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NARPM Radio
From Burnout to Breakthrough: Balancing Growth and Team Well-being in Property Management
Aug 28, 2024
In this discussion, Marc Cunningham, President of Grace Property Management & Real Estate and Founder of PM Build, shares insights on managing property management businesses while prioritizing team well-being. He highlights the signs of burnout and how to create a positive work environment. Marc emphasizes the importance of empathy and trust in leadership. He also addresses adapting marketing strategies to reach 'accidental landlords' amidst changing market conditions, stressing the need for continuous learning and data-driven decision-making.
58:50
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Quick takeaways
- Marc Cunningham emphasizes the need for property management firms to adapt their marketing strategies to engage a new demographic of accidental landlords.
- Effective team management and recognizing signs of burnout are crucial for fostering a positive work environment in property management.
Deep dives
Shifting Market Dynamics
The current property management landscape is undergoing a major shift, primarily due to rising interest rates and increased costs in areas such as insurance and property taxes. Many property managers have historically targeted real estate investors, but recent trends indicate a growing cohort of accidental landlords who are seeking management services rather than selling their properties. As homeowners choose to lease their properties instead of selling, given their advantageous existing mortgage rates, property management firms must adapt their marketing strategies to cater to this new audience. This entails pivoting from a focus solely on investors to building relationships with real estate agents and accidental landlords, who may have different concerns such as security and tenant relations.
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Discover
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