Developing your business knowledge is vital to your success whether you are an investor, landlord or property manager. Staying competitive in any market requires the willingness to learn from other experts in the real estate industry and in the business world.
While hundreds of great business books come out every year, there are always a few gems that can take any entrepreneurs or real estate experts to the next level.
“Leaders Eat Last Deluxe: Why Some Teams Pull Together and Others Don’t” by Simon Sinek
If your goal is to be a great property manager, you need to have an excellent team at your side. Yet, employee turnover rate within the apartment property management field is even higher than that of the retail industry. What do great leaders do to foster great teamwork? Sinek discovered the answer during a conversation with a Marine Corps general. “Officers eat last,” he said. His book illustrates how certain businesses foster trust and cooperation within their team because their leaders build what Sinek calls a “Circle of Safety” that separates the security inside the team from the challenges outside. In the deluxe edition of this book, Sinek includes an expanded chapter and appendix on leading millennials, giving more insight to ensure that you prepared to lead a cohesive team regardless of generational differences.
“First Things First” by Stephen R. Covey, A. Roger Merrill, Rebecca R. Merrill
Written by the same author of the incredibly popular book “The 7 Habits of Highly Effective People,” which sold more than 10 million copies, Covey’s advice didn’t end there. Together with Roger Merrill and Rebecca Merrill, Covey writes a guide to prioritizing your personal and professional goals and has been considered the gold standard for time management books. Whether you are a landlord, investor or property manager, there is no more important asset than your time. Covey offers time management tips that enable you to get more done in less time, develop and retain rich relationships and create balance in your life.
“The Book on Managing Rental Properties” by Brandon Turner and Heather Turner
An easily recognizable name if you ever find yourself listening to The BiggerPockets Podcast, podcast co-host Brandon Turner offers more tips in this book, with the help of his wife Heather Turner. With 100 rental units and dozens of rehab projects under their belts, this husband and wife team express that no matter how great you are at finding good rental property deals, you won’t be profitable without the right management strategy. The Turners take you through low-cost strategies for attracting great tenants, rental lease provisions to include to protect yourself, practical tips to ensure long-term tenants, tips for bookkeeping and taxes, and much more. Designed with practical advice to help even small landlords or property managers, this book is a great read for anyone hoping to develop the skills to effectively manage their expanding portfolios.
“Lost and Founder: A Painfully Honest Field Guide to the Startup World” by Rand Fishkin
Written by a founder and former CEO of Moz (a marketing analytics company based in Seattle) Rand Fiskin reveals how traditional Silicon Valley “wisdom” leads too many startups astray. Fishkin’s offers humor and a practical look at the behind-the-scenes parts of startup world that is rarely highlighted. This book proves to be an enjoyable read while it opens up about hard-won truths for any business environment.
“Traction: Get a Grip on Your Business” by Gino Wickman
Written by Gino Wickman, this book requires entrepreneurs and business leaders to ask themselves “Do I have grip on my business, or does my business have a grip on me?” and expresses that readers do have the power to eliminate all their business-related frustrations. Every business leader faces the same frustrations—personnel conflict, profit woes, and inadequate growth. This book teaches the Entrepreneurial Operating System (EOS) which acts set of basic tools to help businesses leaders treat their business is a separate entity. Wickman offers you the secrets of strengthening the six key components of your business, allowing it to become its own self-sustaining organism. This means will feel more in control, happier and less stressed. Which in turn, leads to organizations that are more profitable, more focused and staffed by great employees.
Whether your business or investments are flourishing or facing uncertainty, sharpening your business knowledge and developing more skills always provides dividends. If you have a few minutes to spare each day, there’s no better time than now to find a new favorite book and use its expertise to ensure that you are one step closer to meeting your business goals and creating the life for yourself that you always dreamed of.