Property Management
Leveraging Ben Franklin’s Wisdom in Property Management
The Timeless Value of Prevention: How Discipline and Process Can Revolutionize Your Property Management Business
Photo by Adam Nir on Unsplash
Today’s piece is brought to you by Updater. Updater is the app that gets residents move-in ready faster. Did you know that residents 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 offers a special gift when you book a demo.
In the multifamily space, success isn’t just about managing what’s present but about preparing for what’s coming. Leveraging the wisdom of Ben Franklin’s well-known quote, “An ounce of prevention is worth a pound of cure,” I dive into the critical need for discipline and meticulous processes in property management. Embracing these principles can transform your operation, minimize risk, and lead to lasting success.
The challenges in property management are multifaceted. Issues ranging from resident satisfaction to compliance, unexpected maintenance, and as of late fluctuating market conditions constantly demand attention. How do you stay ahead of these challenges? How do you turn potential problems into opportunities? The adage “an ounce of prevention is worth a pound of cure” holds a profound answer.
A Few Thoughts
- Strategic Planning – Strategic planning is the cornerstone of prevention in property management. Executives can set the stage for a more prosperous and stable future by carefully evaluating potential risks and forecasting future trends. The benefit of this approach is the ability to identify opportunities, allocate resources effectively, and sidestep potential pitfalls. At RADCO, we do this quarterly and annually using the Scaling Up Framework.
- Regular Maintenance and Inspection – Regular and systematic inspection and maintenance of properties can prevent minor issues from becoming costly disasters. Proactive maintenance is a cost-effective way to maintain property value, ensure tenant satisfaction, and comply with regulations. We use the HappyCo app to keep us on task.
- Robust Compliance Management – In an industry with ever-changing legal and regulatory landscapes, it’s vital to have a robust compliance management system. Doing so reduces legal risk, protects your reputation, and maintains good relationships with authorities. We use HappyCo and Acclaimant to track compliance-related concerns.
- Strong Resident Relationship Management – Building and nurturing resident relationships is more than good business sense; it’s a form of prevention. Understanding and anticipating tenant needs can prevent dissatisfaction, reduce turnover, and foster a strong community feeling.
- Embrace Technology and Innovation – Leveraging cutting-edge technology streamlines operations and offers insights into potential areas of concern. Using technology as a preventative tool, property management leaders can make more informed decisions and create a competitive edge.
- Invest in People and Training – People are the backbone of any successful organization. Investing in training and development ensures that your team can manage challenges proactively. A well-trained workforce is more efficient and can identify and prevent issues before they escalate.
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Unlocking Greatness in Multifamily Property Management
The Balance Between Achieving Great Results and Striving for Perfection in Managing Multifamily Properties
Photo by Clark Tibbs on Unsplash
There lies a middle ground in the struggle between perfectionism and achieving great results. While the desire to attain perfection is commendable, it can impede growth and success. Here I attempt to explore the problems perfectionism can create within the multifamily executive sphere and provide practical solutions to balance excellence and perfection. By focusing on the essence of being great rather than perfect, management can drive success and create a harmonious living environment for Residents.
Perfectionism in multifamily property management leadership is a double-edged sword. On one side, it drives quality and attention to detail; on the other, it can lead to stagnation, burnout of team members, and a lack of adaptability. When the pursuit of perfection overshadows practical goals, it may result in missed opportunities, delays in decision-making, and a loss of focus on what truly matters for Residents and the business as a whole.
The first step to overcoming perfectionism is recognizing its impact and embracing the mantra, “Don’t let perfect be the enemy of great.” Leaders must foster a culture where team members feel empowered to make decisions without fearing failure. Encouraging experimentation and learning from mistakes can drive innovation and growth.
A strong focus on Resident satisfaction and building trust within the community can replace the obsession with perfection. By prioritizing team members’ and residents’ needs and feedback, multifamily executives can make informed and pragmatic decisions that enhance the living experience.
Investing in continuous training and professional development for team members also promotes a culture of excellence without demanding perfection. Leaders can create a cohesive team that works towards shared goals by providing the tools and support necessary for growth.
Lastly, embracing flexibility and adaptability in management practices allows for a more dynamic response to changing circumstances. By adopting a pragmatic and solution-oriented approach, multifamily executives can lead their teams to success without bogging down in pursuing the unattainable ideal of perfection.
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Virginia Love | Collective Conversations
Release Date: 08.08.2023
In this episode, Mike Brewer sits down with Virginia Love – Industry Principle at Entrata. Virginia is a highly respected expert in the multifamily industry with a long history in multifamily leasing, marketing, and operations. She is a champion of the people in our industry and has a deep understanding of the ways that technology impacts the front-line teams and believes that it is our responsibility to elevate the role our team members play in the success of our industry.
Key Discussion Points:
- Lasting impact of the pandemic: The pandemic shed attention on the importance of the site teams and led to the current focus on them as the drivers of performance and doing what is right for the site teams, recognizing the need to reconsider appropriate wage levels. The pandemic accelerated the pace and adoption of technology and forced companies that were sitting on the sidelines to engage with virtual tours, self-guided tours, and more.
