How Competition Leads to Success in Property Management

In professional property management trade groups such as NARPM or IREM we have always been of the mind that we aren’t competitors, we are colleagues. So, why is the idea of being competitors not encouraged? Our entire culture is based around competition. Whether it is sports, entertainment, our profession, or politics, you name it we make a competition of it. Here are some of the benefits of competition and how it leads to success, no matter how you define it.

Stretches Us

Competition fosters our drive to be better and do better. When we see others doing extraordinary things, it shows us that we can do it, too. Competition stretches us to reach for new heights and to aim for something beyond our current reach. Once achieved, we stretch further. Competition helps us to develop habits, focus our attention, and to keep going even when we can’t see the finish line.

Camaraderie is also part of competition. The joy of a shared experience and the respect and admiration of the winners who accomplish something great is celebrated by all. The biggest gain is a reset to our thinking. We all have limiting beliefs and once those beliefs are busted, we can achieve what was once thought impossible. In my coaching career, I hear limiting beliefs all the time.

I can’t raise my rates; my clients will leave.
I can’t offer revenue streams because my clients will say I am nickel and diming them.
I can’t find anyone who wants to work in property management.
If I want to do something right, I have to do it myself.
I can’t turn down this client because I need the money, or I am growing my business.
All Owners/Tenants lie and complain; property management is a thankless job.

I can tell you NONE of these statements are true. Seeing other successful property management companies add new services, set client boundaries, grow their team, or increase fees without clients leaving gives you the courage to do it too.

When we make excuses or limit our dreams in one area of our life we limit our life in other areas, too. There are always opportunities, and competition challenges us, pushes us to change our beliefs, and mindset. Without competition, we settle and what you hear is, “this is how we have always done it (since our inception in 1979).” Like this is something to be proud of and we wonder why we are losing business.

Leads to Innovation

Competition leads to innovation and creative problem-solving. The speed of technology use to double every 10 years now it is every 18 months! Man walking on the moon, the cure for Polio, and smartphones all came about because of competition. How do we differentiate ourselves from our competitors? Maybe it is through technology, customer service, pricing, or a new product. We all offer property management services, and competition forces us to think about how to stay relevant and in the game.

Builds Character

Competition develops character. How to lose gracefully, or at least to accept the loss. I have seen adults throw a tantrum when they lost…hard to have respect for someone like that or want to follow a leader who demonstrates childish behavior. There are lessons to learn through failure. Of course, people compete to win not come in second, but we learn and grow through trials and heart break. We learn that if we train harder or come up with a better way of doing something, we will be rewarded for it. There are many stories of amazing people that failed numerous times until finally they succeeded, and the prior failures were necessary steps toward success. Character is defined by what choices and action we take in adversity. Do we accept defeat, or do we get up and find another way? The choice is yours; winners have the ability to continuously get up. They surround themselves with others who inspire them to get up. We all know what good sportsmanship looks like, yet we don’t see it often and when we do, we feel a sense of pride. I often cry…it is usually touching and deeply moving when we see it.

Competition stretches us to be our best in everything we do, it leads to new advances in technology and builds character which in turn creates the steppingstones to our success.

Here’s to a year of turning the impossible into the possible. I know you can do it!