When springtime rolls around, it motivates most people to do one thing: clean. Wintertime tends to leave a residue behind, begging for sunshine and a damp cloth. There’s just something about opening up all the windows, turning the music up, 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 promised to repave), and host many more outdoor community events. Just as the physical multifamily property demands some extra attention during these months, so too does the back office, maybe even more than you might think.
How does spring cleaning apply to your back office? Focus on cleaning your property management office space, then zoom out to your overall business. Here are some big-picture ideas:
Make the hard decisions
Your bottom line is affected most when it comes to trouble or troubled tenants. 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 easy to become complacent and resistant to change when things seem comfy. Yet, this is also when you can pay more than necessary or fall victim to laziness and mistakes. Maintenance crews, plumbers, electricians, and other contractors can increase prices and lower quality. Spring is a great time to reevaluate your choices and confirm 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 as high as you’d like, it’s time to look at your property positioning. 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.
Class A Management can help with your spring cleaning
Want some help clearing out all the cobwebs? We’re here to assist. Our wide range of property management services can help you evaluate your current investments, suggest improvements, and implement changes based on your decisions.
Contact the professionals at Class A Management today to get the advice and service your need so your spring cleaning gives your investment property the boost it needs to have a successful year.