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Do you know the truth about property management? Matthew, Evernest's Founder and CEO, and Spencer, Evernest's Director of Marketing, recently sat down with industry expert Marc Cunningham to tease out just that. The group talked about team retention, owner marketing, and a big secret in the industry he's discovered from talking to hundreds of managers just like you.
You can listen in to that conversation here, or simply read on for top takeaways.
Let’s dive in!
Meet Marc Cunningham
Marc Cunningham is an accomplished property management company (PMC) owner and longtime industry friend. He currently serves as President at Grace Property Management in Denver, Colorado.
Marc Cunningham's Journey
Marc grew up in the property management world and eventually joined his father's business. He says his hands-on experience has been invaluable, not only in managing properties but also in his role as an educator within the industry. It's this depth of experience that has allowed Marc to connect with and guide other property managers effectively.
The Accidental Educator
Marc's foray into speaking and coaching was an unexpected journey.
"I didn't plan it; it was completely organic,” he says. “There was no master plan of, 'Oh, I should be a speaker, I should be a coach, I should be an educator.' That was not on my radar whatsoever. It was totally an accident, quite frankly."
He is a testament to the fact that, sometimes, the most impactful paths in our careers are the ones we never planned to take.
The Problem: The Biggest Lie in Property Management
One of the most striking points we discussed was what Marc referred to as "the biggest lie in property management." It's the misconception that everyone else in the industry has it all figured out. This couldn't be further from the truth.
The Truth About Property Management: Marc’s Top Tips for Progress
The truth about property management is that we all face challenges and uncertainties, and it's crucial to acknowledge that no one has a perfect playbook. This realization is liberating and allows us to approach problems with a more realistic and collaborative mindset.
So let’s explore some of Marc’s top tips for PMC owners just like you:
Prioritize Face-to-Face Interactions
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In an era where virtual meetings have become the norm, Marc, Matthew, and Spencer all agreed on the irreplaceable value of face-to-face interactions.
There's a certain nuance in direct communication that often gets lost in translation over digital platforms. Whether it's reading body language or sharing a spontaneous idea over a cup of coffee, the human element in business dealings is something that technology cannot fully replicate.
Attract and Retain Top Talent
Marc also makes a concerted effort to attract and retain top talent. He stressed the importance of hiring individuals with a proven track record and fostering a positive work culture.
"When you get a group of high achievers and you want them to stay, it takes a lot of energy and effort as well... I want to make it a place that's so good that they'd be like, 'Why would I leave? There's nothing better out there,'" said Marc.
It's about creating an environment where employees don't just show up for a paycheck but are genuinely invested in the company's success and growth.
Create Content
We discussed content creation, including the initial reluctance the Evernest team encountered in getting people to appear on camera. We emphasized the importance of perseverance and the willingness to embrace the awkwardness of the early stages. We also had a good laugh about some of the mishaps we've had, like accidentally including personal conversations in a podcast episode. It's all part of the learning process.
Prioritize System Manuals and Company Culture
Finally, Marc emphasized the importance of having position-specific system manuals for every role within the company. These manuals are vital for ensuring smooth operations, even in his absence.
He also shared his primary responsibilities, which include maintaining company culture, monitoring financial metrics, and overseeing marketing efforts.
Final Thoughts: The Truth About Property Management
Our discussion with Marc Cunningham was a treasure trove of insights into the property management industry. From best practices to adjusting to unexpected outcomes, we covered an array of topics that are crucial for anyone in the field.
Remember: Property management is complex, but with the right systems, a focus on talent acquisition and retention, and a willingness to adapt, it can be a rewarding and successful venture for PMC owners just like you.
Ready for More?
We know what it’s like to grow a property management business from 30 doors to more than 16,000. The journey was anything but easy, and we learned tons of lessons along the way. Our desire to share that knowledge with you motivated us to start the Evernest Property Management Show podcast, a weekly newsletter, and our monthly webinar series for property managers.
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