One of my absolute favorite things to do in the multifamily business is visit site teams. In my head, it’s what it’s all about. You’ve read it here a million times. Organizations are put in place to serve the people who serve it. And getting out to see the teams is front and center in that proposition.
There is an old axiom in real estate – location, location, location. I would posit a new axiom - people, people, people. For some it’s the tough stuff. The touchy feely soft side of business that you can’t capture on a spreadsheet. It is the part of the business that I love.
We manage a property in Edwardsville, Illinois called Cherry Hills. It’s made up of five unique properties ranging in size from 32 units up to 100 units. The market has been hit by overbuilding and lagging unemployment. It’s been really tough to say the least. But this team is all over it. They are getting their lemonade out of the lemons so to speak.
And, here is what I mean by that – love the simple stuff…