Five Key Elements To Successful Real Estate Management

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.

The vast majority of employees start to work for you will have tons of  “want to” at least on day one. Most of the workers I have encountered  act the same.  They want to do a good job, and, furthermore, they instantly have ideas about how to improve their new work place or your property.

On day one they come motivated, they come wanting to do a good job, they come ready to make it better. So what happens? In a sentence, we, as managers and leaders, get in the way of their desires.

Not all efforts at work enrichment and employee empowerment, are unsuccessful. Some people have found a formula that works.  Here is what I have observed, if you, as a manager and owner of your business, fail to supply any of the five key elements I list here, you will, sooner or later, de-motivate your employees and steal from them some measure of the power of employee engagement.

Five Key Elements To Successful Real Estate Management

The five key elements are:

  1. A sense of meaningfulness
  2. A sense of control
  3. A sense of accomplishment
  4. A sense of growth
  5. A sense of community
Let’s look over each one of these points:
 

1.  A Sense of Meaningfulness:

Workers show greater interest in their work when they understand they are working for a meaningful task and when they are serving a higher purpose. This is a question you need to ask yourself. Is your management actions solely focused on the goal of making money?

Studies show that if management’s actions are heavily focused on “the bottom line at all costs, your employees sole focus will, predictably, be, “What’s in it for me?” They won’t “want to” work for the company, only for themselves — and they won’t “want to” improve the workplace.  Employees need to “see” that their contributions are not only necessary but significant and that their ideas are considered and at times utilized.
2. A Sense of Control:

Do your workers have some way to get input into the things they can affect and the things they should affect?
Do they have ways to control what and how they do things, or are they just following instructions. If it is a “my way or the highway” management style, employees will find the highway as soon as something slightly better appears.

 

3. A Sense of Accomplishment:

Do your workers have ways to determine whether they have done a good job? Can they answer the question, “How did I do today?” Can they go home knowing they did well? Can they tell each hour of each day if they are doing their job well?  Are their visual indicators in place?

 

4. A Sense of Growth:

Do your workers have a way to contribute and grow as individuals?  Can they improve their skills via training? Is there a conscious effort to create “future opportunities,” or does your company supply no sense of hope for the future of the individual? Studies show that company’s that reward their employees
with opportunities to exercise their demonstrated skills, such as writing new procedures or training other employees to their level of competence are far more productive.

 

5. A Sense of Community:

Successful company’s have a true sense of teamwork at work.  Employees have reasons to proudly wear the company logo on their shirts.  Humans are a social animal, and if their sense of community is not fed at work they will seek it out elsewhere. You can perform a reality test on these five key elements. For the most part, good business owners understand how to utilize these five elements to acquire and retain their workers.

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.

Happy Investing,

Maria Rekrut

Maria Rekrut

About Maria Rekrut

Maria Rekrut, believes Vacation Rental Investing is much more fun than the average real estate investing. Maria, known as the Vacation Rental Guru, writes blogs regularly about her stories and adventures in vacation home investing. Maria Rekrut believes that if she can become successful investing in Vacation Rentals so can anyone else by following her simple investing techniques. Maria is also a regular contributor to the Real Estate Blog http://www.reiclub.com/realestateblog/author/maria-rekrut/
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