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6 Building Owners’ New Year’s Resolutions

Success-oriented building owners should make a point of establishing some tangible objectives and challenging their companies in certain areas. Here’s a list of building owners’ New Year’s Resolutions that, if followed, should help you and your team have a successful 2022.

Review and Update Policies

Every organization, big or small, should have written policies in place that dictate how the company is run. These policies can cover anything from employee conduct to what types of properties the company deals in. 

As your business grows and changes, so too should your policies. Take the time this New Year to review and update your organization’s policies to ensure they still reflect your current business practices.

Focus on Direct Bookings

One of the building owners’ New Year’s resolutions that is trending and shows no sign of slowing down is direct bookings. More and more guests are choosing to book their stay with a property owner or manager as opposed to using a third-party booking site. The benefits of this include a higher return for the property and a personal touch to your guest experience.

Becoming more involved in direct bookings has several benefits: it helps eliminate service fees, gives you more control over your guest’s stay, and allows you to create relationships with guests that will not only result in them coming back again but also referring friends and family.

Increase Online Presence

After working hard on your direct bookings, the next thing to do is increase your online presence. Sites like Google My Business allow guests to find you easier on search engines. This website also provides tools that allow you to be more proactive in keeping your guest’s experience top-notch.

A solid review management strategy will give prospective guests a better idea of what to expect, helping bookings increase.

Invest in Technology

As technology advances, so too should your Property Management business. New tools are hitting the market all the time that can help you do everything from streamlining daily tasks to improving customer service. Some examples include using smartphone apps for rent payments and chats with guests.

There are also platforms that allow property owners to communicate directly, eliminating the need for a go-between while also ensuring a more personalized guest experience.

Review Building Owners Insurance Needs

The building owners’ industry is constantly evolving and with that comes new risks. As a property manager, it is important to review your building owner’s insurance needs regularly to ensure you have the proper coverage in case of an incident. 

This New Year, take some time to meet with your insurance agent and discuss what type of coverage you currently have and what additions or changes may be necessary to protect your business.

Expand Your Network

Your client network is extremely important for connecting you with current and prospective customers!  Be proactive in contacting guests if they have not made it back to stay with you since their last visit, asking them to refer other guests to you, and sending promotional offers their way.

Your professional network is equally as important.  Attend industry conferences, join relevant online forums and get to know other professionals in your field. This will allow you to learn from their experiences and vice versa, strengthening the property management community as a whole.

Set Yourself Up for a Great Year

Get in touch with Bethany Insurance for all your building owner’s insurance needs! Our team of experts is always up-to-date on the latest industry changes and can help make sure your establishment is fully protected.