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Welcome to Property Management Brainstorm, the ultimate podcast for property managers, PropTech ventures, and real estate investors! Join industry expert Bob Preston as he brings you the latest trends, best practices, and invaluable guidance in the world of property management. Whether you're just starting or thriving in the business, Property Management Brainstorm is your go-to destination for all things property management. Please click the "more" button in our episodes below to view the episode notes, listen through the website audio player or the video link, and follow along with the whole episode transcript.

Five Minute Friday #25: Don't Be a Weenie

By Bob Preston Thursday, May 7, 2020

Last week on FMF I 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. This week, I plead 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.

Topics Covered

[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.

Connect with Bob 

North County Property Group

Resources
Start/Stop/Continue Tutorial

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Author

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Bob Preston
President & Broker
Bob Preston is the lead consultant and creator of Property Management Brainstorm, founded to specialize in guidance for teams building property management companies and real estate investment strategies. Bob is a nationally known figure in the property management industry with over 20 years of experience in building and growing property management companies. He was the founder and broker/owner of San Diego's leading and property management company, North County Property Group, before successf...
Bob Preston is the lead consultant and creator of Property Management Brainstorm, founded to specialize in guidance for teams building property management companies and real estate investment strategies. Bob is a nationally known figure in the property management industry with over 20 years of experience in building and growing property management companies. He was the founder and broker/owner of San Diego's leading and property management company, North County Property Group, before successfully negotiating the sale of the business to PURE Property Management in 2022. He then remained with PURE as Western Regional Director, during a period of explosive growth for the company, overseeing operations for 28 branch office locations and over 12,000 doors. More recently, Bob has decided to focus on his consulting business, Property Management Brainstorm, to help others succeed in this dynamic and exciting industry.
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