Process
The Insight Behind Your Labor and Its Fruits
I’ve often pondered the relationship between the labor we put into our work and the outcomes resulting.
It’s a tiny but significant distinction that gives insight into fulfillment and success.
You have a right to your labor, indeed, but the fruits of that labor are not guaranteed.
This principle teaches us about detachment and the importance of focusing on the process rather than the outcome.
Investing yourself entirely in your work, pouring your passion and energy into it without attaching your sense of worth or success to the results, is key.
"Embrace the process, for in the journey lies the true value of your labor." – Mike Brewer Click To TweetThis perspective encourages us to find joy and fulfillment in doing rather than the end product.
It’s the journey.
It’s an approach to work and life that can lead to unexpected joy.
By shifting our focus from the fruits of our labor (I like the word toil, but labor seems more fitting), we unlock a deeper level of satisfaction and engagement with our work.
This mindset is liberating and an insight to sustaining motivation and creativity in the long run.
#LaborRights #SuccessMindset #Fulfillment #DetachAndGrow #ProcessOverOutcome #CreativeJourney #Motivation #WorkEthic
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Leveraging Ben Franklin’s Wisdom in Property Management
The Timeless Value of Prevention: How Discipline and Process Can Revolutionize Your Property Management Business
Photo by Adam Nir on Unsplash
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In the multifamily space, success isn’t just about managing what’s present but about preparing for what’s coming. Leveraging the wisdom of Ben Franklin’s well-known quote, “An ounce of prevention is worth a pound of cure,” I dive into the critical need for discipline and meticulous processes in property management. Embracing these principles can transform your operation, minimize risk, and lead to lasting success.
The challenges in property management are multifaceted. Issues ranging from resident satisfaction to compliance, unexpected maintenance, and as of late fluctuating market conditions constantly demand attention. How do you stay ahead of these challenges? How do you turn potential problems into opportunities? The adage “an ounce of prevention is worth a pound of cure” holds a profound answer.
A Few Thoughts
- Strategic Planning – Strategic planning is the cornerstone of prevention in property management. Executives can set the stage for a more prosperous and stable future by carefully evaluating potential risks and forecasting future trends. The benefit of this approach is the ability to identify opportunities, allocate resources effectively, and sidestep potential pitfalls. At RADCO, we do this quarterly and annually using the Scaling Up Framework.
- Regular Maintenance and Inspection – Regular and systematic inspection and maintenance of properties can prevent minor issues from becoming costly disasters. Proactive maintenance is a cost-effective way to maintain property value, ensure tenant satisfaction, and comply with regulations. We use the HappyCo app to keep us on task.
- Robust Compliance Management – In an industry with ever-changing legal and regulatory landscapes, it’s vital to have a robust compliance management system. Doing so reduces legal risk, protects your reputation, and maintains good relationships with authorities. We use HappyCo and Acclaimant to track compliance-related concerns.
- Strong Resident Relationship Management – Building and nurturing resident relationships is more than good business sense; it’s a form of prevention. Understanding and anticipating tenant needs can prevent dissatisfaction, reduce turnover, and foster a strong community feeling.
- Embrace Technology and Innovation – Leveraging cutting-edge technology streamlines operations and offers insights into potential areas of concern. Using technology as a preventative tool, property management leaders can make more informed decisions and create a competitive edge.
- Invest in People and Training – People are the backbone of any successful organization. Investing in training and development ensures that your team can manage challenges proactively. A well-trained workforce is more efficient and can identify and prevent issues before they escalate.
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Simple Timeline
I heard a story this week (it was really a rant) about a broken system. The system existed between a project management team and an accounting team. As I listened (from a third-party removed perspective), it became clear to me that there was a fair amount of pre-work to include simple timelines did not exist.
Timelines
Simple maps that memorialize the steps between inception and conclusion. Simple steps put down on paper that capture the essence of letting out a contract for work to be done and the follow through to completion and payment for that work.
In the absence of a simple timeline you get chaos. You get the finger-pointing. You get he said and she said and they said and we all said – time-sucks. It’s exhausting and it usually involves the highest of pay grades to solve.
