Charlotte Property Management Blog

Sustaining, Maintaining or Building: Beyond sustaining

Sherkica McIntyre - Wednesday, May 31, 2017

In the first article of this series, we suggested that you ask yourself the question, “What is your ultimate goal?” We further advised that if the answer to that question was not “to build,” we needed to have a serious discussion. Well, the discussion has begun. And, hopefully, we do not need to revisit the topic of “sustaining”. [To refresh your memory: to sustain is to hold and maintain is to cultivate that which you already have, and building is where we’re headed.] So, before we get to the building, let’s take time to explore maintaining.

If you are maintaining that which you’ve already achieved, kudos to you! That may surprise you since we’re advising that your thoughts should be higher. But, to conceive of an initial real estate goal/dream and actually take the steps to make it happen is not to be taken lightly. By all means, revel in your accomplishment…then, put the process on repeat. Wait, not yet! You must crawl before you walk. You need to make sure you solidify your investment strategy, almost to the point of perfection, before moving on to bigger and better. It’s like sports. You don’t practice and practice, day after day, the improper technique. You learn the proper technique, then perfect it, and build once it’s second nature.

So, how can I perfect the maintaining phase of BUILDING my EMPIRE? Glad you asked.

  • Self-assessment. Make yourself a checklist to hold yourself accountable of goals. (Ex: am I on top of rent collection; do I file all paperwork, internally and externally, in a timely manner; how efficient is my filing system of important real estate documents; how regularly do I evaluate best practices for marketing, property maintenance, inspections, etc.?)
  • Don’t be your only judge of how well you’re doing. One of the most important factors to implement into your plans is finding an accountability partner. Someone who can see things with fresh, external, professional eyes and help you get and stay on track, as well as build.
  • Don’t be afraid to tweak what’s not working. Logic says, if it ain’t broke don’t fix it. That’s not logic that leads to bigger and better. It’s certainly not the thinking of someone that knows that an Empire is possible. It is important, before you move on to the next rung of the ladder, that you assess what’s working. If it’s not working, fix it. If it is, assess if it could be working better. This may take professional review, but that’s ok. Carod Properties has made itself a force in the industry by providing invaluable assistance, just like that.
  • Give yourself time. Though setting timelines helps us stay accountable, motivated, and moving forward, don’t be so strict with yourself that meeting that timeline becomes your focus, and not achieving the goal. Perfection takes time and Rome wasn’t built in a day.

Before we move on, a true self-assessment must be done of what you are doing now. Your Empire may be doomed if you take the mistakes of your past and present into your future. If you’re thinking perfection isn’t possible, your goal should be to get as close to perfection as possible to have the proper foundation on which to build. If you’re not sure where to begin, contacting Carod Properties is a great place to start.

By: Alicia M. Caldwell, AMC Literary Services

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