In the property management industry there has been a lot of talk lately about teams and most of it focuses on the people. Now, don’t me wrong, the players on the team ARE very important but you can’t create a Championship Team with people alone.
A Championship Team is more than just a collection of talented individuals. A Championship Team is a cohesive unit that works together towards agreed upon shared goals. The players on a Championship Team trust each other, communicate effectively, and are willing to perform for the good of the team.
In the property management business, a Championship Team is one that works well together because they know the rules of the game and they understand which play to execute at the appropriate time.
How to Win at Property Management
In order to win at property management the team must understand the rules of the game, the plays that are called, and we have to keep score.
The Rule Book
In order to win the game of property management our team has to know and understand the rules of the game. The best thing about this is that as the business owner we get to decide the rules. it’s not like we own a professional sports team where the league has already defined the rules, this is OUR game and WE get to make the rules.
- The rules we define in the game of property management are our POLICIES.
- Our policies must be documented so that they can be referred to by the entire team at any time.
- Your policies are technology independent, meaning that they are not determined by the tech stack that you utilize at your company.
- Policies are set by the business owner, possibly with the assistance of one or two key individuals in the organization.
The Play Book
Once we have documented the rules of the game our team then documents the best plays to call to adhere to the rules with the goal of seeing success on the scoreboard.
- The plays that we call to uphold the policies are our PROCESSES.
- Our processes must first be documented after our policies but before we attempt to automate them with a process software.
- Our processes are typically determined in part by your tech stack and what your software is capable of.
- Each team member reviews the policies of the company and documents the steps they take to adhere to the policies during each process.
Now that we know the rules of the game and we have implemented the tactical plays to achieve success in our processes we need to keep score. We do this by tracking key performance metrics (KPIs) to ensure that we are focusing on:
- what is most important to our success
- what has the most possibilities of failure
- what needs the most improvement
Once we determine what needs to go on our scoreboard we need to review it periodically to ensure that we are hitting our goals or making adjustments. This is typically performed on a weekly basis.
Executing on Game Day
If we want to build a Championship Team in property management we must:
- establish the rules of the game (policies)
- communicate the rules to your players (team members)
- implement the most effective plays (processes)
- run drills (train your team)
- keep score (KPIs) on a company wide scoreboard accessible by the the whole team.
Once we have the fundamentals in place we can now focus on:
- Hiring the right people. The first step to building a championship team is to hire the right people. This means hiring individuals who are highly skilled and experienced, but who also have the right attitude and values. If we already have these people on our team we have a head start but if we don’t have the right people on the team, or we don’t have the right people in the right roles, it’s time to make changes.
- Creating a culture of collaboration. A Championship Team culture is one where everyone feels valued and respected, and where everyone is willing to share ideas and work together towards a common goal.
- Providing the team with the resources it needs to succeed. In order to be successful, a Championship Team needs to have access to the right tools and resources. This includes providing the team with the training and development it needs, as well as the financial resources it needs to achieve its goals.
- Setting clear goals and expectations. Championship teams know what they are working towards, and they have clear goals and expectations. This helps to keep the team focused and motivated.
- Celebrating successes. It is important to celebrate the team’s successes, both big and small. This helps to build morale and keep the team motivated to achieve its goals.
Here are some additional factors that we will cover in detail in future posts that are necessary to build a Championship Team in our business:
- Shared vision and values. Everyone on the team should have a shared vision for what the team wants to achieve, and they should all be committed to the team’s values.
- Strong leadership. The team needs to have strong leadership from both the top down and the bottom up. Leaders need to be able to set a clear vision, motivate the team, and create a positive team culture.
- Accountability. Everyone on the team should be accountable for their own performance and for the performance of the team as a whole.
- Continuous improvement. Championship teams are always striving to improve. They are constantly looking for new ways to do things better and to stay ahead of the competition.
Building a Championship Team takes time and effort, but it is worth it. Championship Teams are more likely to achieve their goals and outperform their competitors. They are also more likely to create a positive work environment and attract and retain top talent.
Did I miss something? let me know.
P.S. – Because I believe that keeping score is so important I will provide a copy of my proprietary scoreboard template to any property management company that asks me for it – all you need to do is ask and I will get it to you.