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Transitioning from a great property manager to a great leader is a pivotal shift that can make or break the success of any property management company (PMC). In a recent series on the Evernest Property Management Show podcast, co-hosts Matthew Whitaker and Spencer Sutton have delved into the four stages in achieving this critical transformation.
In the most recent episode, a stage three deep-dive, they discussed the importance of being rested and prepared for high-leverage conversations, the value of time, the significance of hiring talented individuals, and the role of leadership in setting and communicating vision.
You can listen to that episode here, or simply read on for the top takeaways.
Let’s dive in!
The Importance of Being Rested and Prepared
High-Leverage Conversations
One of the first points Matthew and Spencer emphasize is the necessity of being well-rested and prepared for high-leverage conversations. These are discussions that can have a substantial impact on the company's direction and success.
Actionable Tips:
Prioritize Sleep: Ensure you get adequate rest before important meetings. A well-rested mind is more alert and capable of making sound decisions.
Preparation is Key: Spend time meaningfully preparing for high-leverage conversations. Understand the agenda, anticipate questions, and have data or evidence to support your points.
Mindfulness Practices: Engage in mindfulness or meditation practices to enhance focus and reduce stress before critical discussions.
Valuing and Leveraging Time
Focus on High-Leverage Activities
Time is a finite resource, and how you manage it can determine the success of your property management company. Matthew and Spencer stress the importance of focusing on high-leverage activities—tasks that generate substantial returns for the organization.
Actionable Tips:
Identify High-Leverage Activities: Determine which tasks have the most significant impact on your company's growth and success. This could include strategic planning, networking, or developing new business opportunities.
Delegate Low-Leverage Tasks: Delegate routine or administrative tasks to capable team members. This allows you to focus on the activities that actually require your expertise and leadership.
Time Blocking: Use time-blocking techniques to allocate specific periods for high-leverage activities. This ensures you dedicate uninterrupted time to tasks that matter most.
Hiring Talented Individuals
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The Impact of A-Players
Hiring talented individuals, or A-players, is crucial for the success of any organization. Matthew and Spencer shared their extensive experiences and insights on the impact of hiring top talent on the company's success.
Actionable Tips:
Define A-Player Criteria: Clearly define what makes an A-player in your organization. This could include specific skills, experience, and cultural fit.
Rigorous Hiring Process: Implement an uncompromising hiring process to identify and attract top talent. This might include multiple interview rounds, skill assessments, and cultural fit evaluations.
Invest in Development: Once hired, invest in the development of your A-players. Provide training, mentorship, and growth opportunities to retain and nurture top talent.
Leadership and Vision
Setting and Communicating Vision
As a leader, one of your primary responsibilities is to set a clear vision for the company and communicate it effectively to your team. Matthew and Spencer highlighted the crucial role of leadership in setting and communicating vision.
Actionable Tips:
Craft a Clear Vision: Develop a clear and compelling vision for your company. This should outline where you want the company to go and what you want to achieve.
Communicate Consistently: Regularly communicate the vision to your team. You can use a number of different channels such as team meetings, newsletters, and one-on-one discussions to reinforce the vision.
Align Goals: Ensure that individual and team goals align with the company's vision. This creates a sense of purpose and direction for everyone in the organization.
Identity Shift and Leadership Development
Embracing the Leadership Role
Transitioning from a manager to a leader requires an identity shift and the development of new skills. You’re going to need to learn, grow, and change right along with the company.
Actionable Tips:
Self-Reflection: Engage in self-reflection to understand your strengths and areas for improvement as a leader. Seek feedback from peers and mentors.
Continuous Learning: Invest in continuous learning and development. Attend leadership workshops, read books on leadership, and seek out mentorship opportunities.
Embrace Change: Be open to change and willing to adapt your leadership style as the company evolves. Flexibility and adaptability are key traits of successful leaders.
Conclusion
Transitioning from a great property manager to a great leader is a journey that calls for intentional effort and development. By focusing on rest and preparation for high-leverage conversations, valuing and leveraging time, hiring talented individuals, setting and communicating vision, and embracing the inevitable identity shift, PMC owners can elevate their companies to new heights.
And don’t worry. We’ll be here to help every step of the way!
Ready for More?
We know what it’s like to grow a property management business from 30 doors to more than 16,000. The journey was anything but easy, and we learned tons of lessons along the way. Our desire to share that knowledge with you motivated us to start the Evernest Property Management Show podcast, a weekly newsletter, and our monthly webinar series for property managers.
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