How does your team make decisions when you’re not there?

Entrepreneurs that build a successful team don’t leave decision making to luck or chance.  They also don’t make themselves available to their team 24/7 and they certainly are not waiting around to answer questions for their team when issues arise.  

Successful entrepreneurs train their team to make decisions according to company policy. This works great for the common 80% of decisions that need to be made but it’s unrealistic to expect to have a policy that covers every possible situation and that’s where your company core values come into play.

Core values are more than just words on a wall; they are the foundation upon which your property management company is built. They shape your company culture, influence your team’s behavior, and align everyone towards a common mission and vision. Whether you’re navigating challenges or celebrating successes, your core values ensure that your company stays true to its identity and purpose.

A Quick Confession

Some of you have heard me confess this before but I feel that in order to be transparent I need to do it again.

I used to think that defining your core values was a waste of time.  I’ve seen companies that put their core values on a poster and hang them on the wall and no one on the team can tell you what they are. Or worse yet, they spend a bunch of time defining them only to put them in a binder and toss them in a drawer – “yeah, we got core values… somewhere”.

I’ve seen companies waste a half day in a core values workshop to “check the box” and move on without making the core values a part of their culture and their accountability system.  

In this article I’ll share with you what changed my mind and we will explore why establishing core values is crucial for your property management business and how these values form the backbone of your Game Plan. We’ll also dive into best practices for defining and refining these values, ensuring they resonate with your team and align with your mission and vision.

What Changed my Mind

When I started studying really successful teams I noticed that there were always a lot of positive interactions happening between teammates that were based on trust and without a lot of communication.  The team just seemed to know what to do.  As I dug deeper, I discovered that they all shared a common ethos, and they all seemed to “just know” what to do.  I confirmed that policy and training were definitely a part of the Championship Formula but there was also something else.  It was as if they asked themselves “Would this happen, or would this be tolerated on a Championship Team?” and they filtered their actions, reactions, and confirmations, through a common filter.  It turns out that the filter they were using was a shared set of core values – a handful of guiding principles that they all believed in and it made making the correct decisions possible even without additional discussion or debate.  The more I learned about Championship Teams the more I was sold…  You can’t be a Championship Team without having a set of shared values that are non-negotiable.

The Importance of Core Values in Property Management

Company core values are the guiding principles that dictate how your property management company operates. They influence every aspect of your business, from how you interact with clients and tenants to how you handle internal operations. But more than that, core values are about creating a sense of purpose and belonging within your team.

Guiding Decision-Making

Decisions need to be made quickly and often under pressure. Core values provide a consistent framework for making those decisions. For example, if “accountability” is a core value, your team knows they must own their actions and outcomes, fostering a culture of responsibility and trust.

Shaping Company Culture

The culture of your property management company is a direct reflection of its core values. When these values are clearly defined and communicated, they create an environment where team members feel connected to the company’s mission and vision. This sense of alignment boosts morale, improves collaboration, and enhances overall productivity.

Aligning with Mission and Vision

Your core values should be in harmony with your company’s mission and vision. While the mission defines why your company exists and the vision describes where you want to go, the core values outline how you will achieve these goals. Together, they form a cohesive strategy that guides your company’s growth and success.

Best Practices for Establishing Core Values

Defining core values isn’t just a leadership exercise—it’s a collaborative process that should involve your entire team. Here’s how to effectively establish core values that resonate throughout your property management company:

Engage Your Team

Start by involving your team in the process. Host discussions where team members can share what they believe the company stands for. This not only helps in defining values that are meaningful to everyone but also ensures buy-in from the entire team. When employees have a hand in shaping the company’s values, they are more likely to embody and uphold them.

Reflect the Company’s Identity

Your core values should be a true reflection of your company’s identity. Consider what makes your property management company unique—whether it’s your commitment to exceptional customer service, your innovative approach to problem-solving, or your dedication to community involvement. These unique qualities should be embedded in your core values.

Align with the Mission and Vision

Ensure that your core values are aligned with your mission and vision. For example, if your mission is to provide stress-free property management solutions, values like “efficiency,” “responsibility,” and “communication” might be appropriate. These values will guide your team in fulfilling the mission and moving towards the company’s vision.

Keep It Simple and Actionable

Avoid overly complex or vague statements. Your core values should be simple, memorable, and actionable. They should clearly communicate the behaviors and attitudes expected within your team. For example, instead of a broad value like “integrity,” you might specify “transparency in all client communications.”

Communicate and Reinforce

Once your core values are established, it’s crucial to communicate them clearly and consistently. Incorporate them into your onboarding process, include them in performance reviews, and highlight them in company meetings. Regularly reinforce these values by recognizing and rewarding behaviors that align with them.

Actionable Exercises to Define and Refine Core Values

To ensure that your core values truly resonate with your team and reflect your company’s mission and vision, consider these actionable exercises:

Value Discovery Workshop

Organize a workshop where team members brainstorm and discuss potential core values. Start by identifying the qualities that define your company’s best moments—whether it’s how you handle crises, celebrate successes, or innovate solutions. Use these discussions to draft a list of potential values.

Value Ranking Exercise

Have your team rank the draft values in order of importance. This exercise can be done individually or in small groups. Compare the rankings and discuss any discrepancies. This process helps in refining the list to a few key values that resonate most with your entire team.

Real-World Scenarios

Test your draft core values against real-world scenarios. Present your team with hypothetical situations that they might face in their roles. Ask how they would apply the core values in these scenarios. This will help ensure that your values are not only aspirational but also practical and applicable in everyday situations.

Core Value Storytelling

Encourage team members to share stories that exemplify the company’s core values in action. Whether it’s a time when a team member went above and beyond for a client or a moment of exceptional teamwork, these stories can bring your values to life and provide concrete examples of what they look like in practice.

Embedding Core Values into Daily Operations

Defining your core values is just the first step; the real challenge lies in embedding them into the daily operations of your property management business. Here’s how to make sure your values aren’t just words on a page but a living, breathing part of your company culture:

Integrate into Hiring and Onboarding

Your core values should play a central role in your hiring and onboarding processes. When interviewing potential hires, assess how well they align with your company’s values. During onboarding, provide training that emphasizes the importance of these values and how they are expected to guide the new team member’s actions.

Lead by Example

Leadership must embody the core values at all times. When leaders consistently demonstrate the company’s values in their actions and decisions, it sets a powerful example for the rest of the team. This top-down approach ensures that the values are woven into the fabric of the company culture.

Incorporate into Performance Evaluations

Include your core values in performance evaluations. Assess how well team members are living the company’s values in their day-to-day work. This not only reinforces the importance of these values but also provides opportunities for feedback and growth.

Celebrate Value-Driven Successes

Recognize and celebrate when team members exemplify the company’s core values. Whether through formal recognition programs or informal shout-outs during meetings, highlighting these successes reinforces the behaviors you want to see across the company.

Establishing core values is a critical step in building a Championship Team within your property management business. These values are the foundation of your Game Plan, guiding every decision, action, and interaction within your company. By engaging your team in defining these values, aligning them with your mission and vision, and embedding them into daily operations, you create a strong, unified culture that drives success.

Remember, your core values are not just ideals—they are the daily practices that will lead your team to victory. Stay committed, stay aligned, and watch as your business thrives.