Manual Format: The Roadmap to Organizing Professional Property Management is a PDF guidebook to walk you through how to organize your office and teams. The Guidebook is not a customizable document.
What is the purpose of this product?
Most companies benefit from using common sense organizational practices to avoid problems or lost business plus systems that are inherent to their particular industry. Property Management is an industry that requires a lot of organization to operate successfully and avoid high risk.
The problem is that many business owners do not stop to look at the whole picture of what can improve their organization, which in turn will improve their company image and bottom line. The focus of A Roadmap to Organizing Property Management” is to provide that view to business owners and property managers.
This product will cover information to create, establish, and maintain organization every day in the real estate/property management business.
What is NOT the intention of this product?
This product does NOT give you a model for setting up the physical or virtual office. It does not address state licensing, building procurement, creating a business plan, procuring an accounting program, devising a marketing plan, etc.
Product Instructions: All PM Made Easy products include the 25+ pages of Product Instructions in a PDF Format. It is important to read the Product Instructions designed to save hours of time and frustration. Make sure to save an original copy and place in a secure location.
Forms: With this product, there are currently 24 customizable forms, 2 pdf forms
Chapter 2 Determine Your Starting Point
It may be that you have an existing real estate/property management company or you want to start a new property management company. Take a moment to reflect on where the origin of your journey will be.
Are you redefining an existing company?
Perhaps you are already operating a real estate/property management company. You could have basic organization in place but you need much more. On the other hand, you may have chaos and mayhem plaguing your company. As you read and use this product, think of the process as recreating roadmaps (systems) and redefining destinations (goals) for your company.
- Do you have basic organization?
- Do you have good systems in place?
- Can you see areas where there are consistently difficult problems?
- Is your company a pleasant cohesive environment?
- Does your team work together?
You have to decide where your starting point before you can travel onward. Chapter 3 will also assist in answering these questions.
Are you starting a new property management company?
If this is your starting point, you have the opportunity to set up effective systems and documentation that will save you hours of time and money while you are accomplishing your goals. You have a fresh panorama on which you can construct a well-defined plan of action.
- Have you chosen what type, what size, and which location you wish to have for your management company?
- Do you have the proper qualifications and funding for running the business?
- Are you committed to the time and budget it requires to organize a professional property management company?
The property management business is a great business but it takes work and dedication. Choose your goals carefully but remember that you will have stops and starts while setting up professional property management. However, you can always backtrack and redo your steps if necessary while you are on your trip to organization and success.
No matter what your starting point, don’t skip any of the four key areas for organizing – analyzing organization, basic rules of organization, time management and organization, and property management systems.
The following chapters will help you plan and organize a new business.
Chapter 3 Choose Your Destination
How do you plan a trip without having a destination?
What is your destination?
There are times when you can take a trip with the attitude that wherever your journey ends is fine and you don’t need a planned destination. If your trip is a vacation just for fun and enjoyment, this can work. However, this is not a practical way to run a business. It is much more productive to have goals (destinations) in mind.
Habit two of Stephen Covey’s 7 Habits of Highly Effective People has the phrase “begin with the end in mind.” That should be your ultimate destination (goal) and the first place you should focus.
With a road trip, you may take some detours or decide on an alternate destination, but you should still set a goal. It is the same in business – you need to know where you want to go so you can plan your trip.
Mary wants her existing company that manages 150 properties to be the best and largest single-family residential property management company in her city.
Joe is starting a property management company, using a home office with a goal of managing approximately 80-100 single-family homes, outsourcing some tasks to responsible services and/or independent contractors.
Both scenarios require an organized plan. The ultimate destination (goal) is making a certain profit while offering professional property management.
It can be useful to compare the company roadmap (end goal) to that of a grand trip around the world. A large trip is going to involve making many smaller road trips.
Think of organizing the many facets of property management into several smaller road trips (goals). Breaking down the major task of total company organization or reorganization into smaller ones will make the journey more manageable. See how it applies to our two scenarios above.
In order for Mary’s company to be the best single-family residential property management company in her city, she needs to break the complete trip down into planning a realistic budget, motivating her existing team, planning an aggressive marketing program, and develop effective systems to professionally service new and existing accounts.
For Joe to put a new company in place, he has to set up an overall plan with an adequate budget, procure reliable services, have a plan for procuring new accounts, and develop systems to manage them efficiently.
Both companies need to use the same basic methods to break down the larger goal into smaller ones. This product covers the tools, including exercises and forms, to accomplish this.
Decide on your destination (company goal)
To begin “with the end in mind” (and you must have one), you have to plan your destination. Then as you are working on organizing professional property management, you will focus on achieving that result.
The Coach (Earnest Oriente, Power Hour), invites business owners to put what prospective parties should expect from their property management company into six words! Some of the answers he received were what you would expect – professional, quality, efficient, effective, affordable, excellence, sterling reputation, and more.
Can YOU put together a mere six words on what you want your company to project?
Let’s say that you accomplish this task to your satisfaction and this now is your company motto that circulated everywhere. That’s great, but here is THE question. What does everyone truly experience when interacting with your company? To answer this, you need to review every area of your business – personnel, physical office, telephone service, website, marketing, documentation, maintenance, vacancy record, tenancy, owner interaction, and more.
To help you, I have created a form to use for this exercise, The Six Word Company Review. It requires you to create a six-word saying for your company and then rate various areas of your business. Below is how you use the document.
- Change the sample wording to what is applicable.
- Add, delete, or modify the areas on the form to fit your operation
- Then give each area a rating; total the outcome
- Ask each person on your team to perform an evaluation. If you are an office of one, ask your support team – vendors, services, family, or friends to help you with this task.
- Schedule an office meeting and discuss the results with your team
- Devise a plan to change what is necessary to meet your six word description
It is important to be brutally honest about every area of your business when you tackle this exercise. This exercise may lead to positive changes in your business and reveal the need to introduce better systems/service (discussed in chapters 7 and 8).
Stop here and use Form 1, the Six-Word Review. Then when you finish reading the rest of this product, review your answers and see if you need revisions.