When I say ‘mind your own business,’ I mean it literally (no snark). It’s easy, especially in times of change and uncertainty, to focus on the national news, the pundits who tell you the sky is falling, and the scary economic predictions (tariffs, struggling stock market, “recession”)
The fact is that most of the news probably won’t affect your day-to-day business operations, and nothing good comes from worrying about what hasn’t yet happened. News, economics, and politics have always been cyclical, and what’s happening now will be old news in a year or less. Whether it’s good news or bad news, you can’t control what’s happening on a national level, but you can shape the direction of your company.
So, I always recommend that you work on controlling what you can: your own business. Focusing on what’s in front of you will be the best way to build a strong, sellable company. Review and reduce expenses, update agreements to protect from sudden changes in revenue, and ensure your documentation and bookkeeping are current and in good order. Build stronger client, tenant, and vendor relationships to increase sustainability. Do research to make sure your pricing and rents are in line with your local market and identify opportunities. Develop a plan for growth—or for selling your portfolio.
Not only are all of these actions important, they’re also productive and time-consuming. You won’t have much time left over for doom scrolling, and might just find yourself in a much better place.
You’ll also be focused on what matters in your property management career and why you got into this work in the first place. Entrepreneurs are naturally optimistic; they believe in their service and ability. They’re future-focused, and so are the people who want to buy their business. They see opportunity and aren’t afraid to take risks in times that can lead to rewards.
Elections always bring uncertainty, which can keep people from making decisions and moving quickly when a good deal presents itself. It’s possible that some federal policies will increase prices; it’s also likely that some deregulation will benefit small businesses like yours. Your job is to make your business as strong as possible and to be ready to recognize opportunities when they appear.
Many thought leaders and entrepreneurs follow the Stoic philosophers, and for good reason. They understood the importance of putting your thoughts and your energy only into what you can control. “You have power over your mind – not outside events. Realize this, and you will find strength.” (Marcus Aurelius)
Whether you’re growing your business or planning to sell in the next couple of years, I can help you understand your portfolio’s current market value. Click here for a confidential and complimentary opinion of value.
About Patrick Hurley:
He’s a Tallahassee native with over 20 years of experience in property management, real estate, construction, and business brokerage. Having owned, operated, bought, and sold property management companies in the past, Hurley is uniquely positioned to help others in the industry find their exit. He’s been described as dependable, highly efficient, effective, and hard-working with a no-nonsense attitude. He takes pride in his professionalism and attention to detail and focuses on his client’s desired outcome.