Apartment Specialists
Staying Motivated and Goal-Oriented for the New Year
By: Brian Gordon & Vincent M. Medina Owners of Lotus Property Services
Let’s face it. Property management is not the most enthralling profession in the world. Before I entered this field, I cannot remember a time when I naively glamorized that property management would entail 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, scrambling to desperately collect rent each month, and navigating daily building maintenance and cleanliness. It just doesn’t happen. Thus it is a fundamental rule in property management that you must always stay motivated. One step in keeping motivated and on track is to update your goals, and what better time to do so than in the coming New Year?
Being motivated and driven is a key component of achieving your goals. As your time becomes more scarce and the daylight hours dwindle, it is important to always keep your composure. Tenants will remain insistent on doing things their way, and as a professional manager you must realize how to effectively handle a variety of challenging situations. Crises will determine the professional demeanor and effective organization of a property manager. Handle all complaints or concerns with self-control; never get frustrated or irrational. If your mind is focused on the end goal, you’ll be less stressed by the daily challenges you’ll face.
In addition to keeping your cool with daily drama, it is important to focus on both the long-term and short-term goals of managing your building. The apartment building you own has the potential to be your best and most lucrative asset ever. Simply 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 may include cleaning the perimeter, touching up paint, 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 from ignoring tasks that are all too easily postponed. If it is necessary, write down a list of daily chores for your property and place the list somewhere you can constantly view it while you are onsite. You can even make this a checklist. Seeing the list will remind you of your tasks and remove the complication of trying to always remember what needs to be done.
Long-term goals will vary for each different investment. Long-term goals can be changing the tenant profile, budgeting for an exterior paint job, or selling your property to buy a building outside of rent control. Regardless of what long-term goals you may have for your building, it is important to write these down as a detailed list. It is essential to periodically review and update your progress towards long-term goals. By simply updating your progress, you will quickly realize how self-motivating setting long-term goals can be. You will also find that long-term goals may shift or change from year to year. When you update your goals list, you will find how rewarding it can be as an investor to stay focused and on track with your objectives.
The effective and professional management of your apartment building is achievable. Whether you choose to manage the property yourself or hand the reigns over to a professional, the key point is to be motivated about progressing, and ultimately improving, your situation. It is true 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 the goals you set. Seasoned investors always know that devoting their time and energy will result in the financial prosperity of their investment.
Happy investing and have a prosperous New Year.
Brain Gordon
Vincent M. Medina
Brian and Vincent are “The Apartment Specialists”, owners of Lotus Property Services, Inc. and are active leaders and Real Estate Brokers in the apartment industry. Since introducing Lotus Property Services, Inc., the company now oversees a real estate portfolio of over $300+ million dollars in value which in part has been accomplished by Brian & Vincent’s commitment to quality and service. Together Brian & Vincent have sold and managed over one billion dollars in real estate assets. As former Presidents and Board members of apartment associations, frequent writers for numerous industry magazines, key note speakers for seminars and investment groups such as the Value Hound Academy, Brian and Vincent have earned the title as the undisputed “Apartment Specialists”.
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