Property Management’s Golden Rule
Three golden rules that successful, veteran property managers follow are: Personalize, Prioritize, and Philosophize, also known as “The Three “Ps”.
Personalize has to do with your relationship with the people you work with, work for, and work around. Have clear, personalized “Terms of Engagement” for every group you deal with
on a regular basis.
Here the Terms of Engagement speak to rules that people or organizations should follow when they deal with each other. Have you written out those rules? Have you given this vital topic much thought?
How we treat our colleagues, staff, clients and residents speaks volumes about us. I recommend that every property manager create a careful list that is updated twice a year. This personalizes your terms.
Anytime problems or disputes arise, go back to your list to see if any terms were violated. Also ask yourself if the list needs to be expanded to include terms that would avoid the problem to begin with.
Prioritize is a loaded word but a powerful one. How we use our time, where we focus our attention, whether we delegate effectively, or use the best technologies are all about prioritizing.
The end of the year is an excellent time to look back with perfect hindsight concerning your priorities as a property manager. I assure you that you’ll likely discover the need for a reevaluation of them.
Philosophizing isn’t about spouting platitudes. It addresses the question “What’s your Philosophy concerning business practices?” What is your version of The Golden Rules for Property Management?
It may be time to have an open discussion with your staff about the Three Ps. Get feedback from your key personnel, your clients, and consider a questionnaire to give to residents about their perspective.
If the people you interact with like or dislike your terms of engagement, wouldn’t you like to know about it as well as why they feel the way they do? Ask questions that will give you more accurate insights about your effectiveness.
Be prepared when you ask to be somewhat surprised. Sometimes the truth hurts. Yet the truth can set us free to become outstanding property managers who follow the golden rules leading to great success.