Culture
The Transformative Power of Courage in Multifamily Real Estate Leadership
Photo by Michael Dziedzic on Unsplash
Today, we’re exploring a dimension that often goes unexamined but could fundamentally change how you think about leadership, innovation, and strategy in our space. That dimension is courage.
The Game-Changing Essence of Courage in Multifamily
Being courageous is not just a grand ideal; it’s a pragmatic tool with the potential to reshape your approach to risk, innovation, and leadership. At its core, courage is less about the absence of fear and more about mastery. Consider courage as a catalyst, transforming base elements into a formula for success in a challenging landscape.
Courage as the Quantum Leap for Innovation
Daring often serves as the petri dish where innovation cultures. It’s not merely about entertaining a radical idea; it’s about daring to implement it. This is where many of us get stuck. We often ask ourselves, how do you set your firm apart? Courage propels you to use technology for the answer by adopting existing solutions and pioneering new ones. The multifamily space is fertile ground for disruptive technologies, from blockchain-based to IoT to AI-driven property management systems.
Courage: The Foundation for Human-Centric Leadership
Analytics, spreadsheets, and revenue cycles have long driven the multifamily industry. Yet, here lies an opportunity for a transformative shift. It allows you to embrace human-centric leadership, a philosophy that places people—individual residents or team members—at the center of all strategies. By openly acknowledging your vulnerabilities and those around you, you foster a culture that transcends mere efficiency metrics. You elevate it into a hub of creativity and individual empowerment. In doing so, you tap into a wellspring of collective intelligence and creativity, enriching your firm and the entire industry.
The Audacity of Decision-Making
If this is the catalyst for innovation and the bedrock of human-centric leadership, it’s also the lens through which you can assess long-term project viability. Whether it’s a question of resource allocation, vetting partnerships, or reevaluating long-standing partnerships, strength in this area is your guide. It provides the fortitude to make tough decisions that might initially disturb the equilibrium but will ultimately pave the way for groundbreaking opportunities.
Time for Game-Changing Action
You’re now armed with a transformative perspective; the next step is action. I challenge you to infuse your next strategy session or project with fortitude. Get it!
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Multifamily Customer Service: Resolution
Photo by Toa Heftiba on Unsplash
Customer service is an essential aspect of the multifamily industry, as it helps to foster strong relationships between property teams and residents. One of the key metrics of successful customer service is “speed to resolution,” which refers to the time it takes for a customer service representative to resolve a resident’s issue. Humans don’t like to wait and don’t want to repeat their issue several times before it is resolved. Speed to resolution is more important than ever and can significantly impact resident satisfaction and retention.
There are several reasons why speed to resolution is critical in the multifamily space. Firstly, residents expect prompt and efficient service when they have an issue or concern. They will likely become frustrated and dissatisfied if they wait too long to resolve their problem. This can lead to negative word-of-mouth, which can hurt the reputation of a property and make it more challenging to attract new residents.
Additionally, quick resolution can help to minimize the impact of a resident’s issue on their daily life. For example, if a resident is dealing with a maintenance issue, the faster it can be resolved, the less disruption they will experience. This can help to increase resident satisfaction and reduce the risk of negative reviews.
Furthermore, speed to resolution can also positively impact property management operations. By resolving issues quickly, property managers can reduce the workload of their maintenance team and improve their overall efficiency. Quick resolution can also help prevent minor issues from becoming more significant, requiring more time and resources.
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In the Absence of Rules
In the absence of rules – there is Culture.
It allows for moment of truth conversation.
It allows for courageous conversation.
It allows for blunt truth.
It allows for in-your-face awesomeness.
It allows for character building.
It allows for sharpening the saw.
It allows for vision.
It allows for mission.
It allows for Insanely Great people doing Insanely Great Stuff.
Your Culture is where it’s at Multifamily Maniac,
M
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Scaling Up – Culture
What is the most important responsibility of a company owner/president/ceo?
Short Answer – Own and lead the Company Culture – Soup to Nuts
It’s your – to the core – number one asset.
It demands and deserves capital investment akin to putting a new roof an apartment building. Or, doing a full overlay on your parking lot. It’s the front door to your company.
It’s the aroma that oozes out of your business office when a customer opens the front door. Does it eek of sour attitudes and tired souls or does it smell like fresh energy and enthusiasm?
Brave Heart
It takes courage and vulnerability.
In the movie – William Wallace (Mel Gibson) makes a plea to Robert the Bruce to rise above the politics and lead. It’s the perfect message for any owner/leader as it relates to owning Culture.
Your looking forward to Mills Properties Scaling Up Culture Multifamily Maniac,
M
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Multifamily Culture
Eric Brown penned a question that caught my eye today: How much is company culture holding YOU back?
He further amplifies the point by asking if it’s just a myth. I am presupposing that is to imply that culture is a mythical quixotically utopian fantasy land ripe with heaps of pixy dust for times when people go rogue. That is to say they attempt to carve some choice Chateaubriand out of the sacred cows that roam the hallway of we’ve always done it that way.
It sharply reminds me of the young woman who promptly chops three good inches from each end of the family holiday ham. When asked why: the answer traces back to great grandma – “honey, I used to do that because the pan I had back then would not hold the full ham not to mention my stove was a far cry smaller than this mega-hunk of stainless steel madness you call a Viking.” Ugh-a-ruga – right. It’s one of those head slapping moments followed by a choice of keenly place curse words.
Culture in the Multifamily Space
Culture is not a place, person or thing. It’s that something. I tried to some it up a couple of years ago here.
While I would not suggest that it is a myth; I would go so far as to say that it is the most elusive of all necessary intentions that a company has to get right. They have to align values with purpose. Values with Vision. And values with Mission. Everything the company does from decision-making to policy crafting to rewards and recognition have to ladder up to the Mission, Vision and values of the organization.
Time
Here is the crazy kicker – it takes a ton of time to get it right. In my head – (10,000 unit company with 300+/- employees) – it takes no less than 12 months and likely up to 18 to get it 100%. And then it takes a lifetime to keep it alive. It can’t become a piece of paper that hangs on the wall or worse yet falls in the drawer of doomed to never see daylight for as long as I run the broken show of mindlessness.
It is alive and well in everything. If everything is marketing; everything is predicated on the mission, vision and values.
Is it holding YOU back?
Here is what I have to say to that; there is a little space between (sing the Dave Matthews tune in your head while reading this – it makes for great imbedding) catalyst and response called choice. Is it holding YOU back? Your choice! How do you change culture. You choose to do it. How do you change people? Two ways: 1. change people 2. be the change you want to see in the world. It’s the same way you change the world – by the way.
#gorockit
Your fully convinced that culture is worth the full faith and effort of the people Multifamily Maniac,
M