Steven Covey’s, 7 Habits of Highly Effective People has sold over 25 million copies since 1989…chances are you either have heard of it or even read it. There are great property managers and terrible property managers, with many mediocre PM’s in between.
Now that the New Year is coming, perhaps you can convert Mr. Covey’s 7 habits to “7 Habits of Highly Effective Property Managers.”
- Be proactive. To quote Steven Covey, “instead of reacting to or worrying about conditions over which they have little or no control, proactive people focus their time and energy on things they can control.” An effective property manager knows how to focus on what they can control to get the job done and how to let go of what they cannot, which often means delegation, changes in expectations, or even elimination of a client.
- Begin with the end in mind. Property Management can be a chaotic business – you have to keep an eye on any goal involved to achieve an end result, whether it is an immediate or long term. By creating effective tools with uniformity and organization, you can accomplish this, whether it is handling a disgruntled client, obtaining a top-quality vendor, or selling your business in the future.
- Put first things first. Many properties managers become ineffective because they are not sure what comes first. As Mr. Covey’s book conveys, you have to achieve both time and life management. When you do not, you affect everyone around you. You must figure out what truly comes first not only in business, but in your entire life picture.
- Think win-win. Again, to quote Mr. Covey, “many people think in terms of either/or: either you’re nice or you’re tough. Win-win requires that you be both.” Being a property manager is definitely not for sissies and at times it requires a tough negotiator or supervisor. An effective property manager acquires the skillset of both by paying attention to the reactions other parties involved to determine which to be and when.
- Seek first to understand, then to be understood. Have you learned to listen effectively? An effective property manager knows how important it is to develop the ability to listen before communicating with anyone involved; the property management business incorporates a LOT of people – property owners, tenants, vendors, and the public. The lack of this skill can mean failure to achieve almost any objective and a complete breakdown of communication.
- Synergize. No one puts this better than Mr. Covey, “to put it simply, synergy means “two heads are better than one.” Synergize is the habit of creative cooperation. It is teamwork, open-mindedness, and the adventure of finding new solutions to old problems.” Wow! No business needs synergy more than that of the property management business. Whether your business has multiple personnel or your office consists of you, it is important to develop everyone around you to work as a supportive effective team so that you can be an effective professional property manager.
- Sharpen the saw. Mr. Covey refers to four areas of your life – physical, social/emotional, mental, and spiritual. This is where you have to take care of yourself and keep fine-tuning and growing. In the property management field, it is so important to stay honed on the laws and regulations affecting your business. Keep learning and keep updating. It is truly important to “sharpen the saw” every day to be an effective property manager.
Good luck in your planning and accomplishments of 2017 – I hope that this article will help you. Have a wonderful holiday season and Happy New Year.
Jean Storms, MPM® is the founder of LandlordSource and has been a NARPM® member since January 1993.
Disclaimer: LandlordSource does not represent the article content in this website as legal advice. It is shared information only and up to the reader to use this information responsibly, seeking legal advice as necessary to their business.