Building your vision: What will your business look like in 10 years?

Company Vision Statements for Property Managers | Buildium

It’s a new year, and most of us have a brighter, more successful future on the brain. The start of a new year lends itself perfectly to building your company vision: A specific set of ideas that describe what success looks like for your company at a future date.

A company vision statement can act as a powerful business strategy as you grow, giving you a clear destination that helps to guide your choices along the way. Here’s what property managers need to know about defining their company vision.

What is a Company Vision Statement?

Let’s start by defining what a vision is. A company vision statement is generally understood as a descriptive picture of your company in the future that articulates the goals that you hope to achieve. An effective company vision statement is very detailed and specific; anyone reading it should have a clear snapshot of what success will look like for your company at that future point.

For property managers, your company vision defines what you’re trying to build and what it will take to get there. Every business needs a roadmap, and the process of writing a company vision statement will help you to stay on track in the direction of your growth. For property managers committed to highly successful habits, devising your company vision statement is a must.


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Why is Having a Company Vision Important?

As a property manager, you work in one of the busiest industries out there. We get it-exercises like developing a company vision statement may seem like an unnecessary step. However, some of the most sustainable, successful companies out there have taken the time to define their company vision.

Why is visioning linked with success? Because writing your company vision statement is one of many strategic tools for lasting success that is both inspiring to your team, and serves as a sensible guide for your future actions.

Think about it: When you’re approached by a new property owner who wants to work with you, how do you decide whether or not to move forward? With a company vision statement in place, you can simply ask yourself if the partnership brings you closer to realizing your vision for the future.

How to Write a Company Vision Statement

Now that you know what a company vision statement is and why it’s so important, it’s time to write one for your business. Dedicate some time in your schedule to sit down and write a company vision statement. It doesn’t have to be a long exercise-you could write a draft of your company’s vision in just 30 minutes. Find a quiet place to write, and begin by picking the future date that you will be envisioning.

Let’s say that you’re writing a 10-year company vision. As you write, describe what your business looks like 10 years from now. Who’s involved? What have you accomplished? How did you accomplish your goals? Be as specific as possible as you write.

Once you’ve polished and finalized your company vision statement, share it with your employees and stakeholders. As you plan for the future of your business, you can create action steps around your company vision to make it a reality.


What’s a company vision statement, and why does your business need one? Find out on the #BuildiumBlog!

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Have questions about writing your company’s vision statement? Share your thoughts in the comments below!

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The post Building your vision: What will your business look like in 10 years? appeared first on Buildium.

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A Medieval Stronghold in Idaho? Meet the Quirky, Eco-Friendly Boise Castle

boise-castle

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Problem: You want to live like royalty, but also don’t want to move out of Idaho.

Solution: Build the Boise Castle.

Now listed for $2.78 million, this four-story, 5,845-square-foot, five-bedroom castle in Boise is actually a gorgeous home. “The owner designed it with an architect,” says listing agent Missy Coman. “It was his inspiration.”

But…why? “He loved the time period, and his children were the right age to really have a lot of fun with it. They embraced living in a castle.” OK, why not?

It’s a high-end castle, too, completed in 2010 after two years of work. All the doors, flooring, and beams are reclaimed hardwood from the area; the full-stone exterior walls are from a local quarry, and a geothermal heat pump keeps the home cozy in the winter and cool in the summer without racking up huge energy bills. It has five full baths, three half-baths, a full-floor master suite with office and workout room, and a separate guest suite with kitchen, huge bathroom, and washer and dryer.

Overhead look
Overhead view

realtor.com

Dining room
Dining room

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Knight
Suit of armor

realtor.com

Outdoor entertaining
Outdoor entertaining

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The roof features radiant heat that melts the snow, a hot tub with dragon fountain (yes, dragon fountain), a grill, bar, and even a greenhouse. Throughout the castle are touchscreens that control smart home features. And if you’re worried about home security, the entryway has a (nonworking) portcullis, and there are arrow slits on the roofs for your archers. “It’s a fusion of centuries,” says Coman. “It’s got everything from the medieval period plus the high-tech things people want today.”

Inside of one of the turrets, you’ll find a media room, a dining room outfitted with round table and movie-prop throne, and a sitting room that can double as a theater. The current owner has often opened his castle to the community, hosting Shakespeare performances and the local ballet. It’s a perfect spot for your Targaryen cosplay group to meet!

The finishes are fit for a king: custom plumbing fixtures throughout, a dreamy brass farm sink in the kitchen, a plunge tub and steam shower in the master bath, and of course, a wine cellar (which can probably double as dungeon in a pinch). The enormous kitchen has two dishwashers, three ovens, and a huge butler’s pantry with a full refrigerator and freezer. “The home is set up for entertaining,” says Coman. Which makes sense, because if you’re going to spring for a multi-million dollar castle, wouldn’t you want to show it off?

