How much are you worth to your investors?
The original subject line when I first started writing this article was ‘how much is an investor worth to your business?’. Let us be honest though, we have talked the back legs off a donkey regarding that subject (I hope that is the right saying).
The thing I believe we should talk about more is the value a manager brings to an investor. The phrase ‘knowing your worth’ is so immensely powerful and one that some, including me, can struggle with not only in business but in a personal sense as well.
Seeing as I am not a registered councillor or therapist, I will stick to the business side of things!
During my contracted time with a client, I am lucky enough to watch them become more and more confident within themselves as we win back their outside investors. This got me thinking, do they not know how great they are? Within one day, a manager has the ability to go from a professional real estate agent, handyman/woman, pool man/woman, landscaper, unpaid and unregistered councillor/relationship therapist, security guard and office administrator… That is all pretty darn impressive if you ask me. I want to share a real-life story with you…
Let’s talk about Joe
Joe is a lovely fellow that I had a conversation with the other day (said in a sarcastic tone) in relation to him having his rental with an outside real estate agent. The conversation between Joe and I was flowing nicely until I hit him with the punchline: “So Joe, how do we win over your business?”
His response will no doubt make your blood boil as it did mine. “You mean that manager wants more money out of me? I already pay his wage”.
Immediately, I sat up straight and became much more assertive in my tone, explaining how the care taking role works, etc. After I had overloaded him with information and stories of how (insert swearword) amazing the manager is he proceeded to say:
“Ok I’ll give it to you for five percent commission (inclusive of GST) and no relief fee, I don’t even really see what you agents do anyway”.
I thanked Joe for his time and said I would get back to him. The manager and I spoke at length about Joe, his offer, and his attitude. After waying it all up we decided to tell Joe to stick it. The manager insisted on making that call to Joe, and good on them.
Negotiating commissions and fees in business is something that will inevitably happen throughout your time in management rights but there is a big difference between negotiation and being devalued. If you are confident in your ability and value your own worth other’s follow suit, eventually.
The moral of the story is that your value does not decrease based on someone's inability to see your worth.
Be confident in what you do. Be kind in how you act. And always be honest with your words.