This article is meant to start a discussion about how senior leaders of property management companies spend their time.
The E-Myth and the Property Management Executive
On any day, do you both feel proud of the business you have built, and also some trepidation that a lot more work remains to be done?
This is a common sentiment among all of my clients, who, by the way, also feel optimistic about the possibilities that await them.
You’ve heard many times the concept of “working on your business vs working in your business.” Here, I am going to list the type of work that falls under each category. I would love to hear where your time is going, and why.
Please note that I don’t believe a leader should feel they are above a certain task. Leaders should never hesitate to get in the trenches with their employees (or alone) and get things done.
However, if you are constantly jumping into the trenches, or fighting fires regularly, or frequently frustrated about the performance of your employees … then you need to pause. Pause and think about what’s the best use of your time..
Working On The Business
| Activity | Time Spent (%) |
| Creating systems | |
| Raising capital | |
| Coaching and developing your people | |
| Reviewing business performance | |
| Planning and setting strategy | |
| Listening to your employees | |
| Listening to your customers | |
| Visiting your properties and seeing things first-hand | |
| Reviewing projects | |
| Doing root cause analysis for things that go wrong | |
| Other |
Working In The Business
| Activity | Time Spent (%) |
| Showing units | |
| Doing repairs, maintenance etc. | |
| Entering applications into the computer | |
| Entering bills and sending invoices | |
| Fixing software and network issues | |
| Ordering and stocking supplies | |
| Other | |
| Answering phones (from prospective or current tenants) | |
Reasons for working in the business
| Reason | Agree?(Rate 1 to 5) |
| It’s in your comfort zone | |
| It’s what you enjoy doing | |
| Your company is under capitalized | |
| You think this it is the best use of your time | |
| There’s no one else to do it | |
| Other? | |