Happy New Year! As the new year is already upon us, many of us feel inspired to make changes and resolutions that will help improve our lives. For those of us in the multifamily sphere, this is an opportunity to set goals for ourselves and our operations that will have a positive effect on our tenants, properties and portfolios.
But oftentimes these resolutions can be difficult to keep up with. We may start off the year full of enthusiasm but find we lose steam as time goes on. Here are some tips to help multifamily operators stick with their New Year’s resolutions:
Setting unrealistic goals is a common mistake we make when it comes to sticking to our resolutions. Make sure that whatever you are trying to achieve can be accomplished within the time frame you have set for yourself. Part of setting realistic goals is also knowing what you can and cannot do. Be honest with yourself about the amount of time, energy and resources that are available to you so that you know what is realistic to accomplish. It’s admirable to set a goal like 100% occupancy for your property, but if you’ve only just broken ground, or are too far removed from the leasing process, that may be impossible.
Breaking down large, overarching goals into small, achievable tasks can help make them seem more manageable. This way, you can focus on meeting individual goals that will eventually bring you closer to your overall resolution. If you’re looking to throw the ultimate resident event this year, break it down into the planning, execution and evaluation stages.
It’s easy to become overwhelmed when tackling large projects. Instead of trying to do too much at once, focus on one step at a time and go out of your way to make the time to complete each task. And if you don’t hit one of these smaller goals, no big deal! One thing people often forget when working towards an ambitious goal is to be compassionate towards yourself — it’s OK to give yourself a break when needed. It’s more important to understand when it’s okay to take a step back in order to keep yourself motivated and on track.
By tracking your progress, you can stay motivated and see how far you have come in reaching your goals. Some opt for visual tracking tools such as goal charts or graphs, while others simply keep track of their progress in a written form like a checklist or journal — it all depends on the goal! This can also help you identify if something isn’t working so that you can make adjustments accordingly to stay working towards your resolution.
Don’t forget to celebrate the small victories along the way! Acknowledge every accomplishment, no matter how big or small, as it will help keep you motivated and on track with your resolutions.
By following these tips, multifamily operators can stay motivated and on track with their New Year’s resolutions. With determination and persistence, nothing is out of reach! Here’s to making 2023 your best year yet!