Understanding Responsible Property Management Growth with Eric Wetherington

Eric Wetherington from New Heights Property Management has more than 25 years of experience starting, acquiring, and managing dozens of companies. He is joining The Property Management Show today to discuss responsible property management growth. We talk about what that is, and how to maintain it when you’re growing a property management company. Introduction to Eric Wetherington Eric is the director and broker in charge of New Heights Property Management, which he started 10 and a half years ago in partnership with a large real estate firm in the Charleston area. The real estate agents realized they didn’t have a solution for the homeowners who couldn’t sell their houses during the last recession. So, he began the property management company and it quickly grew. In addition to starting and growing New Heights Property Management, Eric has helped to develop and grow other companies. He got into the real estate services industry 25 years ago, and he has helped to build business entities like joint ventures and title companies, giving him a lot of start-up experience. He likes to see growth happen and he’s learned to think on his feet. Defining Responsible Property Management Growth Responsible growth requires three things: * An engaged team. * Great services offered to clients. * Profitability. This is what responsible growth looks like. If all of these things are happening in your company, then you’re growing. It starts with your great team, and that team has to provide valuable services that keep your customers happy. Profit is also important. If you think you have a business but it’s not making any money, then what you really have is a hobby. You might seem to be growing year over year, or month over month, but if no profit is increasing the bottom line, you don’t fit the definition of responsible growth. If your team members hate what they’re doing and they don’t enjoy coming to work every day, you’re not embracing responsible growth. Check out our episode on how to build a great property management team with Melissa Prandi for more information on this. Property management is a service industry, so if you’re not providing value to your clients and they aren’t happy or they’re in a hurry to leave you, then you’re not growing. Team, service, and profit. These are the things that define responsible property management growth. How to Balance and Master the Responsible Property Management Growth Elements Every entrepreneur makes mistakes, and one of the things Eric learned from his mistakes is that your business and your team will only grow to the level that you’re growing as a leader. You’re the cap of your business. So, whether you learn best by reading books or listening to podcasts or attending conferences – get comfortable with the three growth elements (team, service and profit), and learn how to balance them. Much of your understanding as a business leader will come to you through trial and error. You learn and grow by making mistakes. Don’t be afraid of that, and don’t be afraid to shift perspectives and make responsible growth a priority for your property management business. Leading a Team Towards Responsible Property Management Growth Every good leader knows that the team has to come first. You have to hire the right people and put them in the right seats on the bus. If you put your team first, your team will take care of your customers. When your customers are well cared for, you naturally become more profitable. Everyone is accountable for responsible growth, but the leader of the company is ultimately responsible for it.