Multifamily Management
Combating Boreout in Multifamily Management: Strategies for Engaging Leadership
Photo by Austin Chan on Unsplash
The threat of ‘boreout’ – a state of workplace ennui arising from under-stimulation – poses a unique challenge, particularly for those at the helm of leadership. Unlike burnout, which stems from excessive demands and stress, boreout is born from a lack of challenge, monotony, and disengagement. For multifamily leaders, who are often at the forefront of innovation and strategy, recognizing and addressing boreout is crucial for maintaining a vibrant, productive workplace culture.
Understanding Boreout in the Multifamily Context
Boreout in multifamily management manifests as a feeling of disconnection from one’s work, a sense of unfulfillment, and a lack of enthusiasm. Leaders may find themselves mired in routine, with little variation or challenge. This scenario is especially paradoxical in an industry that thrives on dynamic market changes, technological advancements, and human-centric services.
Strategies to Mitigate Boreout
- Embrace Innovation: In an environment ripe with PropTech advancements, leaders can stave off boredom by actively seeking new technologies. These innovations enhance operational efficiency and bring the team a sense of excitement and learning.
- Foster a Culture of Continuous Learning: Encourage professional development through workshops, seminars, and cross-training opportunities. A learning environment keeps the mind engaged and opens doors to new challenges and skills.
- Empower Creative Problem-Solving: In multifamily management, every day brings unique challenges. Encouraging team members to approach problems creatively fosters a sense of ownership and renewed interest in their roles.
- Encourage Cross-Departmental Collaboration: Break the monotony by promoting collaboration across different departments. This not only diversifies the daily routine but also fosters a holistic understanding of the business.
- Personalized Goal Setting: Set challenging yet achievable goals tailored to individual strengths and interests. This approach not only motivates but also aligns personal aspirations with organizational objectives.
- Promote Work-Life Harmony: Ensuring that leaders have ample opportunity to pursue personal interests, like running or hiking, can rejuvenate their enthusiasm for work. A well-balanced life fuels professional passion.
- Regular Feedback and Communication: Open lines of communication and regular feedback sessions can help identify early signs of boreout and allow for timely interventions.
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Embracing Imperfections in Multifamily Management: Insights from Leonard Cohen’s Wisdom
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The path to success isn’t always a smooth, crack-free journey. Leonard Cohen, the legendary singer-songwriter, once said, “There’s a crack in everything. That’s how the light gets in.” This profound statement resonates deeply within our industry. Let’s explore how this philosophy can guide us through challenges and light our way to innovation and excellence in multifamily management. Let’s look at how imperfections can be a key to improvement.
1. The Beauty of Imperfection in Property Management
In a world where perfection is often sought after, Cohen’s wisdom teaches us to embrace the inevitable flaws and challenges we encounter. In property management, this could mean acknowledging that maintenance issues, resident complaints, and market fluctuations are not just problems but opportunities for growth and improvement. Recognizing and accepting these ‘cracks’ helps us stay grounded and realistic, fostering a culture of continuous learning and adaptability.
2. Letting the Light In: Learning from Mistakes
Each ‘crack’ or challenge in our properties and processes is a chance to let in new ideas and innovations. For instance, a recurring maintenance issue might lead us to implement more sustainable and durable solutions. Similarly, even when negative, resident feedback shines a light on areas where we can enhance our services. This approach improves our properties and builds residents’ trust, loyalty, and satisfaction.
3. Strengthening Resident Relationships Through Vulnerability
Adopting a mindset of acknowledging imperfections can significantly strengthen our relationships with residents. When property managers are transparent about their challenges and the steps they need to take to address them, it creates a sense of trust and partnership. This transparency can transform resident interactions from transactional to relational, fostering a community where feedback is valued, and problems are solved collaboratively.
4. Resilience in the Face of Market Fluctuations
The real estate market is unpredictable. Embracing the philosophy of finding light through cracks can help multifamily leaders navigate unpredictability with resilience. Understanding that market downturns can offer opportunities for strategic investments or rethinking resident amenities and services can turn potential setbacks into avenues for revenue growth.
