Training
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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People Want to Learn New Stuff
As a multifamily property management company, it’s important to prioritize the development and growth of your team. This can help to improve job satisfaction and performance, leading to better service for residents and property owners. Mills Properties focuses on three critical areas in the coming year: talent, customers, and owners/clients/investors, with a particular emphasis on talent development. By providing ongoing training and education, and fostering a culture of learning and growth, multifamily property management companies can create a positive and customer-centric environment. This can ultimately lead to improved satisfaction and loyalty from residents and property owners. It’s essential to listen to the needs and feedback of your team and work together to find ways to make their jobs better and more fulfilling. By investing in your team, you can ensure that they are equipped to deliver the best possible service to your customers.
At Mills Properties, we focus on three critical areas in the coming year: talent, customers, owners/clients/investors, with a particular emphasis on talent development. We aim to create a positive and customer-centric environment that benefits everyone involved by investing in our team and providing the resources and support they need to succeed.
In addition to providing ongoing training and education, it’s also important to listen to the needs and feedback of your team and work together to find ways to make their jobs better and more fulfilling. By prioritizing the development and growth of your team, you can ensure that they are equipped to deliver the best possible service to your customers and meet the needs of your property owners.
If you’re a multifamily property management company looking to improve the satisfaction and performance of your team, consider focusing on talent development and investing in ongoing training and education. This can ultimately lead to better service and satisfaction for your residents and property owners.
Your Excited About Talent Multifamily Maniac,
M
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How to Handle the Angry
Mike Brewer · · 1 Comment
I recall a time, when working on-site, that an angry resident came into my office. She had a jar of banana peppers in her hand and was snacking on a bag of Doritos. She sat down in front of me and begin to speak very loudly. Speaking loudly all the while crunching on her Doritos. At one point a chunk of chewed Doritos flew out of her mouth and landed on my arm and in one fell swoop she picked it up and put it back in her mouth. And continue to yell at me. She had crazy talent – if you ask me. All that said, I had a choice.
How do you handle the angry?
What do you do when someone yells at you because of something that went wrong on your property? There is a natural tendency to feel angry or even scared. Both are natural. It’s what you do with these feelings that matters most. And it provides a big opportunity for multifamily trainers across the country.
Customer Service with a Plan
Remember that customer service is a cornerstone to our business. Approach every single hostile situation with that in mind. Also, approach it with a plan that you craft ahead of time. Starbucks uses an approach aptly named the LATTE Method:
- Listen completely to the customer.
- Acknowledge the problem.
- Take action to resolve the problem.
- Thank the customer for bringing the situation to your attention.
- Encourage the customer to return.
It all starts with a page in a manual that is largely blank. At the top of the page are the words “When the customer is unhappy my plan is to…” Now, we won’t get into the quite fascinating underlying science to this exercise but it is very effective to have a plan in place before a situation takes place. Think of it like a disaster plan for customer service situations.
Plan for Angry
Try it now. Take out a blank piece of paper and write down the words “when the customer is unhappy my plan is…” then use the latte method to map out what you would do. Then role-play that with yourself in your car (I know you role-play in your car) on the way to work or role-play it with your fellow leasing consultants, assistant managers and property managers. Imbue it on your mind with repetition. And trust me, the next time someone spits chewed Doritos on your arm, you will know exactly what to do.
Your big believer in boosting willpower Multifamily Maniac, M