It is common for people to use lucky charms, various objects, or repetitive behaviors to promote good luck. Others simply believe that a positive outlook creates great luck. Everyone wants to find that pot of gold at the end of the rainbow. While good luck can just happen and a positive attitude is important, leaving events to chance is generally not a sensible approach for successful property management.
How do you promote “good luck” in your property management business?
There are proactive steps you can take to promote better “luck or good fortune” in your property management business to achieve success and increased revenue (there are useful links to blog articles for these steps included).
Increase your knowledge and education.
Ignorance is NOT bliss and can only mean disaster while managing property. Increasing your knowledge of what governs the real estate/property management industry can only improve your odds for success. However, it is not enough to learn the basics of property management law. You must continually endeavor to learn of new developments and legislation. Only then can you reduce your risk, which will increase your “good luck.”
Build a good foundation and implement sound policies and procedures.
There is an old song that goes, a poor man builds his house upon the sand… a wise man builds his house upon a rock.” It is critical that your property management house has a solid foundation with sound policies and procedures. Review your business to identify areas that can promote “bad luck” or problems. Then take steps to correct and implement them into your operating procedures.
Create organized and efficient systems.
No foundation is solid without efficient systems and professional documentation. Too many inconsistencies can cause the fires to erupt. Poor documentation can lead to legal problems. Incorporate every area of your property management business with effective documentation to promote successful business practices.
Hire and train competent personnel, vendors, and services
“No man is an island” is another old saying and so true for the property management industry. Even if you are a one-person office, you still need support. Train personnel on your policies and procedures. Be sure to utilize competent vendors and services. Continue to review everyone’s performance and take action when they are not meeting your criteria.
Implement good marketing.
Good marketing is essential to promoting your business and with the abundance of today’s technology, there is a plethora of marketing tools available. Don’t leave the growth of your business to happenstance. Implement a good marketing plan and increase your property management accounts.
Join professional organizations and earn a designation
Once upon a time, property managers had to “fly by the seat of their pants.” Today, there are many organizations to join that have ongoing opportunities for education, networking, and support. In addition, they offer designations that promote professionalism in the real estate/property management industry. Don’t overlook these opportunities to learn and promote your business.
Practice ethical behavior and build trust.
This last step is critical to your success or property management “luck.” Always conduct honest and fair business practices and it will pay off. There is a reason why associations require you to take ethics. It may seem like a waste of time to fulfill a “requirement” to join but it is an important step to being a true real estate/property management professional. When clients trust you, it makes it easier when things are difficult with their property or tenant. Don’t ignore this step – this will lead you to the real pot of gold.
It’s worth the effort to take positive steps to improve your property management “luck.”
Jean Storms, MPM® is the founder/author 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.