New Year's Resolutions for a Property Owner

Below is Merrie’s most recent article for the San Francisco Examiner. 

If you are thinking about New Year resolutions or changes you need to make for 2010, consider my 10 rules for success for property owners and managers.  These guiding principles will take you a long way when you are faced with a difficult question or a hard to solve problem.  

1. Treat every applicant, resident, vendor, team member or client the way you would want your family members to be treated.  This rule of thumb will help you get past those instances when someone has angered you or done something that clouds your judgement.  To get past those moments, personalize the individual.  How would you want your sister or brother to be treated? 

2. Whenever negotiating, avoid giving an immediate answer by indicating you have to get an “OK” or approval from your boss, partner or spouse. This gives you time to carefully consider your response without immediate pressure. Tell the party when you will get back to them with a response; and then remember to keep to your word.

3. When in doubt, document, document, and document!  Document in writing or in pictures.  But DOCUMENT! · If you don’t document, it didn’t happen.  No one wants to believe what a “landlord” remembers.

4. NEVER burn a bridge. Remember this wherever you do business.  It’s a small world and getting smaller.

5. Always have an open mind. Do not become rigid in following your policies, or you may miss the time you are legally required to bend your rules.

6. Whatever you say, do, or write, expect that it will show up on the front page of your local paper. There is no such thing as “off the record” or “just between you and me”.  In this day of instant electronic messaging and pictures, your actions and words can be immediately broadcast to the world.

7. Never do someone a favor, unless you are willing to that same favor for all of your tenants, residents or vendors. Favors have a way of becoming your job!

8. Always remember, the rental unit you are responsible for is the home of your resident.  It is an investment and a business for you; but it is the place they come to rest, feel protected and make the memories of their life. Don’t ever underestimate the importance of this fact.

9. Be consistent with your policies, procedures and actions. Don’t vary from your rules, as it will only get you in trouble.  Making spur of the moment exceptions will result in inconsistencies and errors.  Follow your own rules.  If you need to make an exception, change or modify the rule!  And, don’t forget to document!  

10. Don’t cut corners or take shortcuts. Take the extra time to solve a problem or make a repair once. In the long run, it will save you time and money!

These rules of thumb, while simple, have served Lightner Property Group well over the years.  Let me know what your guiding principles are for your rental business.