As property managers who have been in the real estate industry for over 22 years, we’re taking a minute to reflect on what we wish we knew when we started.
So, what is it?
The number one thing we wish we knew is that it’s really all about the people who make up your organization!
We’ve learned this and a lot more in our 22+ years in operation. Together, we own and operate Real Property Management Preferred in Houston, Texas, Real Property Management Albuquerque in New Mexico, and Texas Turnkey Properties, a “build-to-rent” development construction company based in Houston.
We’ve learned that if we could go back and change a few things, we would concentrate on one critical stakeholder in our business: our employees.
Managing the day-to-day activities of a property management company requires a large, focused, diligent staff. Most business owners realize reasonably early in their endeavors that people are a substantial business expense, and it can be very challenging to attract and retain talented, growth-minded employees. If we could start again, we would have put more emphasis on our people, our culture, our growth, and keeping our employees accountable.
What would this have looked like? We would have done more research, visited more profitable businesses, and observed their employees and managers more closely. We would have studied their cultures and their processes for hiring, interviewing, developing, and retaining employees.
Too many business owners read “how-to” books or investigate their rivals in search of a magic solution, a fresh approach, or a new marketing technique. In fact, it’s your people that contribute to the growth and sustainability of a more expansive, lucrative company. It’s your people who provide an outstanding or horrible experience for customers.
We ask experienced property management entrepreneurs what they wish they knew when they started.