There’s only one component that your business needs right now – hustle. From working with 100s of property management companies and talking with 1000s, we found that hustle is the common barometer of a successful property management company.
Without hustling, you may as well be giving new business to your competitors.
Whether you’re looking to start a property management company and build it into a million-dollar business in three or four years, or you want to double your existing portfolio, one thing is paramount, the need of hustling.
You have to hustle to grow your business and you have to out-hustle your competition.
What does it mean to hustle?
There are 4 things that define it: execution, leadership, accessibility, and marketing.
We’re going to mention a number of hustlers today who are immensely successful. They might even be in your area:
The 3 Ways of Being an Ultimate Hustler
We read things, we write down ideas, and we create plans. That’s all very good. When you’re in the property management business, you’ll have to deal with problems and the day to day tasks, but you also have to execute your plan.
You have to be a doer:
Step out of your office and join local organizations. Become part of the community and be the knowledge source for local people when it comes to real estate management.
Pick up the phone and make cold calls. Do not be afraid of this. Spend 30 minutes a day sharpening your sales skills, and learn how to deal with rejections.
Be a leader. Show your team that growth is paramount, and as the owner, you’re willing to make these calls to Realtors and for Rent by Owner entities.
Here are a couple of examples of ultimate execution hustlers:
Josh Smith with Valley Oak Property Management is a great example. He and his partner, Resham, are always looking for ways to grow their company. They are constantly running things by us and deploying and implementing very exciting things.
On the other side of the country, there’s Andy Moore with Gulf Coast Property Management in Florida, a prime example when it comes to marketing and diligent execution.
How Leadership and Hustle are Related
The second part of hustling is leadership, which means building your team. You need to invest time in recruiting and retaining the best individuals. This requires at least 30 percent of your time.
Become obsessed with making sure your team is happy and performing at their maximum level. Implement performance-based compensation, and always shift and change things. Build a culture of success, and a culture of care and competence. If you want to be a hustler, this is what it takes.
Take Andy Propst for example at Park Place Property Management. He creates fun and engaging videos highlighting his team. Keeping morale high is key to a fully functional workplace. Happy employees create happy customers.
It’s the same with Duke Dodson at Dodson Property Management in Virginia. He and his partner Tim have built a team of professionals focused on growth and execution. They know how to expand and retain good people.
Unless you have the best people on your team, you’re going to fall behind. There are plenty of books to read on the subject of leadership. One recommendation is Act Like a Leader, Think Like a Leader. Dedicate this time to leading your team.
To Hustle, You Must Answer the Phone
When the phone rings, your organization must be obsessed with answering it. This should be part of your culture.
Call us at Fourandhalf, unless we are all involved in an absolute emergency, someone answers the phone.
Clients and prospects are calling, and they’re counting on you to be accessible. You can’t get to everything all the time, but there is no excuse for closing down for an hour at lunchtime and leaving your phones unanswered.
Hustlers don’t close up shop for lunch… deals are their lunch.
Hustlers Actively Engage with Marketing Partners
Whether you work with us at Fourandhalf, hire another company, or you maintain a large marketing team of your own – make sure you’re engaged.
We can only help those who help themselves.
You have to be the quarterback. Think of your marketing team as the players on the ground running with the ball. If there’s no quarterback, there’s no organization to your team.
Don’t be a losing team.
Translate your hustle into working with your marketing professionals. Record your videos, keep the communication flow open and positive, and execute your marketing plan. That is key.
Hustlers are Always Learning
Finally, part of hustling is always learning. Be curious and look for opportunities to grow your business and develop relationships everywhere you go. Listen to podcasts and read business books. There is so much information out there. Adopt this mindset so you can deploy these innovative strategies in your business.
Please contact us at Fourandhalf if you’d like to hear more about how to hustle and succeed with your property management company.
