How to Prepare for a Successful 2021
It’s no secret that most property managers are happy to kiss 2020 goodbye, and say ‘hello’ to a fresh new year. Despite the difficulties of the year that was, it’s wise to reflect on the wins and losses of 2020 before plotting a plan of attack for a successful 2021.
Firstly, get on top of your end of year 2020 admin and decide on your trading hours over the Christmas and New Year period. Secondly, make sure you have emergency contacts for maintenance throughout this period on hand, and send a notification to both landlords and tenants. This provides an opportunity to wish them all a happy and safe festive season, and thank them for their support in 2020.
Once you’ve completed the admin work, it’s time to reflect on your year. Ask yourself:
- What successes did you have?
- How did you achieve those successes?
- What challenges did you have?
- How did you overcome those challenges?
- How can you prevent those challenges from appearing again?
- Did you meet and exceed any goals you set?
- Did you even set goals for 2020? If not, why?
This type of reflection can feel mentally draining – particularly in a year like 2020. However, by putting pen to paper about the year that was, you’re likely to understand why some things didn’t work out the way you planned – and can take steps to avoid making the same mistake. As Heather Vickery, from Vickery and Co says: “Attempting to goal set, before you properly reflect and reassess the past year, is not going to get you very far in the long run. It’s like going on an expensive, overseas vacation with a hotel reservation and a list of great restaurants to visit but without a plane ticket or a way to pay for things. The idea sounds great, but the trip won’t actually happen until you have the logistics planned out.” Now, it’s time to map out what you want to achieve and plan for success! To do this, you need to consider: What goals do you want to achieve in 2020? How are you going to measure the success of these goals?
From there, you should:
- Conduct a SWOT analysis (strengths, weaknesses, opportunities and threats);
- Prepare your 2021 marketing calendar;
- Write your 2021 Vision/Mission statement; and
- Prepare your training and education calendar – what are you going to do in 2021 that takes you and your agency to new heights?
With a fresh focus for the year ahead, there’s one thing left to do: tidy up. Aside from making the office look much neater, a big clean up helps you archive any documents you’re not using and file away everything that has been actioned. Tidying up extends far beyond physical mess however, so don’t forget to:
- Do a digital declutter – what emails, files or photographs can be archived or deleted?
- Review the list of paid subscriptions and programs you have – Do you need them all?
- Take stock of your current clients. If there’s any on your rent roll that are no longer working for the needs of you and your business, you may need to consider terminating the management of their property.
If you’re thinking to yourself, “I do this every year and don’t seem to get any further ahead!” or if you’re continuously not meeting your goals, find someone to hold you accountable such as a mentor, coach or colleague. Touch base with them regularly to bounce ideas, and to check you’re on track with your goals.
Remember, the REIQ Property Management Support Service was developed to ensure that property managers do not feel alone, and are supported throughout their career. If you need a pat on the back, a thumbs up,or just confirmation you are on the right track, then please call or email us – we are here to support you!
Not part of the REIQ family? Join us for a bigger, better and more successful 2021.