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Internal and External Factors

Satisfactory Essays

Internal and External Factors in Management

XMGT/230

Internal and External Factors

I have been in the field of property management since I began my career and I am familiar with the organizational unit of a fee-based property management company. These fee-based property management companies are hired by multi-family real estate owners to manage the apartment communities that they own. This business, like any other is subject to the four basic functions of management. The four functions of managing any company or field are: planning, organizing, leading and controlling. These functions are not necessarily kept in a certain order but must be followed in order to effectively operate a business. A manager’s …show more content…

Motivated, top performing employees became those that leapt out of the boundaries and thought outside of the box. These employees were the ones introducing new ideas, products or repackaging business presentation to the world causing companies to reinvent. The innovation revolution called for a much different management style when it came to leading these employees. Property management companies along with technological advances encouraged innovators to work from home on new ideas in an effort to keep them motivated. The nine-to-five work-day adapted to fit the mold of the employee’s schedule. Diversity can be described as a new variety of individuals were present in the work force. Many business owners recognized that this provided a broader range of talent within their field. Leading a diverse team of employees proved much more challenging than leading a uniform team of employees in the property management industry. When a uniform team shares a common goal, they normally share the same motivating factors that go along with that goal. When a diverse team of people are considered, most will not share the same motivating factors. Therefore, property managers must change their management style to accommodate the needs of a diverse staff. They must understand each employee as an individual and nurture that employees needs in order to motivate and then lead to innovative thinking. Different leadership style then

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