5. Innovation Sparked by Imperfections
In the pursuit of perfection, innovation often takes a backseat. However, when we focus on the imperfections, we are sometimes pushed to think from first principles. This could mean adopting bleeding-edge technology for property management or reimagining living or common spaces to meet resident needs better. Each imperfection catalyzes creative solutions that set your properties apart in a competitive market.
6. Building Long-term Value Through Continuous Improvement
The goal is to fix what’s broken and constantly improve. This continuous improvement mindset, inspired by Cohen’s notion of light coming through cracks, ensures that properties maintain their value and grow over time. It’s about turning short-term fixes into long-term strategies that enhance residents’ living experience and the owners’ investment value.
7. Fostering a Culture of Learning and Growth
Finally, embracing imperfections means fostering a culture where learning from mistakes is encouraged. This culture supports team members in taking calculated risks, learning from outcomes, and sharing these insights. Such an environment leads to better decision-making and cultivates a team that’s agile, knowledgeable, and equipped to handle the multifaceted challenges of multifamily property management.
Leonard Cohen’s poetic insight offers a profound lesson for multifamily leaders and business professionals. By recognizing and embracing the cracks in our industry, we open ourselves up to the light of innovation, resilience, and continuous improvement. This approach enhances the quality of our properties and services and deepens our connections with team members, residents, supplier partners, and the broader community. In the multifamily world, perfection might be the goal, but it’s through the imperfections that we find our true potential for growth and excellence.
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Leading the Multifamily: Harnessing the World Within Each Individual
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The multifamily industry is not just about buildings, amenities, or strategic locations. At its heart, it’s about people—each unique, bringing their world into the community. The ancient saying, “In One Man is the whole world,” encapsulates the philosophy that within each individual lies a universe of experiences, aspirations, and potentials.
For multifamily leaders, understanding this concept is pivotal.
Every person who enters a multifamily space brings their history, dreams, values, and unique perspectives. Just like each apartment or unit is a crucial part of the whole community, every individual plays a pivotal role in shaping the culture and identity of the multifamily space.
As leaders in the multifamily industry, the challenge is to harness this collective power, appreciate each person’s vastness, and create physically secure and emotionally nurturing communities. This is where the real essence of leadership comes into play.
True leadership transcends the ability to manage resources and generate profits. It’s about understanding people, nurturing their growth, and fostering a sense of belonging. It’s about recognizing the world within each resident and staff member and ensuring their world harmoniously coexists with others.
Embracing this philosophy will also influence business decisions. When a leader understands that they are not merely renting out spaces but are providing homes where individuals will shape memories, it changes the approach to service. It encourages leaders to invest in community-building activities, promote cultural understanding, and prioritize mental and emotional well-being as much as physical comfort.
Furthermore, in the age of digitalization, where personal connections often take a backseat, multifamily spaces become even more critical. They are the hubs where real human interactions occur, where communal living provides the warmth of shared experiences.
To all multifamily leaders and business professionals, remember: within each resident, team member, or stakeholder lies a universe. Our role is to shelter them and ensure their universe thrives, grows, and shines. In understanding and embracing the world within each individual, we unlock the true potential of leadership in the multifamily industry.
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Karate and Multifamily: The Philosophy of ‘Come Back Tomorrow’
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Much like mastering the intricate techniques of Karate, thriving in the multifamily space demands persistence, resilience, personal vulnerability, and the commitment to ‘come back tomorrow.’ This phrase, emblematic of the Karate discipline, emphasizes the value of consistent effort over time. For those in leadership positions, this philosophy holds potent lessons about achieving longevity and success.
There’s a rhythm to multifamily, a certain ebb and flow. Leaders often grapple with challenges – from resolving resident disputes to evolving housing concerns. There’s an urgency to find instant solutions and to see immediate results. But just as one doesn’t become a Karate master overnight, true leadership and business success aren’t achieved immediately. It demands a different approach – understanding the power of patience, persistence, and the wisdom to know when to act and when to wait.
