7 Stress Management Tips for PMs and Principals During the Silly Season

Business, Property Management,  Principals,  Property Managers

Despite the resilience of most property managers, it’s not an overstatement to say that 2020 has tested our stamina and mental toughness. December through to February sees our workload increase exponentially; with more exit inspections, bond refunds (which in turn, means more bond disputes), viewings, applications to process, entry condition reports, and maintenance requests – just to name a few.  

With this in mind, here’s seven stress management tips to reduce tension over the silly season.  

1. Use the REIQ PROPERTY MANAGEMENT SUPPORT SERVICE (pmss) Frequently and Effectively

If you have a situation that’s troubling you, reach out to the REIQ PMSS.* Don’t wait to call us until you get a nasty email or phone call from the owner or tenant – start talking to us sooner. As soon as the issue arises, send us an email before you log off for the day with a summary of the situation, and rest assured knowing that a member of the PMSS team will either email or call you in the morning to discuss the options and strategies to remedy the problems you’re facing 

*The REIQ PMSS Service is only available for members. Not a member? Join us today! 

2. Communicate Effectively with Your Clients

There will be times where an owner needs to make a difficult (or costly) decision, and they need us to provide enough information so they’re comfortable giving an instruction. While communicating on the phone is often recommended, it’s sometimes best to outlay a complex request via email so the client: a) has time to think before making a decision, and b) has everything you require in writing. Here‘s an email formula you can use when sending an email to an owner. You can always follow up with a reminder phone call the next morning, if necessary.  

  1. Start the email in a positive way  
  2. Address why you are sending the email.   
  3. State the solutions/options your client has.   
  4. Conclude with what is required from your client, and be sure to indicate timeframes. Follow it up with a phone call if you don’t hear from them before the required deadline. 

3. Take Stock of Your Portfolio

The end of the year is the perfect opportunity to take stock of your current portfolio, and work through any issues you may have before the year ends. When doing so, pay particular attention to: 

  • Maintenance Requests – are there any outstanding work orders? 
  • Rent Arrears – what strategies are you implementing for 2021 and beyond to get the percentage of tenants in arrears down?
  • Routine Inspections – have you determined the next set of inspection dates for your portfolio? Are any overdue for a routine inspection? 

Want more stress management tips? Read our articles on how to Identify Signs of Stress, or Managing Stress as a Small Business Owner.

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4. Set Yourself Up for a Successful 2021

If you’ve got some downtime, why not use it to plan for a successful 2021? Tidy up your desk or office, archive any files not in use and write down your goals for the new year. Samara Bedwell, PMSS Team Member has provided a comprehensive to-do list for property managers to complete before the new year. 

5. Incentivise Staff Productivity by Thanking Them For a Great Year

It’s no secret that 2020 was an incredibly tough year for most, with property managers doing the ‘heavy lifting’ when it came to rent negotiations between landlords and rental tenants outside of the Palaszczuk Government’sResidential Tenancies and Rooming Accommodation (COVID-19 Emergency Response) Regulation 2020.Principals can thank their staff for a stellar 2020 and incentivise them to keep up the good work by offering them rewards such as: monetary or gift card bonuses, extra paid or unpaid leave entitlements, or flexible working arrangements during the festive season. While offering these perks can be costly, feedback and recognition increases employee motivation and can reduce tension, which ultimately earns you more money (and less stress) at the end of the day.  

6. Create a Marketing Strategy for 2021

Heading into 2021 without a strategy for your marketing can leave you feeling overwhelmed. Instead, sit down with your staff and brainstorm ideas for your yearly marketing plan. During the session, you should be able to determine:
– what platforms you want to use to market your business,
– how often you want to create content,
– topics and themes for your content, and
– what goals you want to achieve from your marketing strategy. 

If you and your team are newcomers to developing a marketing plan, check out some of Mastered Marketing’s blogs which are tailored to real estate professionals and agencies. 

7. Schedule Time to “Switch Off” Your Property Management Brain

Your brain is constantly bombarded by demands as a property managerSometimes, you need to visualise that you have a bubble around you and your mind, and take a break to reduce how much stimulus you’re dealing with. This can range anywhere from 10-minute walk outside and not letting your mind drift to anything property management related, right through to implementing a rule at home where you’re not allowed to discuss work-related issues.  

Switching off your ‘property management brain’ for ten minutes at night, or for a whole weekend may sound counterproductive, but it allows you to avoid burning out and perform better during your designated work schedule.