resistance from those who will be implementing your great new idea.

Many property management businesses are now using virtual assistants and it has been a game changer for them. Not only does it relieve the minutia of property management from higher level staff it helps to provide a stable foundation for the business to grow and provide excellent customer service. There should be a performance plan associated with each staff member virtual or not. Monthly meetings to coach and guide staff toward success is important. Year-end performance reviews should happen as a matter of running a sound business and should never be a surprise to team members. Meeting with staff and planning their performance for the year shows you are invested not just in the business but in them as well. The biggest change with people aside from working with virtual assistants is working remotely. Be open to flexible work schedules. Review benefits (and survey your team) to find out what is of value to them. If you collaborate with your team, and they are doing work that challenges them and allows for growth they will stay with you. People can make or break a business so set aside time monthly and annually to review your staffing plan, your growth plan, and your benefits.

Change is inevitable but it is so much easier when implemented together. In my office we had a motto Better Together to keep us focused on how we need each other to reach individual goals and company goals.

In summary, examine your operations, processes, and people on a regular basis to determine if you are being as efficient as possible, as 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. So, what action are you going to take? Hint…. Examine Your Business!