Running a Management Company

It’s hard to believe that we’re just about a quarter of the way through 2022. If you’re anything like us, you felt like January lasted a whole year, but February and March are flying by! Before we let the last few weeks of the quarter run past us, it’s time to reflect. When you take a look at the goals you set out for you community association management company for the new year, how are you tracking? Perhaps you’re reviewing goals you scratched out for your business during the holidays last year and are asking yourself, “What was I thinking?!” Perhaps you’re frustrated that you haven’t hit the metrics you thought you’d hit by now. Or perhaps you’re right on track and everything is going as planned (and if this is you, you are quite the lucky anomaly!) Regardless of where you stand, it’s important to know where you’re tracking and what to do next. How do you keep momentum for your business, or how do you get back the momentum you initially had for the 2022 year?

It’s time to set new quarterly goals

No matter how well you planned for the new year, no one is able to plan perfectly. There are so many extenuating circumstances in community management that will cause business disruption – from a blizzard, to a malfunctioned water valve, to a board leaving for another management company. One of the best meetings you can hold in the next two weeks is a quarterly review with your team. Take note of where you are tracking towards your goals with respects to your budget, revenue, portfolio count, and other important milestones for you. What’s working for everyone, and what roadblocks are keeping you from achieving your potential?

After your team has had a moment to reflect, it’s time to set new quarterly goals. Keep track of where you want to be by the end of 2022 and what you’ll have to do in the second quarter to get there. Perhaps you need to have a heightened focus on staff recruitment, or perhaps you need to increase your portfolio count projections. Regardless of the plan, get the whole team involved and stick with it.

Spring clean your business

You’ve likely seen a friend on social media post a daily home cleaning challenge in the month of April, or perhaps it’s a challenge you complete for yourself. Spring cleaning has a multitude of benefits that go beyond a well organized physical atmosphere – it’s a process that improves mental health and motivation. In the same way that you conduct a spring clean for your house, spring clean you business as well for the second quarter. Clean up your workspace, segment your email lists, and analyze the ways in which your team uses the technology you have available to them. If there tools that would greatly improve productivity that you haven’t used to its fullest potential, now is the time to reach out to your account manager and take better advantage!

Get ready for summer

As you’re planning for the second quarter, it’s also important to be fully prepared for the upcoming summer season. As many are ready to have a season free of pandemic woes, homeowners and board members will likely be eager to indulge in refreshed entryways and regular pool parties. Be sure that your community managers feel confident in their ability to manage their summer prep and that they have all of their routine maintenance plans ready to go, and offer a helping hand if they are feeling overwhelmed. Make sure you are also using digital communications to keep boards ready for the season, sharing helpful messages for their newsletters and important guidelines to review for safety and local regulations.

Are you still feeling uneasy about your upcoming Q2, and need some more guidance for better prep? Stay tuned for an upcoming webinar with us and our friends at AvidXchange, where we will be discussing some of the key industry trends that shocked our Q1 and provide helpful ways to manage your budget and goals for Q2. Our Q1 Rewind will be on Tuesday, March 22nd, at 2:00 PM EST!


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