Bridge Firm Recovery - January 2020

Recovery Reader The January 2020 MANAGING THE MANAGERS

www.bridgefirmrecovery.com (269) 359-0814

FROM THE DESK OF Dan Larson

I hope 2020 is the year you “leap” forward in treating your real estate investments as a business. Here are the Top Seven things successful landlord investors do:

‡ Screening and application process: Know who you are renting to! ‡ Professional lease: Have clear terms for your expectations of your tenants and for protecting your property. ‡ Credit policies: Be fair but firm. ‡ Professional relationships: Professionals will save you time and money. Have an accountant, an attorney, and maintenance contractors. ‡ Recovery plan: Never leave money on the table. ‡ Know your local ordinances and landlord tenant regulations. ‡ Network with your local landlord association. The more organized your business operation is, the more successful you will be. Having systems to follow will ensure consistency in your operation, leading to greater profitability. Are you missing a checkmark in these Top Seven? If so, we need to talk. Start your new year out right and call me for a free consultation. Let’s get those checkmarks filled in.

Is Your Business’s Management Effective?

Back in 2011, the Harvard Business Review published an article called “First, Let’s Fire All the Managers.” It listed the cons of management, like inefficiency, costliness, an increase in “calamitous” decision making, slower response time, and the disempowerment of lower-level employees. Then, it advocated for an entirely new kind of company: one without titles and promotions, where “no one has a boss.” During the 2008 recession, many companies had fired all of their managers —or at least a big chunk of them. But, while some soldiered on with the new structure when the economy bounced back, many others returned to the old way of doing things, replacing the managers they’d lost. So, if the brilliant minds at Harvard were so against the idea, why did they do it? Well, just like anything else, management positions have pros as well as cons. A good manager can inspire and motivate their team to greater heights, model good behavior patterns, and groom the next generation of leaders. Not every manager is a good manager, but anyone who has secured a skilled manager can tell you they’re invaluable. Whether you’re worried your current management is ineffective or are on the hunt for a new department head, it pays to know the traits of an effective manager. Below, we’ve gathered a few characteristics to watch out for as summed up by experts in the field.

Happy New Year’s!

- Dan Larson

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