OK, so the Boise Castle isn’t for everyone, but for the right green-living royal, it’s an amazing space.

“Everything is the highest quality,” says Coman. “It’s very warm, inviting, and livable.” Even people who were initially skeptical were won over by the home’s quirky style and amazing amenities. “When you go through it, you’re inspired. Everyone who sees is it amazed.” Forget Westeros, who will rule Boise?

The post A Medieval Stronghold in Idaho? Meet the Quirky, Eco-Friendly Boise Castle appeared first on Real Estate News & Insights | realtor.com®.

Air Travel With Pets – Tips For A Seamless Journey

Air travel with pets

Taking a cross-country road trip with pets to move to your new home may seem like fun for about… two minutes? Then you realize that would mean… driving across the country. When air travel seems like the way better choice, there are some things you need to know to ensure your pet has a safe […]

The post Air Travel With Pets – Tips For A Seamless Journey appeared first on Unpakt Blog.

David Greenberg Named 2018 Tech Trendsetter by Swanepoel

Every year, the Swanepoel T3 Group releases the SP2018 Trendsetters list that identifies and celebrates innovators, dealmakers, and movers-and-shakers who have made a significant impact on the real estate industry over the past year. We’re excited to announce that David Greenberg, Founder and CEO of Updater, was named to the list as a top trendsetter for 2018. 

Last year, David was also named to the Swanepoel list of Emerging Leaders – influencers that are 40 years and younger. 

Under David’s leadership, here are just a few of Updater’s many 2017 accomplishments:

Congratulations, David! Cheers to another year of innovation in the relocation industry.

Tips for setting and reaching realistic profit goals for 2018

How to Set Profit Goals in Property Management | Buildium

The new year is the perfect time to set goals for your business. Not only are you turning over a new leaf, but it’s also likely the time when you review your year-end metrics. But what if you’re not happy with the results-or if you simply want your business to become more profitable in 2018? After all, the economy is relatively strong, so it’s a good time to focus on raising revenues and growing your profit margin.

The first step is figuring out how to set realistic profit goals. If your goals aren’t achievable, you’ll never reach them, which will throw your business into disarray. Here’s our advice on how to set profit goals that are feasible for your property management business in 2018.

How to Set Profit Goals: Tip #1

Reflect on What Your Profit Goals Are

Take some time initially to pause and reflect on what your profit goals are. Do you want to become more profitable by a certain percentage across the board, for example; or are you aiming to eliminate areas where your profits are not as robust as they could be?

For example, if rents have been climbing in your area, you may think that a profit increase across the board is possible. However, if you have a persistent issue with vacancies, your profit goals might center around methods of keeping vacancies low to boost your profit margin.

How to Set Profit Goals: Tip #2

Set SMART Goals

If you fail to clearly define your goals, you’ll never reach them. You also need fully articulated goals so you’ll know if you need to redefine them or tweak your methods if you aren’t reaching them later in the year.

Many people swear by SMART goals. This acronym stands for:

  • Specific
  • Measurable
  • Achievable
  • Realistic
  • Time-Based

Try to set goals that follow the SMART criteria. For example, say that you want to grow your profits by 10% next year.

1. First, develop specific methods for reaching this goal. Is it realistic to raise rents, given the markets in which you operate? That may be so if real estate prices have been climbing. A general rule of thumb is that property managers can charge 1 percent of a home’s value in rent each month.

If this growth is occurring in your area, great! If not, how else can you achieve your profit goals? Can you cut vacancies in half, or eliminate them entirely? Marketing for reliable long-term tenants may be a wise strategy to reduce your vacancies. Have you made headway toward paying off large capital improvement projects? Can you reduce your expenses? Examine every category from which you can derive additional profit.

2. Measure the progress you’ve made toward your goals every month. If you’re not hitting a particular goal, you may have to try different methods or reset the goal.

3. Make sure that your goals are achievable and realistic by doing your research in the goal-setting phase–before your work has actually begun. What are other property managers charging in rent? Are your rents comparable to other units in the area? If you are already over-market in your rents, you may not be able to achieve profit hikes by raising them, for example.

If you need to make property improvements, such as replacing water heaters or roofs, you may end up with rising costs, which will make the achievement of a profit increase unrealistic, at least for now. Evaluate the entire year’s worth of needs to determine the achievability and real-world likelihood of meeting your goals.

4. Associate all goals with a time-based deadline. Setting short-, medium- and long-term goals is prudent. If increasing your profits by 10% is your annual goal, for example, you need to determine what would be achievable increments for each month and quarter.

