No matter what your Vision and Why are for being in business, Property Management, although challenging, is one that keeps on giving. The last 18 months have been stressful but as we enter the holiday season it is a time to reflect on what we are thankful for in our business and lives. Thanksgiving is my favorite holiday. Each year we would intentionally call our Owner Clients and thank them for their business and trusting us to serve them. Then I would close the office for the entire week. You get to do that when you recognize that you have a business that supports you and your team. Here are 5 ways that property management keeps giving.
1. Entrepreneurial Fulfillment
Starting a business isn’t for everyone but for those that take the path to be their own boss, chart their careers, create, nurture, and grow something to be proud of I can’t think of any other business than Property Management to scratch that entrepreneurial itch. It is challenging, rewarding, and frustrating, yet allows you to stretch and grow as a business owner.
2. Servant Leadership
What does servant leadership mean? Just what it says. You serve your clients, solve their problems, listen, and develop staff to have rewarding careers. As Brokers we have a fiduciary duty to make decisions in the best interest of our Owner Clients and for that matter our clients in general whether it is the vendors we use, or our residents. No one wants to be a boss over someone else. That isn’t fun. Leadership means setting an example of excellence and creating the environment for everyone to rise to it.
3. Financial Rewards
I got into business to serve my clients but to also make a profit. I am a firm believer that if you provide excellent service and keep your promises to your clients, i.e., return calls, do owner statements on time each month, enforce the rental agreement etc., you will make a profit. As business owners we take on a lot of risk. So, we need to be compensated for our expertise, risk, capital investment, and operational costs. Profit allows us to hire great people, donate to community groups, provide for our families, and build a retirement plan. The consistent monthly cash flow is the reward for your hard work. It is the affirmation that you have a great business.
4. Community Involvement
We all love being profitable, paying taxes aren’t fun, but look at it this way, you get to GIVE. Choose a local nonprofit to support whether it is a family shelter, food bank, or animal rescue to donate to on behalf of your Owner Clients and provide a company match. Close the office for a day and volunteer. It not only boosts morale it is your obligation as a company to give back to your community. Keep it simple and doable. Maybe you are a drop off site for Toys for Tots. Get creative and ask your staff how they want to participate in the community. Today more than ever people want to do work that matters. Community involvement is a positive way to support that desire.
5. Professional Development
Ok, let’s get real. Property management can be draining. There are always problems to solve and fires to put out. Professional Development is probably the one area that gives back more than any other. If you stay educated and connected to the industry by attending conferences, or local chapter meetings you are filling your tank regularly and integrating best practices into your business. You can’t go it alone for years on end. You will burnout and become bitter at all the unfulfilled dreams of being a business owner. Find your mentor, treat the property management profession as just that a legit profession that needs continual education.
As we go into the holiday take time to inventory all that property management has given you. The opportunity to serve your clients and community, create a career that supports your lifestyle, save for the future, and celebrate the milestones along the way, the gift of becoming an expert in your field, and developing lifelong friendships. I love property management and it has been a career that has given back in more ways that I can count or share. The relationships and friends I have made along the way are the biggest gift that I am thankful for each year. So, what has property management given you?