The fallout from employee turnover/transition for a larger management organization is the client can become anxious, annoyed, items take longer to complete or can fall thru the cracks – then the relationship ends. 

Other ways accounts turn over in the management business: new personalities don’t get along, clients bid out for a lower price, a project took longer or cost more than expected and the relationship ends.

This is where you, the individual practitioner has an opening to pitch and win business.  One clear benefit is that you will manage the account yourself – and they can rest assured you won’t fire yourself or quit causing them a transition

Good luck prospecting.

Here are a few examples:

1)      A residential house – I recently lowered tax by 8% – how did I do it – I had a retrospective appraisal done for when the town last did their valuation – so the appraisal was done today using 2008 information to come up with an appraised value that was much less than the town’s valuation.  I did the write up and submitted the appraisal as back up and went to the town pre-screen hearing myself – don’t let consultants, lawyers and appraisers make the money.

2)      A home owner association – we recently lowed tax from $20,000 /year to $0 – the home owner association common area does not have any value because it can’t be sold and you can’t rent it – You can’t assess or tax something that doesn’t have any value.  All the value is in the homes – so maybe each home has a higher tax but at least the owners can deduct that from personal income tax – not so with common charges where this fee was paid from.  Now we are working to get a refund from the town for the last 3 years.

So go out there and help your clients save money – get some great referrals – and also do it yourself!

Bottom line – people want you to promise them action – and being accountable means keeping your promises.

Here’s my list of ingredients:

Lives to help others:  Focused on serving the customer or tenant

Organized: Files things away, not cluttered so knows how to get to info quickly and keeps things from slipping thru the cracks

Responsive:  Gets back to people as they would want to be responded to

An eye for detail:  Can walk a property and see things that many people might walk past

Curious mind:  Likes to know a lot of different things since the job is very diverse

Able to juggle tasks:  Does not get bogged down – get things delegated or done quickly

Likes change:  This job will keep you moving, work inside and outside, meet new people, work on new tasks daily

Problem solver:  Likes to solve problems – sometimes you will act like a detective to find out where old paperwork is or what is causing a maintenance problem/ where it is coming from

Communicator:  Good on in person, on phone, email, other written communication

Hard worker:  Not afraid of working hard, sometimes working after hours to meet with clients – you will need to work smart to stay on top of your client’s needs

If you have some of these ingredients property management will be interesting work that is well suited to you.  If you don’t have a few ingredients you will be pushed to grow and will become more skilled in these areas. 

1)  Make the goal specific and measurable – a $ amount, # of pounds you want to weigh, etc.

2)  Write your goals down – I write mine down in a journal first and then put them into a spreadsheet (see #3 below)

3)  Break down your annual goal into monthly activities you need to have accomplished to reach your goal – then weekly, then daily;  here is anexample:  I want to earn $48,000 this year, I have to earn $4,000 per month – to earn that I need to sign up 4 accounts of $1,000 each month.  To sign up 4 accounts I have to meet and give proposals to 10 prospects (figuring a 40% close rate) and in order to have 10 prospect meetings in a month I need about 3 prospect meetings a week. – to schedule those 3 weekly appointments I need to call on 100 people a week who may need my service. – to warm up those 100 calls I am going to email and mail those people the week before.

4) Review your goals and progress frequently over the year – you need to keep reminding yourself to stay on track

5)  Celebrate acheivement – when you reach one of your weekly or monthly targets or complete a goal – reward yourself with something – a night out, maybe buy something to enhance your professional image, etc.  don’t over do it – but this will help you stay on track to your goals.

Happy New Year and enjoy mapping out your life and achiving what you set out to do.

Russell

Beyond cutting costs and improving efficiencies in my business this year I read several books on Customer Service.   Several books by author John DiJulius have really made me stop and question how I am “working on my business”.  He has two books, Secret Service (which is really user friendly) and another follow up book that is more detailed called “What’s the Secret?”.

I love life – and I love growing my business.  Sometimes growing a business can help you see life a bit differently.  I have been working on making my business more automated and efficient to make it easier for employees to deliver great service.  However, DiJulius provides many examples of things that I have overlooked.  This also made me think of other aspects of my life where I may have overlooked something?

Property Management is a service business so I highly recommend you read these two additional books after reading my program of course! .  First E-Myth Revisited to help you see how to plan growing your business and next a book from DiJulius to put in systems and training aides to help deliver consistent unforgettable customer serivice.  Treat yourself to these gifts for the holidays!  Happy Reading & Happy Holidays!

Similarly I emailed around to our staff a survey on how to improve our departments, customer service, any complaints they hear from customers, what ideas they have to make their job more efficient, etc – I used a free resource: www.surveymonkey.com for this.

As you grow your business it is key to get feedback.  It will help you prioritise your investments in time and money and will lead to increased referral business.

In another case, a condominium developer went bust and the lender hired us to do punch list items, sell units and help set up the board of directors.  This time, a commercial real estate investor bought a property at a high price, has high vacancies and the bank foreclosed on the property and we are collecting rents from the remaining tenants and leasing out the vacant stores which will preserve and increase its value.

All of these assignments generated work for me in the areas of bookkeeping, maintenance and some brokerage.  All of these opportunities were developed out of financial duress and it is accelerated due to poor economic conditions.  I encourage you to announce your new buseiness to your network of attorneys and bankers ( source of referrals)  and maybe you’ll be in a position to provide these valuable services.

Natural Disaster Property Impacts

Fortunately I was home to get my home prepared for the storm including moving items out of the reach of rising waters and then cleaning up afterards.  However, when a home is vacant or the owners are out of town, the house and its contents are vulnerable.

I believe the necessity of having a property manager looking after a vacant home is more obvious during and after times of natural disasters.  Who in your neighborhood has a vacant home that could benefit from your watchful eye?