Managing a property should have goals and objectives. There are two types of organizational goals which are short term goal and long term goal. Short-term goals are considered less than one year and long-term goals are greater than one year.
The short-term goal is also called operational goals because it will continue to be operational on a daily basis. Property management activities that are day to day are such as garbage disposal, housekeeping or gardening. The labor that has been assigned to do the work such as repairing the pipes should be someone who has the skills and knowledge. The labor must be the skilled person. Also, the management structure should have been organized and always updated. Necessary information, for example the contract or the service, should be checked to ensure that the service is still available to the owner or should be terminated. Property information such as taxes must be paid and financial information such as rent payment must be recorded. Daily monitoring of the employee’s work is necessary to ensure that the performance measurement is good and of quality. All the things that have been mentioned above fall under the short-term goal.
The long-term goal is also called strategic management. It’s more about policy development and interpretation. It is also about programmed formulation, implementation and activation. The owner is looking for the results. For example, the mission of a hotelier is to transform a 3-star hotel into 5-star hotels in 5 years. Thus, the syndic will ensure and control all the work necessary to ensure that the mission will be accomplished on time.
The organizational objective is applicable for the life of the organization. It is included in the strategic plan, the five-year long-term plan and the tactical plan. The organization must have annual objectives. The short-term goal in operational plans should have a specific time horizon.