Tired of juggling multiple tasks and struggling to keep your properties running smoothly? Property management may be challenging, but you can take your performance to new heights with the right goals.
Setting SMART goals has become more crucial than ever. These goals provide a roadmap for success, enabling property managers to optimize performance, save resources, and elevate the quality of their properties.
In this article, we will delve into property management goals and present you with 13 SMART goals examples that will revolutionize how you manage your properties.
From streamlining maintenance operations to boosting tenant satisfaction, these types of goals cover many aspects of property management, ensuring no stone is left unturned.
What is a SMART Goal?
Property managers can significantly benefit from setting SMART goals. SMART is an acronym for specific, measurable, attainable, relevant, and time-based.
Let’s delve into each component of SMART goal setting:
Specific
Setting detailed goals increases the likelihood of achieving them. Ambiguous goals often lead to failure. For instance, if your goal is to improve property maintenance, you must define how exactly you plan.
Are you considering implementing a preventive maintenance program or hiring additional staff? Being precise will provide a clear roadmap toward your desired outcome, increasing your chances of success.
Measurable
It’s crucial to have a way to measure your progress and determine if you’re on track. By quantifying your goals, you can assess your performance more effectively.
So instead of aiming to reduce tenant turnover, you could set a measurable goal, like “lowering tenant turnover by 20% within the following year.” This helps you track progress and make necessary adjustments.
Attainable
Creating unrealistic goals often leads to disappointment and frustration. You should ideally consider the available resources, time, and capabilities.
If you want to increase occupancy rates, make sure it’s feasible based on market conditions, property location, and marketing strategies. Setting achievable goals sets you up for success and prevents burnout.
Relevant
You should ask yourself why you are establishing these property management goals in the first place. Understanding the relevance of your goals will provide motivation and drive for yourself.
Relevant goals may include enhancing tenant satisfaction, improving property performance, or boosting revenue. Aligning your goals with your overall vision and mission will keep you focused and determined.
Time-Based
Developing a specific time frame for your goals is vital for accountability. Lacking a deadline will cause you to lose urgency and momentum. But by establishing time-bound objectives, you’ll finally do everything to attain your desired targets.
13 SMART Goals Examples for Property Management
Below are examples of SMART goals for property managers:
1. Reduce Tenant Turnover
“Within the next 5 months, I want to reduce tenant turnover by 25% through effective marketing strategies and a new tenant screening process. We will focus on tenant retention by providing a better customer experience and incentivizing tenants to renew their leases.”
Specific: The SMART statement is clear—to reduce tenant turnover by at least 25%.
Measurable: This goal can be measured by tracking the number of tenants who renew their lease each month.
Attainable: This is achievable through effective marketing strategies and a new tenant screening process.
Relevant: Reducing tenant turnover is a priority for many property managers, making this a vital goal to pursue.
Time-based: Goal achievement can be reached after 5 entire months.
2. Reach New Prospective Tenants
“I want to increase the reach of our online presence over the following 6 months by expanding our social media reach, creating a blog with relevant content for prospective tenants, and increasing our visibility in local newspapers.”
Specific: The goal explains the overall objective, what will be done, and the timeline.
Measurable: You could look at website traffic analytics or track the number of leads from each channel.
Attainable: This is possible since it focuses on incremental changes to improve the company’s online presence.
Relevant: Reaching new prospective tenants is vital for asset growth and increased revenue.
Time-based: There is a 6-month end date for accomplishing this statement.
3. Boost Revenue From Rentals
“I aim to increase revenue from rentals by 10% over the next 7 months. I will research rental rates in comparable buildings and attempt to match or exceed them. Moreover, I’ll use social media campaigns to advertise available units.”
Specific: You have precise actions available—research rental rates, match or exceed them, and advertise on social media channels.
Measurable: Track revenue from rentals every month until the SMART goal is achieved.
Attainable: Assuming you market your property effectively, this is a reasonable goal.
Relevant: Boosting revenue from rental fees is key to success in the property management industry.
Time-based: You should expect success for the 7 months ahead.
4. Streamline Rental Processes
“To improve customer experience, I’ll streamline the rental process by automating tenant onboarding paperwork and implementing a contactless payment system over the course of four months.”
Specific: The goal is concise and clear, stating precisely the objective and how it will be accomplished.
Measurable: You could evaluate customer feedback and see if there is an increase in customer satisfaction.
Attainable: By automating tenant onboarding paperwork and implementing a contactless payment system, it will be possible to streamline the rental process.
Relevant: Streamlining the rental process is pertinent to improving the customer experience because it makes the system faster and more efficient.
Time-based: Four months are required to complete this SMART goal.
5. Maximize Property Value
“I want to increase the value of my property by 10% for the next 8 months. I plan on renovating common areas and landscaping the exterior. Additionally, I’ll put in place a system for regular maintenance.”
Specific: This outlines what you must do (renovate and landscape) and when (for 8 months).
Measurable: You can check the costs associated with renovating and landscaping and the increase in property value.
Attainable: Renovating and landscaping within 8 months is definitely doable.
Relevant: Increasing the value of your property allows you to make more money in the future.
Time-based: Goal completion is anticipated over the following 8 months.
6. Upgrade Properties With Modern Amenities
“I want to upgrade 50% of my properties with modern amenities within two years. I will research and identify the most popular amenities for each property type. I’ll also purchase the necessary materials and equipment and hire an experienced contractor to ensure everything is installed correctly.”
