Sometimes in our business life we become so focused on the task at hand that larger issues go unnoticed. We refer to this as a loss of perspective. Like being angry at the hammer that missed the nail and struck our thumb; these emotions are misplaced.
Having appropriate responsibility centers, with the right person in the right job, allows everyone to stay in their lane and drive the business. Yes, focus is required by everyone. At the same time, we need eyes on the whole of our business to assure that everyone is not painting the front door while other parts of the house are on fire.
We can agree it's good to be focused, but not to a fault. I admit to being a "numbers guy" yet without the ability to devote extra hours to assure each account is balanced to the penny. That behavior drives a real bookkeeper nuts. And this is where having a team approach works best.
I've yet to meet an architect that can manufacture a steel beam. Yet without steel there are few commercial structures any architect could design for real life construction.
Not one of us is expert at each and every task necessary to run a successful property management company. We need people who can focus on the minutia and people with vision, with a capacity and scope to build the entire bridge.
Remember "We Are The World" where musical artist of all stripes came together to record a song for the benefit of people in need? What I remember more than the song itself is the sign hanging next to the entry door to the studio: Leave Your Ego At The Door.
Building a quality team is paramount to company-wide success. Creating a team sensative environment is another part of building a successful business.
Mr. Wilhoit is the author of two books: How To Read A Rent Roll: A Guide to Understanding Rental Income and Multifamily Insight Vol 1 - How to Acquire Wealth Through Buying the Right Multifamily Assets in the Right Markets.
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About This Blog: Multifamily Insight is dedicated to assisting current and future multifamily property owners, operators and investors in executing specific tasks that allow multifamily assets to operate at their highest level of efficiency. We discuss real world issues in multifamily property management and acquisitions. This blog is intended to be informational only and does not provide legal, financial or accounting advice. Seek professional counsel. www.MultifamilyInsight.com