Plan Your Property Management Business Year: 10 Must-do Tasks for 2010

Your must do task list for 2010

The beginning of the year is always a good time to plan your property management tasks for the upcoming year. There are many routine assignments that must be done each year without fail.  If you don’t have an annual to-do list already prepared, take the time to create one now.  Each year you can pull out your existing list, tweak and update it as necessary, and then execute it during the year.

Here is a portion of the list we use at Lightner Property Group. 

1.      Provide annual forms and new policies to staff.  This includes the W-4 for the New Year, the San Francisco Designated Person Form that you are required to provide to your San Francisco staff annually, along with your Fair Housing and Sexual Harassment policies which should be acknowledged annually.  When there are new laws to remind staff of, this is a great time to have them acknowledge a copy of the company policy that deals with the new law (such as when it became illegal to speak on a cell phone while driving, without the use of a Blue-tooth or other hands-free type device). 

2.       Schedule Unit and Building inspections. Schedule the month of the year you will conduct your unit by unit and building inspections. Calendar the inspections with reminders at least 30-days in advance so you have plenty of time to notify your residents of the inspection date or to arrange for any necessary contractors. 

3.       Schedule Signage inspection. Schedule your annual signage inspection to verify you have all the required or necessary signage posted on your property. Remember to archive the form that evidences the inspection was conducted, the date of the inspection, who conducted the inspection, what signage was verified and where each sign was located. 

4.       Calendar important dates.  Each year we find there are one or two items that have not made it into the office calendar system.  Review your task and reminder list for the year and fill in omissions or gaps as necessary.

5.       Plan Education Compliance. Determine what continuing education is required for you and your staff for the year and plan for it.  For example, schedule legally required license continuing education courses (e.g. Department of Real Estate licensing or California Apartment Association certificate education), Fair Housing, Sexual Harassment and Diversity training.  Be sure to provide a series of ticklers or reminders starting at 6 months, then 3 months, then monthly to weekly, so you have plenty of advance notice of the due date.

6.       Update Forms.  Make sure to add the date of the New Year to your current forms and remove references to the prior year. 

7.       Schedule and Budget for Software License Updates and Upgrades.  Review your hardware and software licensing requirements. Make sure you know when they will expire during the year and schedule their upgrade or extension at least 30 days in advance of the expiration. Don’t wait until the last minute to avoid expirations, program freeze or lock-out.

8.       Plan at least 4 administrative or management improvements for the year.  Select at least 4 projects (one for each quarter of the year) or practices you can improve in or on for your business and schedule them. The project can be as simple as the creation of a new form, or the addition of a new policy, or it can be a major software installation or other significant improvement.  However it is important that each year you plan for, schedule and implement improvements to your business.  When you plan for and schedule improvements, they will happen. 

9.       Archive Prior Year files.  Place the prior years’ files (2009) in storage boxes that are readily available during the current year (2010).  Move the former “prior” year files (2008) into longer term storage. 

10.   Properly Dispose of Unnecessary Files.  Review your document retention policy and update or modify it as necessary based on legal changes during the prior year or lessons learned. After review, if there are files and documents that are no longer necessary to retain under your updated retention policy, arrange for their proper destruction and disposal. Remember, it is no longer safe (and often legally impermissible) to dispose of business documents by merely throwing them into the trash.  Today all documents and papers must be reviewed to determine the legally permissible means to dispose of them. Generally you will want all accounting paperwork, legal documents, and tenant or residents documents (including all applications regardless of outcome) to be properly destroyed and disposed of, using a reputable document disposal company.  And, don’t forget to keep the paperwork you are provided by the disposal company so you can verify that you suitably disposed of the documents and files.  Legally significant documents, such as the disposal confirmation receipt, should be archived in both paper and electronic formats. 

Of course there are many other important tasks for a year in property management.  However this simple check list will get you off to a well organized and well planned for year.  Make 2010 a year where you are working and planning for your property management business, rather than your property management business working you. 

Remember:  Manage your property, don’t let your property manage you!