Not to cause undue concern, but are your clients talking to other property managers about what they want and may not be receiving? The only way to answer the question is to get in touch with your clients soon, see how they’re doing and ask them what they want and need. It’s springtime and it’s also spring-into-action-time for all property managers who want to keep their clients’ business and stay several steps ahead of the competition. You don’t need to be paranoid to be a great property manager, but as the former co-founder of Intel, Andy Grove wrote in his landmark book, “Only the Paranoid Survive: How to Exploit the Crisis Points That Challenge Every Company,” it won’t hurt your business to be a little paranoid. If you’ve never read the book, I suggest you consider getting a new or used copy and study it carefully. The book was published in March of 1999, but the latest paperback edition has some fresh ideas and content.
Amazon’s website has the following excellent summary which property managers will appreciate. Reading the summary you’ll discover some timeless reminders on how to stay ahead of the curve and aware of the many aspects of your business. You’ll also see why the book is a must-read.
“Under Andy Grove’s leadership, Intel has become the world’s largest chip maker and one of the most admired companies in the world. In Only the Paranoid Survive, Grove reveals his strategy of focusing on a new way of measuring the nightmare moment every leader dreads–when massive change occurs and a company must, virtually overnight, adapt or fall by the wayside. Grove calls such a moment a Strategic Inflection Point, which can be set off by almost anything: mega-competition, a change in regulations, or a seemingly modest change in technology. When a Strategic Inflection Point hits, the ordinary rules of business go out the window. Yet, managed right, a Strategic Inflection Point can be an opportunity to win in the marketplace and emerge stronger than ever. The Currency Paperback edition of Only the Paranoid Survive includes a new chapter about the impact of strategic inflection points on individual careers–how to predict them and how to benefit from them.”
As reading a great book can be an effective way to find new insights in self-improvement, an effective way to protect your book of business is to find better methods to stay in contact with them. Consider using or upgrading to a contact management system if you’re not already using one. This will prevent any customers from falling through the proverbial cracks. Many have learned the painful lesson that the client who feels neglected is the client that seeks better service. If you take the time to reach out and go out of your way to let your clients know that you’re thinking of them you’ll avoid the trap of complacency.
We’ll also avoid the rude wakeup call that comes when we learn that a valued client is replacing us with our competitor’s services. Like all important relationships, the ones we truly value are the ones we pay attention to. As the old axiom states, “an ounce of prevention is worth a pound of cure.” One final note: Property Managers who excel at client relationships usually find themselves the grateful recipients of the best kind of advertising. Yes, I’m referring to word-of-mouth advertising, and your satisfied clients will spread the word about you to their friends and colleagues.