Creating an Apartment Project Timeline
1. Budget
2. Bid work (even though you have a budget, do the bid work)
3. Make sure the money is there (remember your apartment community budget was written months ago – in some cases many months ago). If the property is not performing to budget – the project may need to be put on a shelf.
*Item of note – don’t skip #3, it is where 99% of the problems can be traced back to
4. Put together a simple vendor list – who is working on the job, telephone number, lead (accounting contact), roughly what they are to be paid and when
5. Host a project launch meeting (in person if possible, by phone if not). Invite the property manager, maintenance supervisor, every vendor involved and your accountant
6. Give a weekly check-in update (via email or by phone whereby the above team calls in)
7. Wrap it up – tie up the loose ends and deliver the product
8. Host a post-mortem for every project no matter the scope. This is where you create excellence. Set the stage for an unadulterated conversation and tear apart the good the bad and the ugly of the project. Have your simple timeline laying in front of everyone and up on a computer screen for all to see. Have it set in an edit mode and change it (for the good) right there on the spot.
No system is perfect but every system should be evolving at all times.
Your counting on simple timelines all the time multifamily manic,
M
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How do I Build Habits?
I am often asked questions that lead with the word, how. How do you do this, how do you do that, how can I be or do better in my career, life or otherwise. Or, how do you go about creating good professional habits? Which follows the lines of my favorite question, also the premise of this post; how do you get out of bed so early in the morning? My answer: I made it a habit.
Those that know me, know that I work crazy hours often times hitting the pillow right prior to the rooster’s announcement of the day to come. And, I rise at roughly 6:00am everyday without the aid of an alarm clock. It used to be 5am but the older I get the more sleep I am learning I need.
How Did I Build the Habit of Rising Early?
It all started in college. I played basketball at Texas Tech University back in the early 90’s and part of our pre-season conditioning was running at 5am – 4 days a week. Imagine trying to have a social life while being a student while training for basketball – its brutal. Granting the pre-season training was just a six-week stretch; it was still tough. And, required good habits. Rising early being one of them.
Rising early was not an easy task and getting to bed earlier was just not an option at that time in my life. So, what did I do? I put the alarm clock as far away from my bed as I possibly could. That act alone forced me to get out of bed and walk to turn it off. At that point it was absolute will power to not crawl back between the sheets. Now granted; I had massive leverage in that missing a morning run meant a serious consequence up to and including losing my full ride scholarship. But the action of getting out of bed that early over a six-week stretch, even with three days a week off, got me in the habit of rising early. And, I have never looked back.
Laying the Foundation Habits
What does rising early have to do with building good professional habits? I see three things in the life experience cited above; 1. catalyst 2. will power 3. massive leverage. It’s not one but all three working together that builds good habit.
Catalyst
Professionally [using a marketing bent], your catalyst should marry around something to the effect of; you will be the greatest social marketing master of all time. No kidding. Okay, maybe master is a stretch given the constantly changing environment. The point is that you must be willing to sacrifice massive amounts of time, effort and brain power to get up the curve and stay there. And, don’t think once you get there you can coast. It’s just as hard if not harder to maintain the pace concerning innovation, consistency, quality and quantity.
Will Power
To put it bluntly – some days it will just suck to be you. How do I get over that? I read a book some years ago that depicted a scenario where you pick the thing about your day that you just don’t want to do and go about making that the ‘knock it out of the park over the top most compelling and rich’ thing you have ever done in your life time. Try it – you’ll get the point when you get to the end of the project.
Massive Leverage
How do I create this in my life? I think about two things 1. My wife and kids depend on me to be the best I can be. 2. My good self can only be expanded upon or reduced upon by me. No one runs my game. I am responsible for the good, the bad and the ugly every day of the week. And to make sure I remember that; I read my personal creed along with my personal, professional and economic goals every single morning and with massive passion [read: creating massive leverage]. Read enough, things just seem to come together. I really can’t explain it except to tell you that it works 100% of the time.
Your rising early multifamily manic,
M