You can make some changes to affect your profit margins immediately, for example. Raising rents is one. Others, such as negotiating new leases with long-term tenants or advertising in new markets for better tenants, may take a quarter or more. Take the time you’ll require to achieve each goal into account.

How to Set Profit Goals: Tip #3

Set Goals for the Future as You Achieve the Present

At the end of every quarter, note what you’ve achieved in the last quarter and make notes on future profit goals.

For example, are you going to make energy-efficient updates to attract younger tenants over the long term, for example? Make a note to yourself to research which green incentives will give you the biggest bang for the buck. That way, at year-end, you have scaffolding to use for next year. Did your research indicate that rooftop gardens are gaining popularity with generation Z, the cohort that will soon be the youngest renters? That may be your capital improvement for 2019!

Setting goals is an essential part of every new year. Take the time to reflect on your profit goals for 2018. For busy property managers, goals have to be SMART. Think through ways to make them so. Evaluate your achievements and goals at the end of every quarter, so you have a list to start with in 2019.


On the #BuildiumBlog: How to set realistic profit goals for your property management business in 2018.

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To learn which metrics you should keep an eye on in your business, check out this article: 10 Key Performance Metrics Every Property Manager Should Track

P.S. Be sure to subscribe to the Buildium blog to stay up-to-date on industry news and the issues you care about. Click here to sign up now!

The post Tips for setting and reaching realistic profit goals for 2018 appeared first on Buildium.

Updater Partners with Realty Executives International

(NEW YORK/PHOENIX) January 17, 2017 – Updater, the nation’s leading relocation technology platform, today announced a partnership with Realty Executives International, one of the largest real estate franchises in the United States, with over 8,000 agents and 500 offices across the globe. The company will work with Updater to streamline and simplify the moving process for clients as they buy and sell homes nationwide.

We are delighted to partner with Updater to ease the most stressful parts of the real estate transaction,” said Alysia Heun, Vice President, Franchise Services, Realty Executives International. “We believe this partnership will deliver an innovative, white-glove service to our clients and a no-brainer client engagement tool to our brokers and agents.

We’re excited to provide an extended level of service to Realty Executives International brokerages and their clients,” said Chris Avery, Updater’s VP of Real Estate. “Brokerages that choose to use Updater are able to create positive client engagement experiences from the time an offer is accepted to well beyond closing, bringing even more value to the agent/client relationship.

With Updater, clients of Realty Executives will be able to complete the following moving-related tasks on one platform:

  • Update Accounts: Clients can automatically update account records for over 15,000 business, including magazines, newspapers, alumni associations, charities, retailer loyalty and frequent flier accounts.
  • Connect Home Services & Utilities: Clients can transfer utilities, set up digital services and schedule in-home installations.
  • Forward Mail: Clients can file their official U.S. Postal Service mail-forwarding form.
  • Compare & Book a Moving Company: Clients can compare, schedule in-home estimates, and book trustworthy, pre-approved moving companies.
  • Send Digital Moving Announcements: Clients can notify friends and family that they are moving with a custom digital e-card to post on social media or send via email.
  • Claim Move-in Offers: Clients can take advantage of special offers and exclusive deals on moving services and expenses, including discounts on professional cleaning, packing materials, mattresses, new checks, and more.
  • And much more.

REI_partner_logo.png

About Realty Executives International, Inc.

Established in 1965, Realty Executives International is one of the largest and most established real estate franchise systems in the world, with over 8,000 agents and 500 offices globally. The company offers disruptive pricing models particularly attractive to top performing agents. Its unrivaled mobile technology, business tools, training and concierge service are coupled with protected territories and financing for qualified franchisees. The Scottsdale-based, privately held company has been ranked as a leader in the real estate industry by publications like Entrepreneur, Success and Inc. magazines. For additional company information visit RealtyExecutives.com.

 

About Updater

Updater (ASX:UPD) is the nation’s first relocation technology platform designed to make moving easier for the 45 million Americans that relocate every year. Updater helps users seamlessly update accounts and records, transfer utilities and digital services, find and book a reputable moving company, forward mail and more. From real estate brokerages to multifamily and relocation companies, Updater’s proprietary relocation technology platform has become an industry standard, enabling a personalized and trusted all-in-one app for the relocation process. Headquartered in New York City, Updater was named one of Crain’s 2016 Best Places to Work in NYC, ranking as the highest rated tech company on the list. Updater has raised nearly $100 million from leading investors, including SoftBank Capital, IA Ventures, Commerce Ventures, and Second Century Ventures, the strategic investment arm of the National Association of REALTORS®. For more information, please visit www.updater.com.