company culture
Unlocking Success and Satisfaction: Why Multifamily Leaders Must Align Careers with Core Values
Photo by Celpax on Unsplash
Human-centric leadership is more than a choice. It is a necessity. Aligning your career with your values isn’t just good advice—it’s crucial for long-term success and mental well-being. This alignment between career and values is a north star, enabling multifamily leaders to make grounded decisions even during turbulent times.
Let’s start with a foundational element: your values act as a personal GPS. When values are in sync with your career, it enables better decision-making. Without this, cognitive dissonance is inevitable. For instance, if your values revolve around sustainability and social responsibility, working in an organization solely fixated on the bottom line at all costs will create internal conflict. You may question your career choice, which often manifests as poor performance or dissatisfaction.
Building community is core to multifamily. You’re in the right field if community engagement and camaraderie are among your core values. But even within this, you’ll find variances. Some PM companies may be more invested in PropTech innovations aiming for maximum efficiencies, while others may prioritize the richness of human connection within the community.
So, how does one align their career with their values in the multifamily industry?
- Self-Audit: Begin by identifying what values resonate with you. This introspection will set the stage for further alignment. Tools like the Values Card Sort by Leanintuit can help in this exercise.
- Strategic Job Selection: When considering job roles or investment opportunities, look beyond the economics. Research the company culture and ask pointed questions during interviews to gauge value alignment.
- Cultural Contribution: Once you’re in a role that aligns with your values, work to imbue the organizational culture with those values. Use strategies like human-centric marketing and value-driven solutions to make a larger impact.
- Continued Reevaluation: This isn’t a ‘set and forget’ mechanism. Revisit your values and their alignment with your career regularly, particularly when making major decisions.
Aligning your career with your values also merits employee engagement and team cohesion. When your team recognizes that you operate from defined values, it creates an atmosphere of trust and authenticity, allowing for a more harmonious and productive work environment. This is paramount in an industry that thrives on relationships with those who live in your communities and those who work alongside you.
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Paul Bergeron | Collective Conversations
What a thrill to welcome Paul Bergeron back in this Collective Conversations episode. Paul is a Content Strategist, Business Reporter, and a sought-after Thought Leader in the Multifamily and CRE space. Some highlights from this episode include:
- An article from Business Insider: “It’s not just you. LinkedIn has gotten really weird” about the transition from a business/professional platform to include more social posts. Paul shared his strategy of trying to be informative, unique and funny when he posts and seeing the value of getting to know people beyond their business accomplishments and the increased opportunities for networking.
- Takeaways from the CREW Conference including property type designations, market definitions, and the future of the office space. The new Blueprint Conference in Las Vegas and the upcoming OpTech Conference which is scheduled to have a session on using AI in maintenance.
- Paul’s love of art and twice-failed attempts to meet Jackie Soffer, Chairman and CEO of Turnberry and fellow art fiend. If you’re listening Jackie – give Paul a ring.
- The Dom Beveridge 20for20 white paper co-authored by Donald Davidoff and Jeffrey Roper about revenue management and how the multifamily industry is far from a cartel.
- The BH spirit week – BH is the 6th best place to work in real estate and the #1 management company. From playlists to taking a walk – even remote departments found ways to connect during this special celebratory anniversary week.
- Taylor Swift and the NFL: Did Paul predict this disruption/relationship? Also, Paul tells the story of when he casually went to church with Taylor about ten years ago.
Whether you’re a seasoned investor, property manager, vendor/supplier, or someone interested in learning more about the multifamily market, this series offers valuable insights that can help you navigate the challenges and seize the opportunities in this dynamic industry.
About Mike Brewer – Mike is enthusiastic about people, technology, and the multifamily industry. He serves as President of RADCO Residential and COO of The RADCO Companies. As the Founder of Multifamily Collective, Mike is passionate about sharing insights and wisdom through this series of Collective Conversations with others in this industry. This podcast is a platform for industry professionals to connect, learn, and grow.
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Disclaimer:
The views and opinions expressed in this podcast are solely those of the individuals involved and do not necessarily reflect the official policy or position of Multifamily Collective or any other organization mentioned during the episode. The podcast is for informational purposes only and should not be considered professional or legal advice. Always consult a qualified professional or your organizational leadership before making strategic, professional, financial, or investment decisions.
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Company Culture in Multifamily: Healthy Hives Yield Honey
Establishing a Vibrant, Healthy Culture to Reap the Benefits in Multifamily Property Management
Photo by Alexander Grey on Unsplash
When we delve into the world of bees, we find the key to a thriving multifamily organization. In the hive, thousands of bees work diligently and in harmony, each serving their role for the collective success. Much like the honey they produce, the sweet rewards of a robust company culture are a byproduct of a healthy, cohesive hive. For multifamily executives, creating this hive means fostering a culture where every team member plays a pivotal role. Let’s explore how a healthy, thriving company culture can elevate the multifamily business.
With multifamily properties, executives often encounter challenges maintaining a harmonious company culture. Disconnection amongst team members, lack of communication, and an absence of collective goals are just a few symptoms of an ailing hive. Without a solid foundation of shared values and objectives, companies risk losing their most valuable assets—their team members and residents. Moreover, they may experience lowered productivity, reduced resident satisfaction, and decreased profitability.
Transforming this situation begins with leadership modeling behavior. Leaders must cultivate a culture of openness, collaboration, and respect. By exemplifying these values, executives set the tone for their team members, encouraging unity in pursuing collective objectives.
