I just can’t get past this one.
Here is an excerpt from this months MFE Magazine. It comes from the Editor.
“I am a fan of telling it like it is. At a gathering of industry
executives earlier this year, one REIT CEO did just that. He was
talking to an intimate group of his peers about how the recent influx
of renters into multifamily properties was only temporary—that these
renters would still want to buy single-family homes once the market
recovered. He argued that, knowing this, property managers shouldn’t be
shy about raising rents. “While we can, we should stick it to them.
Stick it to them,” he said.” [see article here]
The description of this whole exchange and the idea that it was printed in a magazine that I really admire just rubs me the wrong way.
“…he was candidly sharing opinions and perspectives that may have brushed some in the audience the wrong way.”
Include me as part of the audience that was brushed the wrong way. Was there thought given to the idea that once printed, the room referred to grew exponentially?
I can’t see how comments like that could be admired, one. Two, I can’t see glorifying it by calling it wisdom.
I would say this, candidly. I would never work for, with or around a leader and organization that openly promoted that kind of inane rhetoric. I want to believe he was kidding.
Maybe I have the wrong perspective about our industry. Maybe it is about grabbing the cash while you can and pilfering the unique talents of people while you can. I really doubt it however. I am both convicted and convinced that an organization governed by those principles might prosper for a brief moment but will die on the social media vine over time. This is just the kind of ammunition that a resident needs for his/her blog, for his/her MySpace page, his/her Facebook page, etc… I guess it could of been worse, we could have learned his name and the name of his company. What a day that could have been.
All that said, I get the point of being direct and candid. I believe in taking advantage of moments of truth. I believe it crucial conversations. I believe that is why I wrote this post.
0 Responses
Mike,
I support your position on this and find the comments in the article offensive. That is NOT how the Great Leaders in our Multi Family Industry conduct themselves or their business affairs. Everyone is certainly entitled to their opinion, and off cuff remarks, however the fact that a highly regarded magazine like Multi Family Executive portrayed those type remarks as something special enough to write about is a gross misjudgment. It is hard for me to fathom that such a conversation actually took place, and frankly saddens me deeply. My guess is that this REIT CEO quoted doesn’t have a blog, doesn’t have his cell number on their web site, doesn’t have his e mail on their website and doesn’t have any form of communication with his customer/resident, and likely can’t figure out why he is stuck in Apartment Commodity.
Well, he doesn’t train his people so clearly his customer service and sales probably aren’t that good. And his turnover must be horrendous.
As for the ‘stick it to them’, he’s the reason people hate their landlords.
Anyone with a “stick it to them” mentality isn’t going to invest much in his training program. When I worked on site, I used to tell people that it was their home, because at home, people care what’s going on in your life. They care if you’re hurt, if you’ve had a bad day, or if something great happens. People liked that, and the loved the fact that I backed it up with actually caring.
This guy, he just doesn’t care, and to me, that’s pretty pathetic.