This is a question that has come up quite a bit for my coaching clients and I must admit for myself. We are navigating a new way of doing business, so it is natural to be rethinking our business strategy.
I reflected to 2008 and 2009 when everyone was scared over the economy. What I found during that time was my business boomed. It seems counter intuitive but here are the reasons why I was so successful. I believe these 4 reminders can help guide us today.
- Fear is a powerful motivator. Property Owners were fearful that they would rent to unqualified tenants and end up evicting them. Owners could not afford to not receive rent or to evict. Fear drains us of our energy, and we cannot see the options available to us. We also tend to think of the worse case scenario which usually never happens, but we are convinced it will happen. How can you calm the fears of your clients? How will you get past your fear to be able to serve your clients? Hint: Take Action.
- I provided a solution to their problem. I was the professional who knew how to screen for qualified tenants. Who had experience and confidence and could reassure the property owner that their property was in good capable hands. You have got this. You are a professional and do this all day long so give yourself some credit and realize the value you bring to the table. What solutions do you provide your clients?
- I was calm, had a plan, a system to manage the property. I had answers to all their questions…the what if questions, “what if the tenant doesn’t pay rent?” “what if they move someone in without permission?” “what if there is damage at move out?” We have heard all these questions before, and you have the answers. People feel confident when they know you have a plan for how to handle the situation. What plan, or system can you offer your clients?
- I offered packages that would alleviate their fears. Today you can get some of these services through insurance companies which offer, Rent Protection, Eviction Coverage and other insurance products for the property owner. Are there new products or services that you can offer your clients to reassure them?
As professional property managers we provide a service. We fill a need in the marketplace and for our clients. It is therefore our duty to put ourselves out in the marketplace to offer our services especially at this confusing time. If we see ourselves as truly providing a service, then what we offer isn’t taking advantage of a situation it is helping those in need. It is our duty to continue to market and build our business.
As business owners we have people that count on us such as employees, vendors, tenants and our owner clients. By continuing to focus on what we offer and delivering on our service we will be profitable which allows us to support the other aspects of our business. When we are profitable, we can be generous and help our community.
I started this article asking is it ethical to build a business in a time of crisis? I believe it is not only ethical it is our obligation to do so as business owners. As a professional business coach here is my take on it.
Get out of your own way, you have something of value to offer the world. It isn’t about you. It is about your client and solving their problem. Put the fear aside through action. Provide a solution with a step by step plan for how you manage properties. Look at the current services you provide and see if there are opportunities to add new services or products to support your clients. When you know clearly your WHY you are in business and you Serve from the Heart you will be profitable which will allow you to give generously. You will have a thriving business and feel good about what you do.
So, go get’em….
Kathleen Richards, is the owner of PM Made Easy and The Property Management Coach. With her 13 years as a broker/owner of a property management company she speaks from experience. Kathleen authored, Property Management A-Z and teaches regularly at community colleges and conferences on property management topics. She is active in her field and holds professional designations as Master Property Manager (MPM®) and Residential Management Professional (RMP®) and her company held the coveted, Certified Residential Management Company (CRMC®) designation from NARPM®. She is currently a National Instructor for NARPM® and is honored to be sharing best practices with other NARPM® professionals. Kathleen has served at the local and state level on the boards for NARPM® (National Association of Residential Property Managers)