By: Brain Gordon & Vincent M. Medina Owners of Lotus Property Services
Let’s face it, Property Management is not enthralling to all. It was, obviously prior to getting into the profession, but I cannot remember a time where I naively glamorized property management as sitting back and collecting rents each month. I know of no children who dream of one day growing up to be on call 24 hours a day, trying to desperately collect rent each month, and desire to have the frustration of daily building maintenance or residents threatening lawsuits. It just doesn’t happen. Thus it is a basic fundamental in property management to ensure you are always motivated about management.
As your time becomes less and the daylight hours dwindle, it is important to always keep your composure. Tenants will always been insistent and as a professional manager you must realize how to effectively handle situations.
Crisis situations will prove the professional demeanor and effective organization of your property manager. The goal is simple yet challenging: handle all complaints or concerns with self-control; never get frustrated and irrational.
Despite keeping your cool with daily drama, it is important to focus on both long-term and short-term goals to managing your building. The apartment building you own can have the potential to be your best and most lucrative asset ever! Simply by writing a list of important aspirations will assist in keeping motivated about daily tasks for your property and helping achieve financial success.
Short-term goals simply may be cleaning up and improving the perimeter, touch up painting or fixing a leaking faucet. Short-term goals will keep you focused on the daily operation and maintenance of your building. Essentially, short-term goals will keep you focused on significant tasks that are all too often postponed. If it is necessary, write down a list of daily chores for your property and place the list somewhere you will constantly view while you are onsite. Seeing the list will remind you of your tasks and remove the complication of trying to always remember what needs to be done. Remember the old saying: “Out of sight, out of mind”!
Long-term goals will vary for each different investment. Long-term goals can be changing the tenant profile, budgeting for an exterior painting, or lowering your expenses for the upcoming year. Regardless of what long-term goals you may have for your building, it is important to write down these goals in a detailed list. It is essential to periodically review and update your progress of long-term goals. By simply updating your progress you will quickly realize how self-motivating setting long-term goals can be.
The effective and professional management of your apartment building is reasonable and achievable. Regardless of whether or not you choose to manage the property yourself or give it to a professional, the key point is to be motivated about progressing and ultimately improving your situation. It is true that the daily hassles of management can be avoided by contracting with a professional management company. In fact, most building owners choose a management company so they can oversee the operation and financial stability of their building yet not be bothered with the daily annoyance of owning apartment buildings. Regardless of your management decision, focus on the aspects of being motivated about improving your property and achieving all your goals. Seasoned investors always know that devoting your time and energy will result in the financial prosperity of your investment.