Specific: You want to upgrade 50% of properties with modern amenities within one year.
Measurable: They can measure this goal by determining how many properties have been upgraded.
Attainable: This goal is feasible since the property manager is taking steps to purchase materials and hire an experienced contractor.
Relevant: This is suitable as it will improve the quality of the properties for potential tenants.
Time-based: The two-year window provides enough time to complete the task.
7. Make Rent Payment Easier and Faster
“I’ll create a user-friendly online payment portal allowing tenants to pay rent in less than three minutes in 5 months. I hope to integrate the portal with existing tenants’ information, thus enabling automatic rent calculation and easy payment options.”
Specific: The aim is to create an online payment portal allowing tenants to pay rent in less than three minutes.
Measurable: Evaluate success by testing the user experience of the payment portal and tracking the average time taken for payments.
Attainable: Realize that 5 months is a realistic deadline to develop an online payment portal.
Relevant: A payment portal would be useful for tenants, making this a pertinent goal for property management.
Time-based: Accomplishment of this goal is expected after 5 months.
8. Increase Responsiveness to Tenant Complaints
“The apartment complex staff needs to be more responsive to tenants’ complaints within 24 hours from the initial complaint. The team’s responsiveness will be measured through surveys distributed every quarter.”
Specific: The SMART goal is explicit about what must be done and how to measure it.
Measurable: This is quantifiable because you could determine how quickly your staff responds to each complaint with surveys.
Attainable: It’s reasonable to expect the complex’s staff will be able to respond promptly to complaints within 24 hours.
Relevant: The statement is essential because tenants need a quick response when they file a complaint.
Time-based: Consider the 24-hour limit for each complaint as the deadline.
9. Create a Positive Experience for Tenants
“I will ensure all current tenants have a positive experience in the building by creating an inviting and safe environment for 6 months. I plan to conduct regular property inspections, listen to tenant feedback, and improve upon any issues they may have.”
Specific: The goal is clear. The property manager needs to create a positive experience by creating a safe environment for tenants.
Measurable: Regular property inspections, listening to tenant feedback, and taking action on any issues reported are all measurable elements.
Attainable: Following the three listed action items will help you lead to success.
Relevant: Landlords would want to foster a positive experience for tenants, so this goal is appropriate.
Time-based: Six months gives you ample time to make necessary changes.
10. Offer More Flexible Lease Terms
“In order to improve satisfaction, I want to offer more flexible lease terms to my tenants within four months. That includes allowing tenants to pay rent in multiple installments or assisting them with late fee waivers.”
Specific: The goal statement is to offer more flexible lease terms in four months.
Measurable: Count the number of tenants who sign up for the more flexible lease terms.
Attainable: With some modifications in the system, offering more flexible lease terms is definitely possible.
Relevant: This SMART goal could help improve tenant satisfaction, which is relevant to property management.
Time-based: Goal accomplishment should be met after four months.
11. Use Technology to Manage Properties
“The property manager will be able to manage properties more effectively using technology by the end of 6 months. They will use software and applications developed for property management, such as landlord-tenant and maintenance recordkeeping.”
Specific: The property manager aims to improve their property management using technology.
Measurable: Managers should be able to manage properties with greater efficiency after the 6-month period.
Attainable: Learning about relevant software or applications gets easier with time and practice.
Relevant: This goal is appropriate because it helps managers improve their property management processes.
Time-based: You should have mastered the technology within 6 months for success.
12. Improve Cost Control
“I want to identify cost-saving measures and improve cost control by reviewing invoices, negotiating with suppliers and subcontractors, and creating budgeting strategies. I aim to reduce expenses by 10% by the end of 6 months.”
Specific: The SMART goal identifies which techniques will be used to improve cost control.
Measurable: The percentage of cost reduction can be assessed over 6 months.
Attainable: With careful review of invoices, negotiation with suppliers and subcontractors, and budget strategies, it’s reasonable to reduce expenses by 10%.
Relevant: Lessening expenses is crucial in property management, and landowners generally look to maximize their investment.
Time-based: This particular goal has a 6-month end date to meet success.
13. Promote Sustainable Practices
“The apartment complex will transition to sustainable energy, water consumption, and waste management practices within 12 months. I commit to researching and implementing cost-effective techniques like water conservancy efforts, recycling programs, and solar panels.”
Specific: Promote sustainable practices throughout the apartment complex by researching and implementing cost-effective techniques.
Measurable: Regularly check if sustainable energy, water consumption, and waste management practices are implemented correctly and efficiently.
Attainable: This goal should be achievable within 12 months as long as the necessary research is conducted and resources are allocated to make the transition.
Relevant: The statement is essential for a property management company to stay ahead of trends and compete in the market.
Time-based: Achievement of the goal is expected after 12 months.
Final Thoughts
In conclusion, the listed SMART goals examples for property management provide a comprehensive framework for excellence.
Implementing these SMART goals can streamline maintenance operations, enhance tenant satisfaction, improve occupancy rates, reduce costs, and foster more efficient management practices.
By embracing them, property managers can position themselves as leaders in the industry, delivering exceptional results and exceeding expectations.
Take the first step toward greatness today. Take inspiration from these SMART goals, unlock your full potential, and watch as your property management business reaches new heights.
