Good Management will make the difference between your real estate business making a profit or loss. Finding the missing pieces in your employee engagement effort will increase your bottom profit line.It's not about providing motivation, it's about providing good management.
Vacation rentals aren't always busy so the money you make in your high season will have to cover your business expenses for the rest of the year.
Let's review the five key elements for good management that were explained in Five Key Elements To Successful Real Estate Management:
- A sense of meaningfulness
- A sense of control
- A sense of accomplishment
- A sense of growth
- A sense of community
If you want a successful business you will need to manage both your human resources and your financial resources. Good management requires commitment on your part as a business professional to upgrade your management skills by taking management courses. These courses will upgrade and increase your business.
Success Real Estate Management Practices
Managers must learn that developing continued engagement — beyond day one — among their employees is largely an issue of recognizing and feeding the five key elements. Some call this “motivating the employees.” Since I believe they come to work “motivated,” and can continue to be motivated if we want our business to succeed.
Here are some suggestions that you can take into consideration:
More Pay Does Not Equal More Work
- Managers need to give up the belief that if they pay people more, employees will work harder. This thought might have worked to motivate workers in the past and this thinking still might be true in some Third World countries, but it simply is no longer true for our North American culture.
Create and live your company mission and vision.
- Many create them; far fewer live them, test your mission and vision. That is: Is this a mission and vision that you feel truly represents you and the type of company you work for.
Create goals, that properly reflect all of the vision and mission.
- Make sure the goals are aligned and focused throughout the departments.
Provide the support needed at each level
- So everyone can contribute to the execution of the goals and, hence, the mission and the vision. This includes providing clear work instructions, training in those instructions and the other resources to accomplish the goals.
Make the goals “transparent”
- Start at the floor level with the use of visual management tools. With such tools, everyone is clear on what is required and “how we’re doing right now.” Support these visual tools with management feedback systems that include finding someone doing something right and recognizing that accomplishment.
Good management is what is required to be successful in your business. This is true in both the way your manage your employees and also in the way you manage your money. There are resources that you can use to reach your goal of becoming the best Manager that you can be and that requires ongoing education.