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Want to build a business? Then you need to build relationships. That’s important to remember whether you’re a new property management franchisee, which is my area of expertise, or if you’re starting a coffeehouse or opening a car wash. Every day, at some point, you should be asking yourself: How do I build successful business relationships to help the success of my business? What types of people should I be reaching out to, and what should I be discussing with them?
I have some ideas. Obviously, as the CEO of a property management franchise, property management franchises are my area of expertise — but I’d like to believe this advice is somewhat universal, especially among franchise owners.
Talk to the person in charge.
There’s always somebody over your head you can talk to. For franchisees, that would be your franchisor. For the franchisor or the CEO of a private company, that might be investors or a board of directors. If you’re, say, the governor of a state, you have the voters to listen to. Trust me: No matter how high your position is in life and business, there’s always somebody above you who can offer advice or help you make decisions.
When you’re a franchisee, the trick, of course, is making sure your franchisor is receptive to talking out issues and helping their franchisees. Unfortunately, there are a decent number of unhappy tales of franchisors who don’t listen to their franchisees and who practically disappear after receiving the franchise fee. You want to make sure before you sign up with a franchise that you’ve thoroughly vetted the company, you feel extremely at ease with the decision to align yourself with the brand, and you’ve talked to other franchise owners at the company to get their take on what type of franchise you’re joining.
But bottom line, you definitely want to establish a strong relationship with your franchisor. Your success — and the franchisor’s success — depends on it.
Talk to your fellow business owners.
Look beyond the company you want to invest in, and focus on the larger industry, as well as the community where you plan to do business. Think about joining the local chamber of commerce. If your industry has an association, you may want to become a member. I can’t tell you how important it is to belong to an association of your peers. When you’re feeling down and out, it’s your fellow business owners who can and will lift you up — just as you’ll do the same when one of them is having a rough day or month.
There’s just something inherently special about being able to talk with people who are facing similar challenges that you’re encountering. And you’ll get more than just a morale boost — you’ll share knowledge, and your business will be stronger for it.
Be willing to share knowledge.
Yes, I just mentioned that, but I want to mention it again. I know if you’re at the beginning of your career, it’s tempting to think you can’t and shouldn’t work with any competitors. And, sure, if you have a direct competitor whose success depends on you failing, then you probably do want to keep your distance — but it can still pay off to be civil.
But for the most part, I think you’ll find your company does better when you stop worrying about competition and focus on being a good business citizen and friend, sappy as that may sound. Sure, ask for help if you need it, but if you can become known as somebody who is willing to offer advice and information without any expectations of reward, it will pay off eventually. Not that that’s why you should be a good person, of course, but in this sense, karma is a real thing. Put good stuff out in the world, and it will come back to you.
Develop relationships with your customers.
Karma is especially important for a property management franchisee to consider when working with their staff, property owners and tenants. If you think about it, this is a business that won’t last long with toxic relationships. Why would a tenant want to stick around if their property management company made them miserable where they lived — or if they thought the people overseeing their living space were indifferent to their needs? They wouldn’t. And why would a property owner want you to manage their property if you were unpleasant or unhelpful? They wouldn’t. And why would anyone want to work for you, if — well, you get the idea.
But if you’re involved with your staff, property owners and tenants, and they all know you care about them, not only are people likely to stay around longer; you’re going to learn more about their needs. That means you’ll be in the know and will be able to help all of the people whose relationships your business is counting on.
It’s admittedly a paradox. You get into the business of property management thinking you’re managing, well, property. But really, when you get down to it, it’s a business that’s all about the people living in the buildings more than the buildings themselves.