Property Management
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.
We love your feedback, questions, and topic suggestions for future episodes. Reach us via info@multifamilycollective.com or connect with us on LinkedIn, YouTube, and Facebook. Our podcasts and interviews are also available on Apple Podcasts, Spotify, or anywhere you stream your podcasts.
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If you enjoyed this episode, rate, review, and subscribe to our podcast on [Podcast Platform(s)] and share it with your friends and colleagues.
If you or someone you recommend is interested in learning more about sponsorship opportunities, please contact us.
Please subscribe to our newsletter – The Collective Rundown
Thank you for tuning in and stay tuned for more exciting episodes coming soon!
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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Turning Weaknesses into Strengths: Leadership in the Multifamily Industry
Photo by Dulcey Lima on Unsplash
Leaders are under immense pressure today. As someone highly versed in the multifamily business, you’ve likely experienced the push to present an invincible façade. However, what if acknowledging shortcomings could build trust and yield substantial gains?
The Power of Vulnerability
Brene Brown, a well-known researcher, has established that vulnerability in leadership fosters trust and innovation. Trust is a critical asset in property management. When you are willing to identify and accept weaknesses, it encourages your team to be equally transparent. This, in turn, allows for quicker identification of issues that need resolution, and potential blind spots can be rectified before they escalate into costly mistakes.
From Weaknesses to Strengths
The counterintuitive approach of transforming weaknesses into strengths entails a two-step process. First, you acknowledge the flaw. Then, you redirect the energy and resources toward using that flaw as a unique opportunity for growth. Take, for example, an overly complex or complicated reporting system. Instead of sweeping it under the rug, acknowledge its shortcomings. Then, consider implementing AI-based analytical tools designed for the multifamily industry, such as REBA (full disclosure: RADCO Residential is a client of REBA), to simplify processes while yielding real-time, actionable insights. The key lies in utilizing technology to turn a problematic area into an asset that supports effective decision-making.
Leading through Innovation
Acknowledging weaknesses also opens the door for innovative solutions. Perhaps you’ve received feedback that resident engagement is lackluster. Instead of sidestepping the issue, consider adopting platforms like “Kingsley” (Also a client of Kingsley) that facilitate real-time communication between property managers and residents. Address the issue head-on by adopting technology that resolves the concern and positions your property as a leader in resident communication.
Elevate Your Team and Portfolio
Most importantly, acknowledging weaknesses sets the stage for a transformative leadership style called “adaptive leadership.” Adaptive leaders identify gaps and engage their teams in collaborative problem-solving, amplifying individual strengths and propelling the portfolio toward new heights. Consider platforms like “Teams” (RADCO Residential is a user of Microsoft Teams) that enhance team communication, fostering an environment where problems are collectively solved efficiently.
The real strength lies in acknowledging weaknesses and strategically redirecting focus to create unprecedented gains in the multifamily industry. It may not be the conventional approach, but it can unlock new dimensions of success for your portfolio, your team, and ultimately, yourself.
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Suzanne Hopson | Collective Conversations
Grab a notebook and pen for this episode of Collective Conversations as Mike Brewer sits down with the wise and wonderful Suzanne Hopson, Founder and Principal of Here2Elevate. Find Suzanne on LinkedIn or through her website www.here2elevate.com
This conversation is filled with helpful takeaways to challenge your thinking and elevate your game. Here are just a few great quotes from this episode:
- Execution: “If it’s not repeatable, documented, and measurable, there will always be problems with consistency.”
- Fear: “It is stingy/selfish to hold back what you are thinking.”
- Imposter Syndrome: “If I am experiencing imposter syndrome, then I’m in the right room.”
- Commitment: “It’s not about the equipment. It’s about the commitment.”
- Accountability: “It means I am count-on-able for these deliverables.”
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.
We love your feedback, questions, and topic suggestions for future episodes. Reach us via info@multifamilycollective.com or connect with us on LinkedIn, YouTube, and Facebook. Our podcasts and interviews are also available on Apple Podcasts, Spotify, or anywhere you stream your podcasts.
Subscribe and Share:
If you enjoyed this episode, rate, review, and subscribe to our podcast on [Podcast Platform(s)] and share it with your friends and colleagues.
