Peter Lohmann's Newsletter - Issue 118.5

Welcome! My name’s Peter Lohmann and I own a property management company in Columbus, Ohio. This is a weekly newsletter covering property management news, and providing a first-hand account of what’s working (and not working) in my business. This is a no-fluff publication.

A Wednesday Newsletter?

Hey, what’s this newsletter coming mid-week instead of Friday?

Sending this off-schedule for a few reasons:

1. New design! Check it out! Please provide feedback.

2. This is a special edition focused on jobs & hiring.

Alright, let’s dive in!

P.S. Business owners, if you’ve ever had a valued team member quit, scroll to the end of this newsletter for a very personal note.

Who is Hiring in SFR, PropTech and Property Management

If you’re looking for a job in the industry (or if you’re hiring), jump into the comments on this LinkedIn post:

You’ll find folks sharing job openings at Lighthouse, AppFolio, Second Nature, LeadSimple, Evernest, Aptly, various PM companies and more. Plus a few job-seekers!

This post ended up working really well, and I hope it helps some folks make great connections!

My Experience with AI Headshots

If you’re currently job-hunting (or even if you’re not), I recommend making sure you have a GREAT headshot & social media photo. The good news is that this does not need to cost an arm and a leg. AI-generated headshots are a tool that have been around for a while, but have recently gotten really good. I’ve played with a few of them.

The one I like best is called InstaHeadshots. Below are the source images I fed it:

And here are a few of the professional headshots it spit back out:

Pretty amazing, eh? I was blown away, especially considering none of the source photos look anything like the output photos! They offer discounts for teams too (e.g. if you want your whole company to have matching headshots).

Handling Unexpected Employee Departures

Business owners & managers: Ever get a Slack or text message like this from one of your team members?

Gulp. You probably know what’s coming next…

There’s little that compares to the frustration and doubt you’ll experience as a business owner or manager when a high-performance team member gives you their notice. It instantly sets off a chain reaction of thoughts (at least, it does for me):

• Why are they leaving? Is there something wrong with me?

• Is anyone else going to leave?

• Will they keep doing a good job through the end of their time here, or do I need to let them go immediately?

• How will I ever replace them?

• How will we cover their job while we search for a replacement?

• Will the next person I hire just leave, too?

What to do?

First, know that you’re not alone. I’ve been in business for myself for almost 12 years now. This never gets easy and it never goes away. It’s just part of what we signed up for when we started our own thing.

Here are some practical steps to take when the inevitable happens:

1. Ask the team member for an exit interview. You’ll want this information to figure out if there’s anything you can do better as an employer/company. If it feels too personal, have someone else on your team do this for you. Be sure to ask them if they know anyone who would be good for the role.

2. Give yourself 48h to cool off, then consider if a counter-offer makes sense (it usually doesn’t).

3. Stay polite and professional ALWAYS (this can be hard). You never know what can happen or who the outgoing employee might be able to recommend to your company IF they leave with a good impression.

4. Ensure their role is fully documented. If not, get their help to do this.

5. Start updating their job description to match their current activities and responsibilities. This is a great opportunity to think about if the role should change or evolve at all. I find that small business owners have roles that are either unclear/vague, or have too wide an area of responsibility. Consider narrowing the scope of this role and backfilling with global talent (RTMs). This will make everything easier.

6. Think carefully about your network. Do you know anyone who might be great for this role? Or do you know anyone who might know someone? Leverage your network and social media, this is the low-hanging fruit you’ll want to start with.

7. If you haven’t already, read “Who” by Geoff Smart and Randy Street. Best book on hiring I’ve ever read, and it’s not even close.

8. Consider using a tool like Culture Index, Predictive Index, or DISC to increase your chances of interviewing great-fit candidates. We use Predictive Index and like it.

9. Consider using a recruiter, especially for management and sales roles. After ignoring recruiters for 10+ years, I’ve recently had outstanding results working with The Kalmar Group. They have deep PM experience. You pay up for this type of service, but it’s absolutely worth it if you’re already busy or need to maximize the chances of getting A-Player candidates (who by the way, are not looking for jobs 99% of the time).

I hope this helps. I find hiring, and departures to be some of the most difficult parts of being a business owner / manager, even all these years later. But they are also some of the most high-leverage, so it’s worth taking your time. Good luck.

That’s all! See you Friday!

-Peter

The content of this newsletter is for informational purposes only and does not constitute professional advice. I may have consulting agreements with, or financial interests in, companies mentioned in this newsletter. Additionally, some of the links included in this newsletter are affiliate links, meaning I may earn a commission if you make a purchase through these links. Always perform your own due diligence before making any financial or business decisions.