- Culture Matters: Entrata is a technology company that actively engages its customers in the Entrata culture – so much so that they become invested in the Entrata brand.
- Economic Inclusion: For decades, the only impact for residents who paid their rent on time was not incurring late fees and being sent to collections. Entrata offers a program that reports resident payment history to the major consumer credit reporting agencies. Giving renters the ability to build their credit by simply paying their rent is a significant economic empowerment tool.
- The Value of Yes – Advice if you desire to grow your multifamily career: Get involved. Make Yourself Indispensable. Do whatever other people don’t want to. Get active in your Apartment Association, IREM, or NMHC. Take every opportunity to learn and don’t wait for someone to teach you. There are countless ways to build your knowledge so take charge of your education and growth.
In between the non-stop camaraderie and laughter, Mike and Virginia share practical tips and advice based on their extensive knowledge and expertise in the multifamily industry.
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 Virginia Love
Virginia Love, Industry Principal at Entrata is directly involved with marketing, product and sales as a liaison from the multifamily industry to these departments. Before joining Entrata, she held prominent leadership roles for apartment owners and operators such as Trammell Crow and ING Clarion. Immediately prior to coming to Entrata, she was Vice President of Leasing and Marketing for Waterton Residential. With nearly three decades of industry experience, Virginia has served on numerous multifamily committees and boards for industry organizations including the Atlanta Apartment Association, Georgia Apartment Association, National Apartment Association, National Multifamily Housing Council and Zillow Multifamily Advisory Board. Love served as the 2018 Chairperson of the Georgia Apartment Association and the 2011 Chairperson of the Atlanta Apartment Association. Virginia is a National Apartment Association Lyceum graduate. In 2021, she was named a Multifamily Influencer by GlobeSt. Real Estate Forum and was honored by Connect CRE’s Women in Real Estate Awards for 2022. Virginia is also a part of the Apartment All Stars.
Additional Resources:
Some of the world’s largest owners and operators use Entrata’s vast suite of products to manage their entire portfolios using one operating system. Multifamily, Student, Affordable, Military, or Commercial – Entrata has the technology solutions to meet your needs. www.entrata.com
Sponsorship Info:
This episode is 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.
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Empowering Virtues in Others: A Strategy for Multifamily Leaders
Unleashing the Power of Virtue in Resident Relations and Team Member Development
Photo by Kelly Sikkema on Unsplash
For multifamily leadership, fostering virtues in others is more than a principle; it’s a growth strategy.
In a multifamily environment, where resident satisfaction and team member engagement are pivotal, recognizing and nurturing virtues can create an empowered, harmonious community.
Here are a few insights into the problems and potential solutions to foster virtues within the community.
The challenges faced by multifamily property management executives lie in maintaining high resident satisfaction levels while encouraging team members to excel.
Balancing the needs and expectations of diverse residents and ensuring team members feel motivated and valued can seem overwhelming, especially in times of stress.
Solving this complex issue requires a thoughtful approach.
Executives can create an environment where these qualities thrive by identifying virtues such as integrity, empathy, and collaboration among residents and team members.
Emphasizing the value of virtues in daily interactions with residents encourages trust and loyalty.
Investing in the growth and development of virtues within team members leads to a more engaged and motivated workforce, which reflects positively on the community.
In sum, fostering virtues is ethically sound and an effective strategy to enhance satisfaction and growth in multifamily settings.
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Customer Service vs Hospitality: Redefining Engagement in Multifamily Property Management
Embrace a New Approach to Resident Relations, Elevating from Service to Hospitality
Photo by Clay Banks on Unsplash
In the multifamily realm, residents yearn for more than just service; they seek an authentic and meaningful engagement echoing the warm embrace of hospitality. Many management leaders commonly misconstrue customer service and hospitality as interchangeable. However, distinguishing between these concepts is vital to enhancing residents’ experiences and nurturing long-term loyalty.
Despite the excellent service levels provided by many multifamily properties, residents may still report dissatisfaction or an impersonal touch. The issue lies not with the service itself but with the limited scope of traditional customer service. Customer service addresses problems in its core form reactively, while hospitality centers on proactively creating memorable, personalized experiences for each resident. It is this difference that distinguishes thriving properties from those merely surviving.
Redefining resident interactions from a hospitality perspective entails understanding each resident as an individual with unique preferences and requirements. It’s about anticipating needs before they become explicit demands. For instance, remembering a resident’s likes and dislikes can foster a deep sense of belonging and comfort.
Implementing a hospitality mindset extends beyond individual interactions. It impacts the entire community culture, breeding an atmosphere of genuine care and empathy. This culture becomes a driving force, with team members embodying hospitality in their approach to resident care, enhancing morale, and building a highly desirable living community.
When done right, hospitality is a potent tool for nurturing resident loyalty. By making residents feel valued and appreciated, you cultivate an emotional connection, which serves as a powerful retention tool. Residents who feel genuinely cared for are less likely to move, reducing turnover rates and stabilizing property income.
Lastly, in the era of online reviews and social media, excellent hospitality can significantly boost a property’s reputation. Satisfied residents are likelier to leave positive reviews and recommend the property to friends and family, driving new prospects to your door.
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