The beginning of a new year represents a fresh start, packed with potential and opportunity. For a property management company, this is the ideal time to set strong goals and robust processes for the upcoming year. A confident and energetic start to the new year can make a significant difference in achieving our objectives.
Aligning the team
The initial element in kick-starting the year is team alignment. It’s not just about your internal team of colleagues, but also the network of clients that form an essential part of your portfolio team. The right alignment can set a powerful pace for the upcoming work period.
Setting clear goals
The second step is to establish clear and achievable targets. Define what you want to achieve at the end of the first 6 months and by the year’s end? Agree on the methods and communication strategies to monitor the progress all year round.
Let’s illustrate this with a practical example from technical property management:
Imagine that by the end of January, all your budgets have received approval from your clients. In such a scenario, you can begin the year proactively by immediately requesting quotes for the majority of the maintenance work planned to be carried out before the end of the year. By doing this, you significantly reduce the risk of being unable to complete all scheduled maintenance and capital expenditure (capex) projects.
Monitor progress and results throughout the year
Keeping track of all outstanding quote requests, deadlines, and questions posed by both suppliers and clients can be a challenging task. Many of our studies have shown that people often still work from their email inboxes, making staying in control and keeping an overview incredibly tricky.
So, consider using a system or tool to help manage these tasks. Set clear goals for yourself and with your portfolio team. Determine your aims – say, executing a specific part of the annual budget for plant maintenance by the end of Q1 and Q2.
Perhaps you target to have in order a certain percentage of the required compliance documentation by Q2 or year-end. Or, aim to reduce ticket resolution time by 20% and enhance tenant satisfaction by 25%.
Documentation of all these goals is crucial, preferably as tasks with a deadline. It helps in monitoring and discussing the progress throughout the year.
Align your team towards these goals and procedures. Delegate tasks and establish easy but clear communication within your team, and with your clients, tenants and suppliers, ensuring maximum efficiency.
Look forward to our upcoming Property Portfolio Unleashed series, where we will delve deeper into this topic with industry experts. We would love to know your thoughts and insights on effectiveness within property management, get in touch and let’s discuss!