Vision must come first in Property Management
‘Vision’ is one of the most ‘talked about’ and ‘written about’ topics in the field of Business Leadership and Management.
Vision is a clear statement about what your business would like to achieve. Without knowing what you would like to achieve, it is almost impossible to make accurate business decisions. Without the ability to make accurate and clear decisions, your business will suffer and become ‘stuck’.
In the world of Property Management (like every other business) you cannot make wise, fast and nimble decisions without meaningful vision. Quite simply, it should underpin every decision making process in your business. And, when it does, decision making is easy because you have clarity.
Here are some examples of why Vision must come first in business planning:
People – without vision, how can you effectively recruit people? If you don’t have vision, how do you know what you are looking for in a new recruit, how do you know which skill sets you need? How can you implement effective performance management? How can you make decisions around how many team members you need?
Technology – At Real Estate Dynamics, we’re very excited about the emerging technology choices in the world of Property Management. However, without vision, how can you be certain you have made the right choices surrounding technology? Without vision, there is a likelihood of making choices that result in wasting money on technology that may not help you or that you do not use.
Growth and Profit – With a clear vision, you can implement strategies to support your vision around growth, profit, break even points and AAMI’s (Average Annual Management Income). Without vision, it is almost impossible to grow.
Client Care and Customer Service – What service levels are you currently providing in your Property Management business? How well are your Clients and Customers being cared for? A good question to ask is ‘compared to what?’ A good answer is ‘compared to your vision’.
Whist these are only a few examples, think about all the business decision as a leader you have made over the last month and over the last year. How many of these could be simplified with a clearly documented and articulated vision? My sense is that all of them could be.
My friend, Gary Pittard says, ‘Most people put more effort into planning their holiday than planning for the businesses and their lives’. A sad but true statement.
The next step, after your vision is created to create strategic actions. It is very difficult to create the right actions without creating and sharing your vision first.
What is your vision?