If you or someone you recommend is interested in learning more about sponsorship opportunities, please contact us.
Please subscribe to our newsletter – The Collective Rundown
Thank you for tuning in and stay tuned for more exciting episodes coming soon!
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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Empowering Multifamily Leadership: How Taking Action Dissolves Fear
Photo by Etienne Girardet on Unsplash
Fear of failure can deter even the most ambitious of leaders. This trepidation can potentially paralyze decision-making, whether it emanates from team member strife, negative customer sentiment, or property management challenges. However, one principle stands timeless: action cures fear.
The dynamics of managing apartment communities are manyfold, and the expectations from a leader in this are high. These leaders ‘ responsibilities are ensuring maximum property value by running smooth operations, managing turnover, inspiring team members, addressing resident concerns, and positioning the property favorably in the market.
Given these challenges, it’s only natural that fear can set in. A looming recession, increased competition, or a sudden drop in occupancy rates can quickly make any leader question their strategies. But here’s where the power of action becomes the panacea for such doubts.
The Cycle of Fear in Multifamily Leadership Before delving into solutions, it’s good to understand the cycle of fear. Typically, it begins with a challenge or an obstacle. Instead of addressing it immediately, leaders may procrastinate, leading to rumination. The longer this stagnation lasts, the larger and more insurmountable the problem appears.
For multifamily professionals, this could mean putting off emotionally loaded conversations with a resident, completing essential renovations, avoiding crucial financial discussions, or not addressing a gap in team skills.
Why Action is the Antidote Taking action, even if it’s a small step, breaks this cycle. It shifts the focus from the overwhelming magnitude of the problem to a proactive approach to finding a solution. For example, if there’s a decline in occupancy, a leader might strategize a marketing campaign, paid media campaign, or offer limited-time concessions instead of panicking.
When action is taken, it provides tangible results and infuses the leader with confidence. Over time, this practice of ‘action-taking’ solidifies into a habit, making leaders more resilient and adaptive to challenges.
Implementing an Action-Oriented Approach
- Start Small: Don’t aim to resolve everything at once. Identify one aspect of the problem and address it. For example, a survey is needed to pinpoint the issues if resident satisfaction is low.
- Gather Data: Data-driven decisions alleviate the ambiguity that often fuels fear. Utilize analytics to get insights into occupancy rates, resident preferences, and market trends.
- Collaborate: Engage your team. Sharing responsibilities and brainstorming solutions can reduce the perceived burden and accelerate problem-solving.
Remember, the antidote to fear isn’t always the absence of problems but the courage to act in the face of them.
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Leadership in Multifamily: Why Excellence Starts in the Restroom
Photo by Juan Marin on Unsplash
The multifamily space, like any other industry, thrives on leadership. But in this space, leadership is more than just inspiring teams and reaching occupancy goals. It’s an intricate dance of understanding the nuances of communal living, respecting residents’ needs, and maintaining impeccable attention to detail. It’s said, “It’s all about the restrooms.” This might sound surprising, but let’s dive into what it truly means.
Imagine walking into a luxury apartment building. The lobby is pristine; the doorman greets you with a friendly nod. The atmosphere promises a high standard of living. But the true test of this building’s excellence lies behind the restroom door. A dirty restroom can instantly undermine the building’s reputation. It reflects negligence and a lack of attention to detail.
The essence of the restroom principle is understanding that small details create the bigger picture. In the multifamily industry, success is achieved by securing leases, maintaining a meaningful resident experience, managing the assets, and ensuring that every corner, every common area amenities, and especially the restrooms, reflect the highest standards.
Resilient leaders in this space recognize that maintaining such high standards requires consistent effort. When you ensure the cleanliness and functionality of communal areas, especially restrooms, you demonstrate a commitment to providing the best for your residents. This dedication fosters trust, loyalty, and community among tenants.
Growth in multifamily leadership also stems from this foundational principle. Those who truly understand and implement the “restroom standard” find themselves more attuned to their residents’ needs. They anticipate challenges, from maintenance to community relations, and devise proactive strategies to address them.
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