Last week on FMF Bob talked about being the Lighthouse, a metaphor for being a strong leader to guide your team during times of crisis like this current Covid-19 pandemic. On this week's FMF, he pleads with you to not be the opposite of being the lighthouse. Don’t be a weenie!
Weenies are whimps, lack resolve, and avoid tough decisions. If this is you and you are a self-managing landlord, it may be time to consider hiring a property management company. For all of us in this industry of real estate investing, owning rental homes, being a landlord, or property management, I firmly believe that those who take the time now to streamline and restructure the way they are doing things will emerge at the end of all of this stronger than ever. You must have the willingness to make tough decisions you’ve never made before. You can do it! The solutions are often simple, their just not always easy to implement.
Here is a tip: Build a Start/Stop/Continue list. On a piece of paper, create three columns, and at the top of the first column write “Start”, the second column write “Stop”, and in the third column write “Continue”. Now list your various policies, procedures, company practices in the appropriate column and respond accordingly moving forward.
[0:55] Bob explains what he means when he says "don't be a weenie".
[1:20] During this critical time, your stakeholders need to hear from you!
[2:00] Willingness to make tough decisions.
[2:15] Those who streamline now will emerge stronger at the end of the pandemic.
[2:30] Examples of "no-touch" property management processes.
[3:25] Flip the switch to change when a new normal is emerging anyway.
[3:47] Build a Start/Stop/Continue list to help gain clarity on things which need to change.
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