Tips for Management Company Executives
by Jim Manning, President
Walters Consulting Group
July 2008 Topic: Goals
All Real Estate is in Turmoil! This Might Be a Great Opportunity To Make Critical Changes! Put aside old thinking and take a look at some critical facts about our business. There's more work than the industry can handle, recruiting serious newcomers is like searching for the preverbal needle, and other sources of income that are truly marketable to the client base. Let's look at some better ways to build value.
GOALS "I'll think about my goals later. I don't have time now." This, from a company owner who is always looking for another manager to replace the one that just left.
It's true. Many owners are in the HOA management business because "it just seemed to happen." There was no special plan. Whatever they were doing, accounting, landscaping, real estate, lent itself to providing associations with some type of service and grew from there.
Others knew exactly what they were doing. They knew what they wanted from their opportunity. I've spent interview time with more than 200 owners. The owners with fully functioning companies have specific goals.
Here's a sample.
"This is a family business and I intend the company will be my annuity. We plan for each year, add business, replace business or expand into other areas."
"I want to show three years of steady income over $1M and profit benefits of at least $150K. Then I'm going to sell. I have some places I want to see."
"Homeowners, who want to rent their property, need to be sure they don't have trouble with their association from bad tenants. We are planning to expand into rental services. We believe we'll get our share of resales from this service. A double income source."
"I like this business but I'm going to pick the top fifty percent of our clients, discard the rest and concentrate on more comprehensive service to better paying clients."
These are goals. They are direct and simple. They fulfill an important part of the life plan for the owners. You have a life plan, don't you?
Here's your challenge. Write your business goal in two sentences. Then, design your company to meet it.
Next time: Take Risks. Be there.own.
- Jim Manning - President - Walters Consulting Group -
Jim can be reached at
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