Goals for Property Management Companies

Since it's January and the start of a brand new year, we thought we'd take a few moments to help out fellow Chicago property management companies, and really just property management companies in general, by sharing some ideas on potential goals to set for the upcoming year.  There's no better time then the start of a new year to come up with some new, fresh ideas and goals to help start the new year off right.  Here are a few of our Chicago property management company's goals for the new year:

1- Improve communication between your property management company and tenants: A great goal for any property management company for the upcoming year is to improve communication between yourself and tenants.  Communication is key when it comes to the relationship shared between a property management company and tenants, so keep the lines of verbal communication open to the best of your ability.  Let tenants feel like they can come to you with problems and show them that you will work hard to help them when it's needed.

2- Maintain a steady income: As with any property management company, your goal as a retail property management company, condo property management company, or industrial property management company should always be maintaing a steady income.  Make it your constant goal to oversee all daily operations of your property management company in the most cost effective way all while maintaining a steady income.

3- Increase rental property inspections: If you have been putting off rental inspections over the last few months make 2013 the year to get back on track.  Increase rental property inspections this year.  Make periodic scheduled visits of your rental property to ensure that maintenance and rental standards that were set forth originally in the lease are being maintained.

4- Increase rents appropriately and competitively: In a previous blog we discussed increasing rents and this year you will want to stay on top of the ball with your rental increases.  When it comes to increasing rent, make sure you are increasing your rental rates appropriately and competitively within the standards of the market.

5- Work on a marketing plan: If your property management company's marketing plan crashed and burned last year, consider your marketing approach for the upcoming year (if you haven't already).  Develop and implement a creative marketing plan that will allow for financial gain, company growth and stability.

What are your property management company's goals for the upcoming year?  Share a few with us in the comments below or feel free to contact us.