“Practice does not make perfect. Only perfect practice makes perfect.” –Vince Lombardi
What a true statement! And coming from such an accomplished and successful individual. When it comes to taking on the best practices in the real estate and property management business, how exactly do you define the best? Yes, you have the Institute of Real Estate Management guide to refer to which is updated annually as better practice methods are discovered. However, these tips only go so far according to HOW they are implemented. A list of items is a list of items, which mean nothing without a strategic plan.
Over the past year we have acknowledged in our monthly articles many of the components included in NAA’s Knowledge Center. We have addressed budgeting, maintenance, marketing, hazard control, turning units, leasing procedures and the altogether operation of properties. Simply listing the topics of what comprise successful management objectives is just a stepping stone for property managers and landlords. Identifying which techniques work best and what practices are necessary in certain scenarios is a talent acquired through hard work and perseverance.
Finding a balance between increasing the net operating income for your owner while maintaining resident welfare is always the number one goal. The steps you take along the way are where it counts. Begin by gathering a team of ambitious employees with integrity. Don’t let them out that door until they are educated. Once they are ready, put them out in the field, guide them through their mistakes and nurture their good habits from the start. Properly implement company guidelines, acknowledge their effectiveness and monitor successes/failures. Choosing to participate in local outreach programs or to offer insurance package discounts are great retention strategies for residents and owners respectively. However, your efforts will only succeed if your guidelines are strictly adhered to. Promoting your company with wholesome individuals, continuously educating them, and fostering partnerships with companies you rely on will earn the positive reputation sought after in the real estate and property management industry.
The Northwest is a competitive market filled with continuous renovation and advancement. The best techniques adapt along with time requiring consistent monitoring of strategic methods. Ultimately, your initial promise to the owner is to protect their investment. Conduct legitimate unit inspections and adhere to necessary grounds keeping and you will protect the owner’s investment as well as the residents’ safety and happiness. Winning is a habit, so educate yourself and others on how to ‘win’ in the property management world and maintain those habits. To end with another inspirational Lombardi quote, “Winners never quit and quitters never win.”