Critical Component #6: Team Equipment (Technology, Tools, Training, and Resources)
Equipping Your Championship Team for Victory comes down to embracing the following four categories:
- Technology
- Tools
- Training
- Resources
Technology
I have seen property management companies “geek out to the max” on technology and I have seen others fight utilizing it, almost at all costs, and I can tell you neither of these options are going to help you build your Championship Team.
To be successful with technology you have to find the right balance between implementing too much technology and not enough. So, how do we find that perfect balance? It starts with evaluating the benefits vs the cost of utilizing another piece of technology, and I’m not just talking about dollars and cents.
It’s pretty easy to get excited about all of the benefits of new software but before we reach for our credit card we need to evaluate the impact the tech is going to have on our team.
Every time you introduce a new software login to a team member you are automatically doing harm to them, their mental state, their confidence, and their productivity, all of which impact their output.
If you are considering a new technology then you have already identified some benefits the company would receive or you wouldn’t be considering it in the first place.
Many entrepreneurs focus solely on the positive aspects of a new piece of technology and gloss over the challenges that it creates.
Consider this scenario:
You evaluate new software that has additional features that have been missing from your existing solution and you are excited to add that additional functionality.
On our imaginary Cost/Benefit scale we receive an additional 25 Productivity Points from the new features and benefits. Everything looks great and it looks like it’s time to implement until you evaluate the costs to the team in time, effort, re-training, and frustration. These costs result in a loss of 15 Productivity Points in the short term.
Doing the math we can see that we gain 25 Productivity Points by implementing but we also lose 15 Productivity Points as well resulting in a net gain of 10 Productivity Points.
Unfortunately, our team is going to feel the short term costs before they recognize the long term benefits. This is where most entrepreneurs fail to minimize the costs by communicating the long term vision and helping their team bridge the gap between first implementation and final result.
It is essential that we help our teams see the importance of the long term impact on the success of the company and the role they play or all they will see is the additional workload, stress, and complications that you have introduced. This is not good for the culture, not good for the team, and definitely not good for the company.
Tools
Tools in property management range from the physical—like lockboxes and maintenance equipment—to the digital, such as mobile inspection apps and online portals for tenant communications. Each tool serves a purpose, enabling your team to execute their duties with precision and care.
Constantly Investing in the right tools not only boosts productivity but also enhances the quality of service your team provides. It’s about having the right instrument for the task at hand, whether that’s a sophisticated software tool for tracking lease renewals or a simple yet effective system for managing keys.
Training
Stephen Covey famously advised to “sharpen the saw,” emphasizing the importance of continuous improvement. For a Championship Team, training is not a one-time event but an ongoing commitment. It encompasses everything from initial onboarding to continuous professional development, covering the latest industry trends, legislative changes, and technological advancements.
If you are not providing regular training for your team you will never perform at a championship level.
You may have heard the question “What if I train them and they leave?” If so, you should also ask yourself the question “What if I don’t train them and they stay?”
By investing in your team’s training, you’re not just improving their skills; you’re also showing them that you value their growth and development. This, in turn, boosts morale and retention, ensuring that your team remains motivated and up-to-date with the best practices in property management.
Resources
Finally, the resources you provide your team—from comprehensive policy manuals and process documentation to supportive leadership and a collaborative work environment—are crucial. These resources form the support structure that upholds your team, guiding them toward success and providing a safety net when challenges arise.
Offering resources like access to industry conferences, membership in professional associations like NARPM® , and opportunities for networking and learning from peers are vital. They not only keep your team informed and engaged but also help position your company as a leader in the property management industry.
Conclusion
Equipping Your Championship Team
Building a Championship Team in property management requires more than just assembling a group of talented individuals. It requires equipping them with the right technology, tools, training, and resources to enable them to excel.
By investing in these key areas, you’re not just setting your team up for success; you’re laying the foundation for sustained excellence and a team that operates with ownership, authority, and autonomy, allowing you to focus on things that matter most.
