We recently went over some pretty compelling reasons why even a small property management company could benefit from having a board of directors. But understanding the advantages and actually making it happen are two different monsters. Where on earth do you even begin? Believe it or not, putting together a trusted board of directors or advisors isn’t as complicated or challenging as you may think. In fact, all you need to do is look for the following three fundamentals.
Focus on expanding your own strategy.
You already have your own way of thinking and doing things. The purpose of a board of directors isn’t to mirror those things. It’s to bring diverse backgrounds, perspectives and expertise to the table. As you begin to consider who to invite, try to look toward individuals who will help broaden your horizons and expand your current business strategy. This will give you access to new and different ideas and viewpoints.
Prioritize ethics and solid business practices.
When building your board of advisors, you want to surround yourself with people you can trust and who will always act in the best interest of yourself, your team and your property management business. As such, it’s imperative that you ensure all board members are aware of and committed to their fiduciary duties. Look for individuals with strong character who are active in the community. By prioritizing ethics, you’ll develop a board you can feel confident in.
In order for a board of directors to produce value, constant and consistent communication is essential. Make sure the folks you choose to appoint are good communicators. Remember, you will be holding regular board meetings, whether it’s weekly, monthly or at the very least, quarterly. You need members who are willing to commit their time and energy to serving their role to its fullest. If you’re having a hard time nailing down someone to even discuss the possibility of joining your board, chances are you’ll be chasing them when it comes to future meetings as well.
A board of directors or advisors can be pivotal in helping you grow your property management business and making it more successful. Establishing this team doesn’t have to be a chore, provided you know what to look for. The three essential qualities above should help you create a dynamic board that will propel your company forward in a positive, profitable direction.