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You are managing a property and it is not meeting the owner’s goal for annual return on investment. What do you do? Cut expenses? Spend more money on a new marketing campaign to reduce vacancies? Try to find ancillary income opportunities? If so, which ones? Hold off on capital expenditures, like replacing the leaky roof? These are questions a real estate manager constantly faces, and what they decide will determine whether they make their clients happy, or not. How do you make the right decisions?
IREM’s Job Analysis lists “Critical Thinking” as one of the top five competencies required for success. Real estate managers are constantly making decisions and solving problems. They have to correctly interpret a myriad of financial data, understand market conditions, and identify operating and personnel issues. The profitability of a real estate management company, and the properties it manages, depends on skillful analysis and action.
The IREM Leadership White Paper on Critical Thinking provides ideas and suggestions for improving your ability to make well-informed, reasoned decisions. It covers the following steps in becoming a more critical thinker, by helping you to:
- Clearly and precisely identify the real, underlying issues and problems that must be addressed
- Gather all necessary, relevant, and accurate information
- Evaluate the information accurately, being open-minded and thorough in assessing the information
- Identify the best solutions to problems, making well-reasoned decisions which are also assessed as to their implications and practical results
- Work collaboratively with others in finding solutions to complex problems.
The IREM Leadership White Paper on Critical Thinking includes development tactics that you can start implementing immediately to achieve better, more productive results in your problem solving and decision making.
Format: PDF; 6 pages
If you like this white paper, you may be interested in the other papers in this series.
Click here to access the other white papers in the series