Episode 112: Acquiring New Clients - Best Practices and Managing Expectations
Dec 25, 2023
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David Soles, an expert on handling big client growth as a property manager, discusses challenges in acquisitions and growth, establishing trust after an acquisition, effective communication and managing owner expectations.
Building trust with both owners and team members is crucial for successful growth and can be achieved through proactive communication and aligning with the company's culture and values.
Managing personnel issues is a common challenge when growing an organization, and leaders should assess whether issues can be resolved through coaching or if a seat change is necessary, while maintaining open and honest communication and a non-negotiable attitude towards culture and performance.
Deep dives
Building Trust with Owners and Team Members
One of the key takeaways from this podcast episode is the importance of building trust with both owners and team members. For owners, it is crucial to establish trust from the moment an acquisition or new business is onboarded. This can be achieved through proactive communication, such as making personal phone calls and sending correspondence to address any concerns and outline the value the management company brings. Building trust with team members also plays a vital role in successful growth. Leaders should ensure that team members align with the company's culture and values, communicate expectations clearly, and provide feedback and coaching to guide their growth.
Assessing and Addressing Personnel Issues
Managing personnel issues is a common challenge when growing an organization. This includes dealing with team members who are not meeting expectations or are not a good fit for the company's culture. It is crucial to assess whether these issues can be resolved through coaching and support or if a seat change is necessary. Leaders should have self-awareness and understand their own strengths and weaknesses, as well as set clear expectations for team members regarding performance and company values. Open and honest communication, as well as a non-negotiable attitude towards culture and performance, are key in addressing personnel issues effectively.
Culture and Process in Growth Strategies
Maintaining a strong company culture and well-defined processes are essential for successful growth, whether through acquisitions or organic expansion. Culture judgment and assessment play a critical role in integrating new teams and aligning them with the organization's values. Leaders need to ensure that team members understand how to prioritize tasks and work at the necessary pace to achieve objectives. Additionally, setting clear expectations and being transparent about the company's culture and processes during acquisitions help in establishing trust and preventing future problems.
Building Trust and Relinquishing Control
As a company grows, trust becomes increasingly important, both in team members and in relinquishing control. Trusting the team becomes crucial as leaders need to delegate responsibility and hire A players who can execute at a high level. Relinquishing control also involves trusting the growth of portfolios and establishing trust with individual owners, ensuring their expectations are met and their trust in the management company is maintained. Hiring A players, focusing on building trust, and establishing a culture of trust are key factors for successful growth.
Most property managers are expecting to grow in 2024, either through acquisition or organic efforts.
And with growth comes expectations from your clients. In this episode, we interview David Soles and discuss the biggest challenges facing a PM as they bring on doors. Tune in to learn from one of our experts on how to handle big client growth!
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Connect with Matt and Spencer at Evernest: Evernest.co