The Control line in Property Management
The control line in property management is a metaphor we use at Real Estate Dynamics to illustrate the point at which leaders are truly in control of their Property Management businesses.
Leaders who are operating above the ‘control line’ use little energy in decision making. Their data ‘talks’ to them and they know what is going on in their business and why. They are confident in their decisions, confident in leading their teams and they can see what is happening in their businesses at all of times without having to look too hard.
Those below the control line burn lots of energy, they worry (often late at night when they should be sleeping) and carry around with them high levels of anxiety not quite knowing what will happen next. They are often afraid to make decisions that might result in upsetting their team and eggshells are walked upon carefully on a daily basis. It’s a leadership nightmare but it doesn’t have to be this way.
In our experience, there are some common attributes and practices across leaders who operate above the control line. It is these common practices which position them in a much ‘safer’, low risk position. The following are some examples of these commonalities:
- a clearly documented vision shared with their team
- a published set of minimum operational standards that links to the business vision
- a regular check of the key operations in property management showing any gaps between the standards and the results
- control systems that act as early detectors of possible errors capturing and fixing these errors before they occur
- a weekly property management team meeting that is focused on operational performance, results and actions
- regular one on one meetings with each team member to discuss their individual results and confirm what actions are needed before the next one on one meeting
- a documented skills development plan for the team as a whole and each team member within the business
- a systems driven business as opposed to a people dependant one
We have worked with a large number of leaders who were below the control line and have had the great privilege of witnessing these leaders step up above the control line in their businesses.
I cannot tell you enough how amazing it is to witness their shift in energy. Some leaders have told us that when they were below control line, they would often have preferred to stay in bed than go into the office. Some felt physically sick most of the time because of the constant anxiety they carried and some even said they hated their businesses. This is a sad but honest reality when you sit below the control line in your business.
Being below the control line has a terrible impact on leaders, their families and their teams.
Being above the control line is a wonderful place to be. You have the controls you need in your hands, you feel passionate about your vision, your business and your team. Most importantly though, your energy levels are high when you’re truly above the control line.
Are you sitting above or below the control line in your business?