The journey from white belt to black belt in the dojo is not just about perfecting techniques. It’s about understanding oneself, the opponent, and the environment. Multifamily leaders should imbibe this very lesson. Every challenge, whether a maintenance issue or an external economic shift, is an opportunity to learn, adapt, and grow. The solution doesn’t always lie in immediate action but often in observation, reflection, and strategic patience.
The art of Karate also teaches us the value of returning – of showing up, day after day, even when the progress seems minuscule. It’s about cultivating a mindset of growth and evolution. In the multifamily space, this translates to continuously seeking avenues for improvement, fostering genuine connections, and crafting resident experiences that resonate and develop resident loyalty.
Lastly, Karate emphasizes the blend of tradition with evolution. While respecting time-tested practices and values is vital, being open to innovation and change is equally important. For multifamily leaders, this means respecting the foundation of the industry while also being agile enough to embrace the future.
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Jude Chiy | Collective Conversations
In this episode, Mike Brewer chats with Jude Chiy, Founder of Flamingo, an app created to enhance and optimize resident engagement and build a sense of community. Jude shares his journey from med school student to the Founder of Flamingo. Mike and Jude explore the benefits of executing simple and frequent resident touch points and the connection to higher resident satisfaction scores.
Key Discussion Points:
- The meaning of Flamingo: In a world where competitors all look very similar, Jude believes that building a sense of community with management and residents, and between resident neighbors helps a property stand out “like a flamingo in a flock of pigeons”. The Flamingo app helps residents navigate the many questions related to life in the community and discover new events and people thus building a true sense of neighborhood.
- The Value of Resident Input: Instead of solving problems at the senior level of the management team, inviting residents into the issue by sharing it and inviting their comments on solutions further enhances the feeling that resident input matters.
- The Superpower of AI: There are scores of data points and it is impossible to read through it all and make sense of it. Flamingo uses AI to read all the data and quantify it which makes it easy to understand. The system sends surveys when a resident interacts with a team member, uses an amenity, submits a service request, etc. It tracks the time to resolve, the frequency of resident communication, etc., and provides recommendations to correct the areas of concern.
Throughout the conversation, Mike and Jude share practical tips and advice based on the topics covered in the episode.
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 Brewer is enthusiastic about people, technology, and the world of multifamily. He serves as President of RADCO Residential and COO of The RADCO Companies. As the Founder of Multifamily Collective, Mike draws on his deep understanding of the multifamily space and is passionate about sharing insights and wisdom through a series of Collective Conversations with others in this industry. This podcast creates a platform for industry professionals to connect, learn, and grow together.
About Jude Chiy:
Jude Chiy is a highly regarded expert in the multifamily industry, known for his expertise in resident engagement and building a sense of neighborhood within each community. Jude wanted to be a superhero when he was young, but sadly never developed the superpowers to fight crime and help people. He founded Flamingo as his way of making the world a better place by simplifying life for residents and property managers.
Ultimately, Jude’s vision is a world where everyone knows their neighbors and willing to help them out. With a wealth of unique experience and a track record of critical thinking, Jude brings a unique perspective to the discussion, shedding light on key industry trends and sharing valuable advice for professionals in the multifamily space.
Additional Resources:
- The Purple Cow by Seth Godin
- If Chick-fil-A Ran Your Apartment – Six Things They’d Do Differently
- If Apple Ran Your Apartment – Six Things They’d Do Differently
- If Ex-WeWork CEO Adam Neumann’s Flow Ran Your Apartment – Six Things They’d Do Differently
- How McDonald’s Would Run Your Apartment – Seven Things They’d Do Differently
- Need Ideas? The Flamingo Blog is like finding a hidden treasure box full of novel ideas for resident engagement
Episode sponsored by: Updater
Updater is the app that gets residents move-in ready faster. Did you know that residents who are happy with their move-in experience are 59% more likely to renew their lease? Move-ins matter. Get them right with Updater. Visit go.updater.com/mike and as a special gift to our listeners, Updater is offering a special gift when you book a demo.
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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 MultifamilyCollective 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.