Like all Industries Real Estate is no different to any other, in that a group of people work together to achieve a common goal utilizing both their innate and their learned skill sets. In property management teams there are typically two different “sections” requiring two different subsets of skill and talent.
The guys in the “Engine Room” look after the day to day management of the property and the associated tasks. These task include but are not limited to tenant selection, maintenance and accounting etc and involve a lot of process and systems skills.
The other requirement is to have someone out in the marketplace generating new business. The Business Development Manager or BDM. BDM’s require a totally different set of skills and talents to the rest of the team. They are the property management sales gurus. They require the ability to generate, nurture and negotiate.
Within Agent Dynamics Performance Management Profiling we would steer toward someone who is a “Deal Maker” profile. Whilst a number of the different profile types would suit the BDM role Deal Makers have an innate talent for networking, negotiation, and conflict resolution. They also have workplace strength in market research and qualifying.
Presenting to potential landlords is not the place to practice your skills so the more natural talent the BDM brings to the table the greater the opportunity to grow the rent roll.
Just as BDM’s need a subset of skills suited to selling the services of the Agency, those filling other roles within the section require other sets of talent. Tenant selection is critical and when selecting tenants you need a Property Manager who is a good researcher and also displays the necessary client services skills. The biggest complaint from tenants is that they never hear back from the Agency so the natural follow on is that they are out criticizing you in the community as being arrogant and not caring. “Accumulator” profiles are excellent researchers who can readily identify who the best tenant is when assessed against a criteria. Combine this with their natural ability to client services and you have a team member who should be able to identify the most appropriate tenant, in the shortest possible time whilst also minimizing the chances of them “bagging” you in your marketplace.
Some Property Managers just hate the paperwork and accounting that comes around at the end of each month and it is not uncommon for the odd “sickie to be taken. The cause of this can sometimes be that the team member is a “people” person and is out of their flow when they have to undertake process or systems based tasks. The outcome can often be that they do the task a lot slower with less attention to detail. They then hurry it up toward the end to get it over with, increasing the chance of breakdowns and short cutting of the PM systems. “Lord” profiles are well suited to the trust accounting and book keeping roles within the section. A Lord is in flow when the tasks require attention to detail, accuracy and compliance. Some would say that they are a “natural” for the role.
Profiling can help identify the innate talents that you need in the team. With each new management adding $4,000 to $5,000 to the asset value of the business why wouldn’t you utilize profiling to increase your chances of getting the right candidate first time up?
Every member of a Property Management Team will bring their own natural talent to the table. Performance Management Profiling can show you the best place for them to sit.
Written by Neil Williams