Here is another analogy for what property management is like, which I often end up referring to, in addition to the analogy of purchasing a new or rental car.
It’s a wonderful trick to see, when someone can have so many plates nicely spinning around on sticks, and then pulling off a lot of other tricks with them. It looks so easy, almost natural, yet behind the scenes there is a well-tuned skill-set under way in order to effortlessly provide this spectacular display. In particular, there are five different aspects to this that we can compare to property management:
1. There’s Lots on The Go
We’re talking many, many, plates all spinning at the same time, not just one after the other, but also simultaneously. You need to have every plate in mind at any one time, just like the many aspects to property management.
Even, say, a simple repair can end up involving lots of issues all overlapping – choosing the contractor, obtaining the right compliance documentation, arranging tenant access, and lining up with other works on site.
2. Each One Needs It Own Spin
Not all the time, but they do need just the right touch to keep the spin going and make sure it doesn’t steer off on a tangent. In fact, too much attention can even limit the momentum of a good spin, and hence each issue needs that special little touch at just the right time to keep things spinning along.
An example is the way you communicate with different parties, whether a landlord or tenant, or an external contractor and professional – you don’t want this done to death by emails, or ignored with issues allowed to fester, yet you want the right cover ‘in writing’ as much as friendly and productive banter.
3. It’s Never Ending
That’s the beauty of the trick, to keep things going on and on for as long as possible, with the goal actually the process not the end destination as such. So if you’re an agent you might be a deal-machine moving on from one let to another and churning out the fees, whereas property managers tend to be involved with things longer-term, and in fact when one issues ends it will probably end up turning into another problem, or rather challenge.
Good Property Managers therefore thrive on this; seeing the incremental steps of improvement over time.
4. The Overall Effect Does Count
So the spinning of plates isn’t just there for the sake of it, but it provides an overall impressive trick that people enjoy. Therefore each individual plate of property management, whether that’s a legal new lease on one side, or resolving noisy neighbours, all work together for the greater good of end goals. So unless you’re working towards, say, greater returns, reduced costs, compliant buildings, and happier people, then all the effort is of no use.
5. It Looks So Easy
In actual fact, so calmly done as well, as if no care in the world that plates could come tumbling down at any moment. Of course, in reality, the plate spinner will be feeling the stress, whether there and then or through previous experience, but they make sure it doesn’t get communicated.
In actual fact, this is where people can misunderstand property management to be so easy that anyone can easily do it, to then find out that in actual fact there is more to it than meets the eye.
Spinning Plates in Property Management
So sit back and enjoy the show, and don’t worry if there are more plates to come. Once you’ve learnt the tricks, or you have someone who does, then you’re actually in a safe pair of hands.
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