PM Collective - The ART of property management
The ART of property management with Ashleigh Goodchild is a leading platform supporting collaboration not competition through an online community and events throughout the year with one purpose: to create happier property managers. She creates connections for property managers looking to create momentum in their careers and personal life. Join Ashleigh and her guests as they discuss challenges, struggles, mental health, mindset and give advice to property managers and anyone in the industry. To get the support in your property management career, join our PM Collective Facebook and Instagram community.
PM Collective - The ART of property management
There is always TWO solutions to every problem
Every problem has two potential solutions - often polar opposites - but we typically fixate on just one comfortable option. Developing the ability to see and prepare for alternative solutions is critical for business resilience and long-term success.
• Being overstaffed presents two options: aggressive growth or making someone redundant
• When unable to find a property manager, consider process improvements and offshore solutions alongside continued recruiting
• Don't just complain about problems - actively work on alternative solutions
• Connect with other business owners who can help identify options you might not see
• Anticipate future challenges like market shifts and begin preparation years in advance
• Build business resilience through diversification and strategic planning
Reach out if you're struggling with a business challenge - I'm always happy to help confidentially through social media or direct messages.
PM COLLECTIVE - GUIDE AND SHAPE AN ENJOYABLE FUTURE
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Welcome back to another podcast. You've got me solo. Today I am doing a chat with you about a question or a situation that came up at a recent Coffee Conversations which was for business owners. We went around and talked sort of about different pain points and everyone explained what problem they were having. Maybe it was finding property managers, maybe it was some that didn't know whether they should hire a BDM or put money into marketing Lots of different random things going around the table, and when you've got a problem, generally people only think of that one solution, but there's always two solutions, and so there's always like a polar opposite.
Speaker 1:But there's always two solutions, and so there's always like a polar opposite. So an example would be you are overstaffed, which is actually a common thing that I'm hearing at the moment. You're overstaffed, so you've got two options. One is to go on an aggressive growth campaign, or the second option is you make someone redundant. So they are two options, but generally we don't look at that redundant option, we only look at that growth and or, you know, finding things to make them busy or whatever it might be. So it's sort of just making sure that you are aware that there are two polar opposite solutions to every problem. So that's what we're going to down pat today. So it's very common for us just to naturally stick with what the comfortable solution is. And what happens is, when we pick the comfortable solution, we stay fixated on that constantly.
Speaker 1:In a situation where you can't find a property manager and you've been advertising, you are more likely just to keep on complaining that I can't find a property manager and you keep on advertising, you keep on interviewing, you keep on going through that process because you were blindsided to. That is my problem and that is my solution. But there needs to be some realization that sometimes that actually might not happen. It physically might not be possible to hire another property manager. So what are you going to do and when are you going to have that realization? Now, if you have that realization earlier on in the piece, it's really good too, because what it does is, yes, you're going to keep on looking for that property manager, you're going to keep on interviewing and doing all those things in line with what you want, in line with that solution. But what I would always stress to you is, in the back end, start looking at that second solution, just in case that first one doesn't work out. So the second solution would be, in this situation, if we stick with this one for a little bit needing a new property manager, keep on interviewing, keep on doing all that stuff but then in the back end, why don't you start looking at your processes? Look at having some demos with some offshore companies. Have a look at what remote learning sorry, remote offshoring would look like in your team. You do have to have the processes for that. So maybe in the back end you are doing that and progressing towards that potentially being the second option that you're going to have, because at some point you're going to have to call it with the advertising. Um, but if you are still making progress in the back end towards your second solution, it will be very beneficial for you. Uh, either way, so it's a good thing.
Speaker 1:So the other solution would be if you are overstaffed, for example.
