Steve Welty Talks about How to Dominate the World (or your Property Management Market)

Are you still passionate about property management? If you’re not, you may be driving away business. Today on The Property Management Show, we talk to Steve Welty, owner of the hugely successful Good Life Property Management. There’s a lot to discuss, from how to become competitive in a new market to the importance of reputation to – barbers. Alex can’t go back to his barber because his barber has lost passion for what he does. The barber is more interested in thinking about other things he’d rather be doing than trimming hair and beards for men.  Alex isn’t willing to work with someone who is no longer passionate about the services he’s delivering – and your clients probably feel the same way. Passion and the Three Pillars of Success Passion is required in your business to achieve success. You have heard about the Three Pillars of Success before, and Alex recently did a NARPM webinar about these pillars: Know the purpose of your organization and what you’re driving towards. Know your numbers. Embrace a culture of experimentation and innovation. Passion drives these things. Steve understands passion, and the danger in losing it. He came to a place where he had to decide if he was going to go full steam ahead with his property management business or just find something else to do next. He decided he still had a lot to accomplish with property management, so he set a five-year goal: to get to 3,000 units with a 30 percent profit margin. That goal has given his entire team purpose, and passion is a part of that. Enthusiasm and passion fuel the purpose. Pivot Towards Passion and Decide Where You’re Going Entrepreneurs often take too little time zooming way out to decide what they’re doing and where they’re going. Even the most motivated business owners struggle to focus on their purpose in life and in their company. It’s an easy way to miss your purpose entirely. Don’t get caught up in the weeds of your business. If you do, your life will stand still and your batteries will die. Think about who you surround yourself with. If you’re a micromanager and you don’t understand the basic principles of human psychology and delegation, you’re going to suffer and so is your business. Put together a brilliant executive team and feed them passion and motivation. You can set the long term vision and show up. Your team can do the rest. You have to build your business. You have to know where you’re taking your team. People want to be taken somewhere and if you don’t know where you’re going – fire yourself. Steve recently had his team review him. He did a performance evaluation on himself, and he got a lot of great insights. One of his accountabilities is culture. His team said the culture had been struggling because of their workload and the fact that they hadn’t had a team outing for a while. If Steve had not asked for this review, he wouldn’t have known what he needed to do to re-ignite the passion in his team. Communication is critical. Happiness starts with a competent leadership team you can rely on. Put people in place who are better than you in their specific disciplines. Getting to the Goal: Operationalizing Sales and Marketing to Reach 3,000 Doors The plan for reaching those 3,000 doors is this: SEO Reputation Conversion After studying great companies that have grown, Steve noticed one thing they had in common: killer SEO.