Our Top 6 New Year’s Resolutions for Property Managers in 2019
While committing to healthy eating, going to the gym, and quitting smoking are great personal New Year’s resolutions, it is important to make professional resolutions as well. To make things easy, we put together a list of 6 New Year’s resolutions for property managers in 2019. Don’t worry, we included some that are fairly easy to stick with, and others that will require more effort and work throughout the year.
Ready to make 2019 the best year of your property management career? Commit to one of our top 6 New Year’s resolutions for property managers in 2019!
1. Conduct Resident/Tenant Surveys
The first of the year is a great time to survey residents and tenants. This is also the best way for property managers to gather actionable information about their property. Effective surveys are simple, use direct language, avoid leading questions, and focus on one core topic. Shorter surveys, in most cases, also tend to have better response rates.
While conducting the survey is important, resolve to make at least one actionable change based on the information. Property managers can use Survey Monkey to conduct free surveys.
2. Try New Contractors
While finding qualified contractors is a constant challenge, property managers should commit to getting bids from new vendors in 2019. This resolution is especially important at properties that do not require managers to get multiple bids. There are two very important reasons New Year’s Resolutions for Property Managers in 2019 should include finding new contractors.
Even if your trade contractors are reliable, what happens if they can’t show up? Due to the national shortage of skilled tradesmen, it can be very difficult to find contractors with the immediate capacity to take on service work. By giving bid opportunities to new contractors, property managers are helping build a network of additional vendors. The other reason to meet and take bids from new vendors is price checking. Property managers need to make sure the are being charged market rate prices by their existing vendors.
3. Audit Utility Bills
Why should property manager’s make a 2019 New Year’s resolution to audit their utility bills? First and foremost, there are potentially huge savings at stake. At many properties, it is common practice for accounts payable to process and pay utility bills without a second thought. This can lead to billing errors and overpayments that can total into the millions.
A free utility bill audit is conducted by third party companies that identify past overpayments and billing errors. After the errors are identified, they seek refunds from the utility companies, keeping a percentage of the total reimbursement for their work. While a refund is not promised, this is a low risk high reward opportunity that every property manager can take advantage of in 2019.
4. Add New Amenities
A great New Year’s resolution for property managers in 2019 is to add at least one new amenity to their building or property. This could mean anything from a major upgrade, like new fitness equipment, to simply offering free Wi-Fi in common areas. Installing an Amazon Hub is a surefire way to make any multifamily property more appealing to current and prospective renters.
Multifamily properties could also explore adding a valet trash service. This is one of the top apartment community amenities and actually increases net operating income for property owners.
5. Emergency Response Plans
While it is a sad reality, property managers need an emergency response plan in 2019. These plans are important because they save lives during the most difficult situation a property manager can face. According to the ATF, there are approximately 4 bomb threats and 16 suspicious package reports every day in the United States. Any property without an emergency response plan in place should create one.
If your property already has a plan in place, review it at the beginning of the year. During the review, make sure it is up to date. It is also very important to include current and new employees during this review.
6. Earn a Property Management Credential
While the other resolutions on our list focus on property improvements, this one is about self-improvement. Property managers hoping to advance their careers, land a new job, or increase their salary in 2019 should earn a property management credential. This is even more important if you are looking to do all three!
Earning a property management certification is also a great way to stay current on the industry. Technology is rapidly changing the industry, so there is value in industry education for even the most seasoned property managers.
Did we miss any great New Year’s resolutions? Send us an email with your best New Year’s resolutions for property managers in 2019 and we will add the best to this post!
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