Property Management vs Wile E. Coyote (Super Genius)

Multifamily Insight Names CoreLogic as Preferred Tenant Screening Provider

Wile E Coyote

What was the one continuous mistake  that Mr. Coyote made time and time again?  For  one, getting all caught up in his own ” super genius”.  Second, losing site of the goal of catching the bird.  Mr. Coyote was so involved in the creation of his ever-more-complicated “bird trap” that the objective was all too often left to last bringing with it his own demise.  How do we make sure not to get ahead of ourselves as property managers?  Here are a few ideas.

“Brilliance. That’s all I can say. Sheer, unadulterated brilliance!”

Yes, we are all oh so smart.  Well trained, hardened by experience and battle scars.  Yet isn’t it true that pride always proceeds a great fall.  As life learners and full-time professionals we know there is always more to learn and that age is no barrier.  Who doesn’t look around for a teenager when they have a question about a smart phone?

“The Future is so bright I’ve gotta wear sunglasses even at night”

As the uptick in the economy takes root new business will present itself (assuming you are in pursuit of new business- it never just shows up on your doorstep).  Make sure that your capacity to perform is real and not a come on.  It’s too easy to say yes to everything that a new customer request but once that contract is in place performance is mandatory.

So if staffing up is a necessity to take on new business (with the chicken/egg syndrome in full play; do we hire to gain new business or gain new business to hire) build in some lead time for  finding then training new personnel.  It is unrealistic to think a person brand new to your organization can hit the ground running AND learn more than a little about your corporate culture all in their first week.   Be realistic.

If we are smart, I mean really smart, then our corporate culture will be reflected in all of our people; from well-trained leasing staff to timely delivery of owner reports.  The thing is, even a well oiled machine requires routine maintenance.

Education, education, education.  Continuous education.  Just like the consumer electronics show, our industry presents new ideas and new ways to do business each and every year through local, regional and national industry conferences.  Granted, you likely can’t send everyone.  But send someone!  Rotate.

Charge the person attending with making a presentation to staff upon their return with new ideas on best practices and at least one new idea that can be implemented right away.

Mr. Coyote always thought he was the smartest one in the room.  That’s because there was never anyone else in the room to compare himself.   Get in the room with others in our space.  Take off your sunglasses and create some synergy.  Everybody wins including your entire property management company, staff and clients.

Mr. Wilhoit is the author of two books: How To Read A Rent Roll: A Guide to Understanding Rental Income and Multifamily Insight Vol 1 – How to Acquire Wealth Through Buying the Right Multifamily Assets in the Right Markets.

For information on property management audio courses, books and our live weekly leadership academy, visit PowerHour Books and Courses page at http://powerhour.com/propertymanagement/booksandcourses

 For 2 property management audio courses, 3 books and live weekly leadership academy–surf here, http://powerhour.com/propertymanagement/booksandcourses

About This Blog
Multifamily Insight is dedicated to assisting current and future multifamily property owners, operators and investors in executing specific tasks that allow multifamily assets to operate at their highest level of efficiency. We discuss real world issues in multifamily property management and acquisitions. This blog is intended to be informational only and does not provide legal, financial or accounting advice. Seek professional counsel.  http://www.MultifamilyInsight.com 

Multifamily Insight Names CoreLogic as Preferred Tenant Screening Provider

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