I have zero experience as a fighter pilot, and my only experience in the subject is limited to the Top Gun movie above.
With that said, I have no doubt there are certain principles a fighter pilot follows to ensure they avoid FATAL mistakes that gets them killed. While the stakes are different my mentor ingrained a set of principles that would help me avoid FATAL mistakes in our business.
When we engage with our tenants, vendors and clients TRUST and CREDIBILITY are essential. By following these 5 Rules of Engagement you can eliminate the mistakes that hamper your ability to form these critical relationships built on these foundations.
Without further adieu, here are the rules:
Be Accurate.
Never Assume.
Communication is key. Never want to hear “I didn’t know…”
When in Doubt, what is reasonable?
Not loose ends
For this blog post, I will detail Rule #1, and then expound on each of the other rules in subsequent posts.
BE ACCURATE.
Seems simple right? However, details matter, and can get you in trouble when you don’t get all of them right. For instance, when filling out a lease incorrect DATES and NUMBERS can kill you. What if a number gets transposed and instead of $4,300 per month you put down $3,400 per month? Lease is signed and then you realize what happened when the first month’s rent comes in. Hopefully you can talk your way out of that, but you have a potential mess on your hands. Dates are the same - you enter a wrong date and the the term of the lease could be shorter or longer than you actual want.
For important documents such as a lease, double and triple checking the important dates and numbers is essential. Taking your time to check these important terms by slowly reading each entry rather than scan through it is an important distinction.
It’s not only the important obvious details but also the small little ones as well. Type-o’s and poor grammar in emails and letters can imply you’re careless or disorganized. It may also call into question the message your are trying to convey and possibly even your competence.
Last thought on this rule is to make sure you are accurate on the facts. If there is an issue with a tenant makes sure you have the facts. Nothing will anger anyone more than being accused of something they didn’t do. Gather the information from all sides and make sure all the facts are accurate.
The purpose of this rule and all of these rules is to not shoot yourself in the foot. It makes it a lot easier to manage your property when you only deal with the problems created by your tenants and/or property and not have to also deal with problems created by you because you didn’t cross t’s and dot i’s. Take your time.
