Wednesday, November 21, 2012
Why Managing a Property is Like Putting on a Thanksgiving Dinner
The centerpiece of a traditional Thanksgiving dinner is the turkey. This is the foundation of the dinner that all other elements are built on. Just as you find Thanksgiving Day success by focusing on cooking the best turkey you can, property management success comes by focusing on the product at the core of the service you offer: your property. If you are not offering a property that you think is quality and will be valuable to potential tenants, then you are setting yourself up for failure. Corners cannot be cut when improving your property, just as you wouldn't want to rush cooking a turkey or carving it. Before anything else can be done, a property manager should honestly assess if the building is a quality product and if it fulfills the needs of tenants. If not, improvements should be at the forefront of your plan of action.
Side dishes, table settings and general ambiance are the co-stars that support your turkey's leading role. Good presentation can make the the food taste better and elevate your dinner to the next level. The same goes for your property. Upkeep and maintenance of the grounds surrounding a property make it that much more appealing to your tenants. These items should not be things to mask or hide flaws in your property, but instead should be elements that add value to the product.
A good deal of Thanksgiving stress is usually generated as a result of family and guests. Uncle Larry may tell the same story three times throughout the night and Aunt Linda's kids may spill sparkling grape juice all over the linens. Your guests may drive you absolutely crazy, but they make your Thanksgiving meal and it would be nothing without them. Tenants can be the same way. Their requests, emails, calls may sometimes be overwhelming or irritating, but you are there to serve them. Respond and address issues that your tenants bring to your attention in a timely manner. Take good care of your tenants and treat them with respect, transparency and friendly hospitality. If you don't treat your tenants well, you may not have any tenants in the near future.
Assembling a great Thanksgiving spread is a lot like orchestrating all the elements to manage a property. Block Real Estate Services gives thanks for visiting our blog and we wish you a Happy Thanksgiving holiday!
Associate Director - Property Management
Block Real Estate Services, LLC