Weight Watchers (“WW”) helped me progress toward my goal of becoming “merely obese” (something I have not experienced in over 30 years). The WW process is applicable to how an investor can influence a positive real estate management experience.

YOUR “WHY” DRIVES OUTCOME

WW touts that the battle for weight control starts in your head.  What is your “why” for gaining a healthy life? The clearer and stronger is your “why”, the greater is your chance to survive stupid eating and drinking.  My “why” is I want to live to proudly carry around a grandchild (someday)! Based on my age when I became a father, if the apple does not fall far from tree, I need to make it into my mid-80s.

Consider your “why” for the investment real estate you have acquired.  Does your why – e.g., strong cash flow – match up with the reality of your realty – e.g., a from scratch development project?  Might you exercise some involvement by visiting the property several times each year? Could you stretch your work day to allow for a telephone update with the property manager to better understand the challenges they face?

MONITOR – MOVE – MEDITATE

DATA TO KNOWLEDGE.  In WW, we recorded everything we eat on an app on our phones.  This data alone, similar to the operational spreadsheets you receive, remains as only data until the time is spent to convert it in to knowledge. The WW app translates the food intake data into actionable guidance on when to stop (e.g., reaching your allowed points for the day). 

Monitoring property performance effectively requires going beyond reviewing the data from a report. Reach out to the property or asset manager for their interpretation of the operational data. For additional insight on the market, reach out (each quarter) to a rotating list of real estate brokers located near your subject property.  And don’t forget that there are others who may have insight – police, fire, elected officials, vendors (to your tenants), service providers (to the property), and businesses owners located near your property. 

STAY CONNECTED.  WW gives points for physical activity. You will become more effective as an investor understanding what is happening with the property you own by regularly reviewing similar properties now available for sale. Window shopping is also an effective way to see what your competition is doing (and gain physical activity points in the process!).

SHARPEN THE SAW. WW has found that success requires controlling what we consume not only by mouth, but also by eye and ear.  The messages we allow into our mind can support or undermine what we are determined to do with our body.  With WW, I read publications related to health and talk with experts in the field, from doctors to experts in healthy eating.

What words and pictures do you allow into your mind which support or undermine your real estate investment goals?  Emotion tends to drive us to move from considering to taking action on many transaction issues (e.g., buy/sell/improve/finance/lease). The better educated we become regarding the issues we will face, the more likely we will succeed in “fight or flight” decisions regarding our investments.

BOTTOM LINE 

Managing your real estate investments can be improved by the lessons one learns following the Weight Watchers approach to “wellness”. You get what you monitor. You get stronger by taking action. And you become better when you commit to education. 

If you want to apply these principles to your own real estate portfolio or discuss strategic improvements, contact Rick Chess directly at 804-241-9999 or rick@chesslawfirm.com.