Goals.
It seems that we either love or hate New Year’s resolutions. Those that hate it most likely get discouraged by the unavoidable fact that many people will fail at their goals and the zeal with which they started the endeavor will quickly dissipate and no change will be seen. However, I’m one of those who believe goals are the best way to organize your life to achieve improvement. Many people may set their goals hoping to become the perfect person they wish they could be falsely believing that perfection is the only way they could find lasting success. Of course, no one and nothing is perfect but success can still be obtained. Or as the famous author of the late 1800’s Henry James once said, “Excellence does not require perfection.”
Millions of people have found tremendous success in imperfection. That excellence is most often found on the way to fulfilling or even failing at goals. For example, if one has a goal to lose 30 lbs. by the end of the year doesn’t that person find success in the effort. Their body is improved as they change their eating and exercising habits even if they don’t reach their goal.
Success is found in the diligent and consistent effort toward improvement. So even though we may not accomplish all of our goals this year I am of the opinion that we will can still improve greatly by trying.
Success is found in the diligent and consistent effort toward improvement. So even though we may not accomplish all of our goals this year I am of the opinion that we will can still improve greatly by trying.
But what does goal setting have to do with property management?
Your property represents a significant investment and consequently a lot of responsibility is placed on your property manager. A good property manager maintains a property’s value. A great property manager improves the value of the property over time. Here are a few questions to ask yourself to see if you have a good or a great property manager.
- Does your property manager set goals for your property?
- Is there a budget made every year that reflects those goals?
- Are there strategies in place to work towards that end?
- If not, have you as the owner expressed your goals to your property manager?
A successful property is one that improves over time. Income increases. The property is improved to remain competitive in the market. Expenses are streamlined and managed carefully in order for the property to run efficiently. The relationships with the tenants are improved and they feel that the property contributes to their business’ success.
Your property does not need to be run perfectly or run by a perfect property manager to succeed but that manager does need to be consistently working to improve the asset and that requires goal setting. Even if the goal isn’t met there will still be excellence found in the effort. My advice this year is to surround yourself with successful people. Or in other words, surround yourself with goal setters.
Happy New Year, and good luck to all you goal setters!
Asset Manager