When springtime rolls around, it motivates most people to do one thing: clean. Winter time has a tendency to leave a residue behind that just begs for sunshine and a damp cloth. There’s just something about opening up all the windows, turning the music up loud, and purging all that we’ve hoarded during the months we had little more to do than hang out in front of the fire.
Spring is the perfect time to clean out the flower beds, attack new exterior projects (like that parking lot you’ve been promising to repave), and hosting many more outdoor community events. Yet, just as the physical multifamily property itself demands some extra attention during these months, so, too, does the back office; maybe even more than you might think.
What does it mean to Spring Clean the back office? Here are some ideas:
Make the hard decisions. When it comes to trouble or troubled tenants, it’s your bottom-line that’s impacted most. And, while there is always room for charity in this business, there comes a time when it’s okay to say ‘enough’s enough.’ Evaluate your tenants and be honest about the situation you’re in. Know the laws in your state and ensure it’s on your side, and then take action in those circumstances in which you’ve been reluctant. Now’s the time.
Reconsider your contracts. It’s so very easy to become complacent and resistant to change when things seem comfy. Yet, this is also when you can end up paying more than necessary or even fall victim to laziness and mistakes. Maintenance crews, plumbers, electricians, and any number of other contractors can easily go up in price and down in quality. Spring is a great time to reevaluate your choice and make sure everyone is still giving you what you pay for.
Evaluate your positioning. Where are your occupancy numbers and where would you like them to be in the coming year? If they aren’t quite as high as you’d like, now’s the time to take a look at the positioning of your property. Where do you advertise and how do you promote? If you haven’t already, it’s time to get a website, get involved in social media, and start talking to your prospects and tenants through networks and blogging.
Want some help clearing out all the cobwebs? We’re here to assist. Contact the professionals at Class A Management today by calling 817-295-5959 or by sending an email to .