Decision making is a critical task that all leaders need to master at some point in their careers. Most of the time it involves every day, low-impact choices that ensure the business continues to run smoothly, but occasionally a decision must be made that could have lasting repercussions for months and even years to come. Sometimes as a leader you’ll be faced with having the final say in something that could potentially change the trajectory of your entire property management business. If you find yourself struggling with these major decisions, here are four key questions to ask yourself that can help bring clarity and confidence to the process.
What exactly, am I deciding on at the moment?
In order to make the most informed and wisest decision, you really need a clear understanding of what’s at stake. In many cases, there are multiple steps and factors involved in each scenario. For instance, let’s say one of your employees stole a significant amount of money from your company? The decision to sever access to all systems is a quick and easy one, but deciding whether to contact the authorities and press charges may not be as straightforward. The first step in effective decision making involves understanding and then prioritizing what needs to be resolved.
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When does the decision need to be made?
Once you fully understand what you’re considering, the next question to ask is when you need to make that decision by. If it’s something you can spend time thinking about, take advantage of the time available to you to weigh the various options and consider all angles and potential outcomes. If necessary, gather and assess additional data or insight.
It’s also important to keep outside factors in mind when answering this question. For instance, in the example given above, you might discover that in order to submit an insurance claim, you will need to report the employee theft to the authorities within a specified timeframe.
What options do I have?
You may already know two or three possible options, but there might be a number of other angles you could consider as well. For best results (and when time allows), engage in some healthy brainstorming activities. Imagine each possible decision and assess its subsequent outcome.
This is where your strong leadership skills can truly shine. Be willing to think outside the box and resist the temptation to jump at the first thought that crosses your mind. As a result, you might very well end up with a much better outcome than any of your original options ever could have yielded.
Related Post: How Effective Property Management Leaders Deal With Difficult Decisions
What facts and benchmarks should I use?
Lastly, with a clear picture of the decision you need to make, when you need to reach a final determination and what your various options are, the final step involves identifying what criteria you should use in making your decision. It can be helpful to list these factors out and apply a weight to each so that you can measure and prioritize them accordingly.
Of course, there’s no magic formula for effective decision making, but by applying the four key questions above and taking the time to carefully consider all of your options without being hasty, you can decide with confidence and improve the chances of a positive outcome for your property management company.
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Get the full scoop on How to Build an Extraordinary Property Management Team. Download our FREE RESOURCE GUIDE.
