When we hear “drips” in property management it is never a good thing, but “drips” in your business is something to strive for and create. In this article let’s look at how “drips” can lead to success.

Durable

Creating a company that is durable means creating something for the long-term. It encompasses your brand, your reputation, a solid operational foundation with a steady team. Durable evokes something that grows over time not overnight. Nurture your clients, be consistent in how you execute your business, and support your people to create partnerships that last.

Resilient

The property management business is fraught with potential problems. It is at times a thankless career. Any business owner will tell you there are ups and downs at every turn; governmental obstacles, owner wants, tenant demands, vendor accountability, and employee challenges. It seems to never end. Building resilience into your business and mindset will allow you to weather the obstacles that come your way.

Intentional

I am continually surprised at how property management professionals run reactive businesses and are always putting out fires or running around in panic mode. Being intentional about your business is the first step to gaining control of your business and its direction. Yes, it is important to have goals, but the execution of the goals needs to be intentional, deliberate. When we act intentionally, we are more efficient, make progress quickly and exude confidence thus attracting the right kind of clients and properties. We don’t second guess our decisions when we act with intention. When we can stop shooting from the hip and instead slow down, think through the issue and intentionally follow our processes, and procedures we will make better decisions and lower our business risk. Your business will start to run more smoothly, and the chaos will disappear.

Profitable

We are in business to make a profit. I have never been apologetic for this position. Being profitable allows for growth through team expansion, increased properties under management, support of local vendors, and contribution to the community through volunteer or financial gifts. To be profitable you need to have a business that offers services your clients want and to deliver services consistently that exceed expectations. Thriving businesses live by their values and come from a place of service. People will pay top dollars if they see the value of the service provided. Create a business that gives clients what they want delivered with excellence, priced competitively and you will be profitable.

Systems

Systems are the key to success. Why are franchises successful? They are businesses built around systems, not the person doing the job. Systems provide risk management from lawsuits, a proven pathway for consistent training of team members, streamlined operations and minimized inefficiencies. Systems build your reputation for delivering excellence all the time, not just sometimes. Property management is a business that is ideally suited for systems.  We do the same thing day in and day out, over, and over. Implementing systems will set you apart from your competition and will lead to greater profitability, and a team that knows what to do when, creating a smooth-running operation.

Conclusion

Drips are problematic in property management but in our business, they are what we should aim to attain. The goal of any business owner is to create a durable business that is resilient to challenges and changes in the marketplace, where people act with intention instead of being reactive, where profitability is high which allows for generosity within the company and the community. Systems are the foundation of success. They provide support and confidence to team members, allow for consistent delivery of services which elevates your reputation, creates trust amongst your clients and ultimately the growth of your business through referrals. So, aim to have drips in your business and you will be on your way to sustained success.