Effective communication is an invaluable tool in this transformation. Clear, consistent, and transparent interactions ensure everyone understands their role within the larger framework, promoting efficiency and reducing misunderstandings.
Building this culture also requires empowering each team member. Recognize every individual’s unique skill sets and contributions, offering them opportunities for growth and development. When team members feel valued and supported, they become more engaged, increasing productivity.
Investing in the well-being of your team members is another crucial factor. A supportive and nurturing environment contributes significantly to the overall health of the hive. Encourage work-life balance, mental health awareness, and overall team member wellness. Happy team members can provide better services, enhancing your residents’ experience.
The benefits of such an approach are manifold. A vibrant, cohesive team contributes to a higher resident retention rate. Satisfied team members lead to happy residents, leading to higher occupancy rates. Also, a healthy company culture can help attract top talent, further strengthening your organization.
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Reid Wicoff & David Staley | Collective Conversations
Welcome back to another episode of Collective Conversations, brought to you by MultifamilyCollective, your hub for all things multifamily. In this episode, we are excited to welcome our esteemed guests, David Staley and Reid Wicoff, co-founders of Digible, a groundbreaking company redefining the multifamily industry. David, the President, and Reid, the CEO, join us today to discuss their journey in taking multifamily to the future. We delve deep into their Manifestus, discussing the guiding stars that have led them through their journey – their love for the industry, their circumstances, and the culture they have cultivated within their team. One of their shared beliefs is, “We’re ready and willing to take on the toughest of challenges to get the best results for our clients. But we’re also happy to just hang out and enjoy one another’s company…and maybe a tasty beverage or two.” This quote perfectly sums up their ethos and commitment to their work and team. I love it! Their mission is, compelling, bold, and audacious – to blow the industry’s freaking mind! Their vision is a work in progress, as they’re still unpacking the box and exploring new ways to innovate and push boundaries. David and Reid also share some cool stories about their core values: authenticity, curiosity, focus, humility, and happiness. These values are their guiding principles, shaping their business strategies and client relationships. We intended to discuss their love for comics, but ran out of time! I guess they will be a return guest! So, buckle up for a captivating conversation about multifamily’s future, the power of company culture, and how to marry business with pleasure. Don’t forget to like, comment, share, and subscribe to stay updated with our latest content. See you in the episode! #MultifamilyCollective #CollectiveConversations #Digible #MultifamilyIndustry #Podcast
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Talent Wars & Battle Plans
The war for talent is more than a headline. It’s a conversation found in board rooms, daily huddles, and on just about every social media platform as hiring managers lament the challenges in sourcing and retaining new team members. Many factors contribute to the challenging job market. Unemployment claims are at the lowest point in decades, baby boomers are aging out of the market, and in a movement dubbed “The Great Resignation” hundreds of thousands voluntarily left jobs this year. Meanwhile, the rise in gig work gave many workers freedoms rarely offered in traditional job roles. Many job openings are the result of existing team members who left for greener pastures such as more money, better benefits, improved quality of life, or from unhappiness in their role or the overall organization.
Inc., Forbes, Fortune, and dozens of other publications have published articles on this topic, some even positing that the war for talent will continue through 2031. While some may disagree with a point or conclusion in one of these articles, it seems clear that employers must revisit and rethink how to attract, retain, and motivate new team members.
Competitive Set
Every multifamily operator understands the fundamentals of supply and demand in terms of apartments, market comparables, rent rates, resident satisfaction and retention, amenities, and other desirable factors. No operator worth their salt would attempt to lease up a property without knowing their competitive market and understanding what sets them apart from all the other options a renter has – because success is measured by the consumer, the one with the ability to choose.
The war for talent is in many ways similar to a lease-up – albeit one where five other new construction properties came on the market at the exact same time with similar cutting-edge amenities and sky-high rents. The job market competitors are a little harder to define – you could lose a candidate to a company in another time zone not just down the street. In any case, it’s time to pull out all the stops, define your competitive edge, and reimagine your marketing strategy.
Culture as a Differentiator
If your pay rates are competitive with the market, benefits are top-notch, and your practice of work-life balance is more than just a worn-out phrase, then you may be closer to a level playing field, but that doesn’t close the deal. Ultimately, culture is the differentiator. If this is war, then now is the time to make radical changes in your battle plan and lead the charge with an authentic culture that places importance on the things that matter to employees.
As leaders, if you haven’t done the work of doing a deep evaluation of your company’s culture then get to it. I encourage you to examine your mission statements and core values and honestly analyze your culture. Where is organizational behavior aligned with your promised culture and what needs to be recalibrated? Culture is your organization’s DNA and should form your operational common language. Does everyone in your company understand its core values? Where are the pain points – the places where corporate and leadership actions diverge from your stated values? Those disconnects become the fertile soil of disillusionment for current employees and can lead to dissatisfaction and turnover.
Shot Gun Hiring
The rush to hire as quickly as possible can lead to a potential culture killer. As companies become desperate to fill empty seats, both to get the necessary work done and to relieve the pressure on existing overburdened staff, it is possible, even probable, that alignment with cultural values will be downgraded on the list of hiring criteria. This type of shotgun hiring is a short-term solution that requires a strategy to encourage cultural cohesion. Consider employees’ introduction to the company and support their internal job path with education, peer-to-peer connections, and frequent touchpoints to provide feedback and encouragement – something even more important when new hires work remotely and miss out on the experience of informal connectivity. In the end, the goal is to transition all new hires into engaged team members and fans of the organization while keeping the core values of your company intact.
Has your company developed a winning battle plan for the war on talent? Share your thoughts with us here or on our social media pages.
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