Just like in football, there is one member of your team that is going to carry the game. Do you know who this is? Your manager! They are absolutely vital to the success of your facility and not having the right one can be detrimental. The importance of having a good manager cannot be overlooked!
What Can a good manager do for you?
A good manager will assist you in keeping your occupancy rate high and your payment collections at 100%. They will also successfully keep the facility well maintained, which will in turn keep the value high, appraisal on-track, and your loan approved. When these things are done properly, if and when you go to sell, you will, without a doubt, get a good price.
What can a bad manager do to you?
Having the wrong manager could potentially be the end to your successful business! Think of those great qualities we spoke of before and just turn them to the complete opposite. Poor occupancy. No stream of rental payments coming in. Property becoming rundown until you are in violation of your loan covenants. They could begin embezzling what little money is coming in. Ultimately, your load could be placed into default and you could lose your business.
How to keep a good manager
Good managers are driven by one main factor. The desire to make good money. Set goal for your manager to meet and make sure that you compensate them for a job well done! Make them want to do well by your business. Don’t hold them back, but let them run the ship. It may be your baby, but giving them that responsibility will make them care even more.
Don’t run a good manager off! Be sure to fairly compensate them. Don’t micromanage them! No one likes that. Installing video cameras to watch their every move is the quickest way to destroy trust and good will.
Your manager is the most important member on your team. Treat them as such and you will be sure to keep them around.