The Key to Excellence (Take the Shot!)

Success isn’t a destination, it’s a journey – And most of the time, it’s long and it’s painful. Because even when we think we know everything, we don’t. It takes change for us to get even a little bit better. But don’t just take it from me… take it from basketball legend Michael Jordan:

“I have missed more than 9,000 shots in my career. I have lost almost 300 games. On 26 occasions I have been entrusted to take the game winning shot, and I missed. I have failed over and over and over again in my life. And that is why I succeed.”

Most of the time, change sucks. It’s scary looking down the barrel of the “change gun”, knowing it might be explosively expensive, whether you spend time or money. After all, practice doesn’t make us perfect – but it does make us BETTER.

But listen up: change and failure and an exploding gun don’t have to scare you. Take it from Walt Disney:

“It’s important to have a good hard failure when you’re young… Because it makes you aware of what can happen to you. Because of it I’ve never had any fear in my whole life when we’ve been near collapse and all of that. I’ve never been afraid.”

When he was growing up, Disney was told he “lacked imagination”. Oh, if his teachers could see what he created! I’m a little biased because we have Disney World three hours away. We also have the Edison Estates. You know Edison, the guy who was “too stupid to learn” and then made 1000 patents and the light bulb. Dr. Seuss who had 27 publishers reject his first book. Each one of them took the failure and negative responses and instead of giving up, changed. They worked harder and they worked smarter.

All that to say, when it comes to employing a property management company, things have to change. Don’t be scared, it’s necessary. Maybe you’ve dealt with vendors and tenants and the hassle of collecting rent up to now. You’ve dealt with eviction and compliance and communication. And I understand, so far it’s been okay. Don’t be afraid to invest in your investment.

Because instead of okay, you deserve to be stretched out by the side of a pool as your investment earns you passive income.

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Not All Property Managers Are Created Equal

For every great property manager, there’s a handful of just… good ones. In a world where catchy advertising often beats out competent performance, it can be difficult to know where to turn. So, how do you identify the real deal from the fakes?  How can you make the best, most informed decision for your investment? Let me count the ways:

  1. Good property managers focus on keeping the landlords happy. Great property managers strive to keep both the ownership and the tenants happy, connecting them through consistent communication.
  2. Good property managers work to compare vendors and find the lowest possible prices for operating expenses. Great property managers add value, like noticing and correcting safety issues in a parking lot, or suggesting the usage of LED lights instead of fluorescent.
  3. Good property managers react quickly to on-site headaches by hiring a third party vendor to fix the problem. Great property managers are local and are invested enough in your property to personally visit and monitor repairs in times of crisis.
  4. Good property managers answer their phones and respond to emergencies during business hours. Great property managers are available 24 hours a day, 7 days a week – no exceptions.
  5. Good property managers have compiled different tricks of the trade that they apply to every property. Great property managers listen to the specific wants and needs of every owner and offer a customized approach to property management.

When it comes to your real estate investments, don’t roll the dice – make an informed decision that ensures your property is cared for and managed in the best way possible. Don’t settle for good when you deserve great!