4 minute read
Forming a Dynamic Mastermind Group
By Rob Buffington
There is a saying: “Learn from the mistakes of others; you won’t live long enough to make them all yourself.” In the ever-changing world of the HOA industry, surprises and challenges are constant companions. Having spent almost 10 years in the industry as a manager, vendor, and board member, I have encountered a diverse range of situations.
One of the best decisions I made early in my career was to form a mastermind group. I sought out property management professionals from different parts of the country and organized monthly meetings. In our group, we committed to total transparency and sharing our monthly experiences - the wins, the losses, and the laughable moments.
Unlike formal training programs, a mastermind group has no leader. Instead, each member brings their own thoughts and ideas to the table. Some groups may have specific goals like focusing on growth and sharing effective practices, while others may be more freewheeling, discussing whatever is on their minds.
Picking the right members and setting expectations upfront are crucial due to the group’s unstructured nature. Here are some best practices to implement to develop a mastermind group of your own:
1. Identify the Purpose of the Group
Defining the group’s purpose may seem obvious, but different individuals might have varied expectations. Decide whether the group will focus on skill development through studying new topics together, growing individual portfolios, streamlining operations, or providing mutual support. Ensuring everyone is on the same page from day one is essential. It will help potential members understand the group’s focus when you invite them to join.
2. Define the Ideal Group Size
Determine the ideal size for your mastermind group. While smaller groups foster deeper connections, larger groups offer diverse perspectives. Strive for a balanced size, typically between 5 to 10 members, ensuring productive discussions and active participation during meetings. This also ensures the group remains dynamic as members naturally come and go over time.
3. Define Member Criteria
While your initial focus might be on adding members, establishing criteria to limit membership is essential. Clearly define who is and is not a good fit for the group. For example, consider geography; choosing members with no geographical overlap can allow for more open discussions. Additionally, setting size limits for managers’ portfolios may ensure that members share similar experiences. Decide whether non-managers, such as assistant managers, facility directors, or maintenance coordinators, are allowed in the group. Identifying criteria upfront will prevent frustration later on.
4. Set Meeting Guidelines and Frequency
Establish meeting guidelines and determine the frequency of mastermind group gatherings. Decide on meeting duration, typically 1 to 2 hours, and set a regular schedule that accommodates all participants’ availability. Consistency is vital for fostering a strong sense of community within the group. Treat the meetings as work events rather than discretionary, prioritizing attendance.
5. Set Clear Expectations
Communicate expectations to all participants regarding their commitment to the group. Encourage active participation during meetings, timely completion of agreed upon tasks, and a willingness to provide constructive feedback. Ensuring everyone understands their role contributes to the group’s growth and effectiveness.
Forming a mastermind group for HOA managers can be a transformative experience, propelling your professional growth to new heights. By following these steps and creating a welcoming, collaborative environment, you will build a dynamic community where HOA managers can exchange ideas, learn from one another, and collectively elevate the quality of their HOA management practices. Together, your mastermind group will be a force for positive change within the industry, benefiting your personal and professional growth and the success of your respective community associations.