Speaker 1:So you're overstaffed, you don't want to make anyone redundant. You're on this big growth campaign, so obviously you're going to stick with that as your solution. But the second solution is using that extra manpower to be doing all compliance checks. Or maybe you're using those people to do some extra marketing or some extra jobs outside their normal duties. So don't just stick with. Oh, we've just got to wait for that growth. Have a look at what else you can do behind the scenes as your second option. And just utilising those people before you might have to make that tough decision, that you might need to make somewhat redundant, but at least you know, use it to your advantage for as long as possible, is sort of, I guess, what I'm saying. So we can very easily become part of the problem when we only get fixated on that one solution. So just making sure that you are not just whinging about that preferred solution and you're working and acting on that alternative and sometimes it might not be a situation where you are aware of those options, and so that's where sort of having coffee conversations with people or catching up with other business owners to actually talk about the problem you've got, because quite often when you talk about the problem, someone else has got that alternate solution for you as well. And if you are not able to see what that alternate solution is, someone else is going to be able to. And that's really the importance of meeting up with people and talking about your problems, because this sort of relays in not only only professional life but also personal life as well. So that's something that has always helped me For me, like I even look at it even in a bigger picture.
Speaker 1:So for me I don't currently have any short-term problems or pain points, but in the future, in five years or 10 years, do I think we could have a staffing issue as an industry? Yeah, I do. So what can I start doing and progressing towards now that is going to help avoid me having that pain point in the future? So for me in my business that does look like having that offshore team in your business. It might look a little bit different, but it's really important that not only are you having these short-term pain, you know moments to really you know where you've got to actively work. Also start projecting your future pain points.
Speaker 1:I'm just trying to think of what other future pain points I could have in the business or we could have in the industry as a whole. It could be. Actually, I've got a good one. We have in WA, had a lot of invest activity from over race and it's come in in a really big, big wave. So a lot of growth in the last three to four years. Now that's not a pain point now, it's a good thing. However, in five years' time, or maybe less than that, whatever you predict the future is going to hold for the housing market, it's going to be a pain point. Those clients are going to leave as quickly as they came in, so that could be a future pain point. So you know, one thing is you just don't think about it and you close your eyes to that.
Speaker 1:Or, for me, I would actually start thinking okay, well, what is the solution if that happens? If that happens and we start having interstate clients having a mass exit, what can I set up now to avoid that being a massive problem for me down the track in three years or five years? So for me, that might look like we do annual investor audits. So we're really trying to make sure that our clients are holding onto their properties for as long as possible so that they have the confidence and they don't listen to their friends when their friends are selling, and to take a little bit more control for them individually. So that's one step that we're taking which I feel like makes a massive benefit by having that one-on-one support for them Because, like I said, otherwise, they're talking to their mates and if their mates are selling, they're going to sell. So we want to get out of that cycle. So that's definitely one solution.
Speaker 1:Second solution would be currently I'm looking at different arms in the business. So looking at doing some short stay, having a short stay portfolio, looking at having an executive portfolio, looking at doing more local marketing. We've had the last four or five years of being so busy with interstate we're forgetting our local market. So if I lose my interstate market, I need to make sure that my local marketing is pretty strong. So doing that at the moment it's not something that you can put in place when you've got that pain point. You've got to start doing it now, like I'm planning that now for a three-year pain point.
Speaker 1:They're probably the main things that I am doing in preparation for my future pain points, but I just it's interesting, I think it's quite normal that everyone does that, but I don't think it is normal. So if it's not normal for you, then yeah, I hope that you take that little bit of insight away from sort of the way I think it. I won't lie, it probably helps that I don't have too many current pain points, so I do have the time and energy to focus on future pain points and I get it like you might be amongst current pain and you need to sort that out before you even start thinking about the future. But just know that there is always an alternative solution to your current problem, and if you don't know what that is, send me a message, let me know.
Speaker 1:I'm always very, very happy to help confidentially. So please let me know. And otherwise, I hope that that gives you something to think about so that you can protect your business and your career in the industry and continue to have a great one. So that's ultimately what the aim is. So I hope you enjoyed that brief little listen. It's only a short one. Today I'm going to be doing more short when I think of little hot topics to help motivate you for the day. And do reach out, send me fan mail, send me a message on socials, and always here to help.
