What Makes some Landlords and Property Managers More Successful?
At some point in your own studies and reading, you may have seen Stephen Covey’s popular book on the 7 Habits of Highly Effective People.
25 million readers, including myself bought the book or got it as a gift. It’s definitely a classic, however Covey’s outlook on effectiveness revolves around routines more than attitude or vision.
The point has to be made that going through the motions, or looking like you’re going somewhere will likely not work. We all need to be leaders with a vision of our business not followers adering blindly to daily tasks.
The problem with a focus on tasks, routines and habits is that it could leave us vulnerable to the up and down, roller coaster ride of friction in the real world. We end up confused and without purpose.
If you manage an aging, dilapidated, low rent, public housing building with 500 tenants, you know all about daily friction, paperwork clutter, and confusion.
Your constant grind is surely a true test of your professional work habits, outlook, and choice of how you work. If that’s you, you likely need a new plan and roadmap for your career.
Even if you followed Covey’s 7 habits to the tee, it may not save you from burnout and failure.
So, that being the case, how about if we go upstream using 7 habits that keep us focused laser-like on a being a successful landlord or property manager? Wouldn’t this have more long term value too?
Big Picture Needs Attention
Is vision and mental clarity a habit of successful people? Consider the focused, purposeful lives of Google founders Larry Page and Sergei Brin, or Tesla’s Elon Musk, or Amazon’s Jeff Bezos.
Here’s an interview Bezos gave 21 years ago where he shares his business vision for selling online. He’s positive, optimistic, feels good about what he’s doing, and believes he’s got a better way to serve consumers.
The only way these entrepreneurs could engineer such fantastic results amidst complex internal structure, changing technology, and competitive markets, was by adhering to a clear overall vision of their companies and where they were going. That clear focus aligned all of their daily habits.
Even good habits may not mean much if they’re not aligned to a clear, unwavering goal — and there’s no wind in the sail. Whether you’ve got a salary in mind, profit goals, new properties, or a zero vacancy rate, they’re just objectives that support your overall success goal.
As Seneca once said, if you don’t know where you’re going, any wind will do
Your 7 effectiveness habits then are part of a stream of purpose and motion that will make your property management business successful. And without further adieu, here are those 7 new habits you should develop.
The 7 Best Habits of Highly Effective Landlords and Property Managers:
- Maintain a clear vision of their property management business daily and how to keep it sustainable and profitable. From cash flow, to tenant screening and using software to optimize efficiency everything is enlisted to support that vision.
- Ensure good attitude from arranging and organizing their personal lives so as not to interfere with their professional life. And they renew themselves by growing professionally, keeping a fresh and healthy perspective, and always reconnect with the reasons their job is important to them, so they don’t become confused or bored.
- They revitalize with rest and exercise. They’re committed to their work and can’t wait to begin their day, yet workaholism on a regular basis is something they won’t do. They ensure they get a full night’s rest, exercise during the day, and eat healthy food. The oxygen, fresh air, nutrition, breaks from routine refresh them mentally and emotionally so they can work at a higher level. They take vacations.
- Are proactive, optimistic, like to learn and grow in their routine. This go go attitude comes from having no friction — they believe what they’re learning and doing is win win for everyone. No need for secrecy, deception, risky behavior, negativity, or procrastination.
- Access the best software, services, advice and help. They hire the best and buy the best to help to ensure they get the right results and avoid disappointments and friction. For instance, a property manager that buys the best appliances and fixtures with the right maintenance service schedule keeps tenant relations strong and avoids the friction that leads to tenant turnover.
- Good judgement of people. They are students of psychology in that they can differentiate good tenants from troublesome ones, and high performing, competent contractors from bad ones. And from their conversations with tenants and owners, learn how to keep tenants continuously happy and comfortable.
- Creatively cooperative and an able communicator – they convey their intentions clearly in a supportive, pleasant and helpful fashion to tenants, contractors, and owners. Tenants, contractors and owners undertand clearly and actually enjoy cooperating with them.
You may find these are the best of the best habits that distinguish great property managers and landlords from those going through the motions.
Finding a vision of your property management business is important. And so is developing good daily habits and streamlining your work so you can focus on what’s important. Make sure you go through the process of creating a vision statement. If you know where you’re headed, you’ll be able to find the stepping stones to it.
While we promote using online property management software, we are committed to the idea that property management is about taking care of the people who live in your rentals. A guiding vision and mission that doesn’t include high quality, happy tenants might be doomed to failure.
Good luck with creating a good vision for property management business.
While you’re here, you should Try Out ManageCasa. Take it for a free, quick test drive now. You’ll love the dashboard, features, and reporting tools.
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