Lisa Trosien was kind enough to field a few questions for the benefit of our blog readers. The interview was done back on in the early part of June and I am just now getting around to posting it. All for good reason.
This marks the 800th post on our Property Management blog. It’s been a long trip. We started the blog thing back in late 2004 and have suffered through bad platforms, lost material and otherwise dumb user mistakes. Despite all that here we are today on a secure platform posting our hearts content.
I thought it fitting to use this milestone 800th post to replay the words of one our true apartment maniacs and moreover icons of the industry.
Many of you know the story but I will tell it again. I first met Lisa at the NAA/IREM conference in Las Vegas some 12 years ago. It was my first conference and she happened to be one of the speakers that I went to see. I was spellbound by the whole experience. I could not tell you one thing that she talked about but I can tell you that she made me feel like I was the only one in the audience that afternoon.
Later that evening I was in a gift shop when I spotted Lisa buying every magazine that contained Michael Jordan pictures. There were many at the time. I took advantage of the moment to say hi and to tell her how much I enjoyed her speech. What caught me off guard was her absolute humbleness and willingness to give me her undivided attention.
She is no different today. I’ve heard stories where she receives emails from say, a leasing consultant in Seattle. And, Lisa being Lisa, picks up the phone and calls them direct. The response is often a shrill that rivals a tweener screamer her heart out at a Hanna Montana concert. “It’s Lisa on the telephone!” “Is it really you?”
While she downplays the celebrity status that ajoins public speakers she is no doubt a major influence and moreover consumate professional for our industry.
All that said, let me pause no more. Here is part one of a two part series. And, Lisa. Thank you – from a forever fan.
Professional
Can you tell us a little bit about what you do in and around the multifamily industry? How you got into the business? And, your favorite memory about the business?
Well, that’s tough. How much room do you have to print on your blog? I speak and educate literally thousands of industry professionals each year through my own business, as well as the Apartment All Stars, an educational tour group that has been together for six years. I also consult to properties, owners and management companies through my own business. And I blog, speak at and attend industry events and more or less do a little bit of everything.
My favorite memory about the business is really tough to choose, as their are so many! I do remember one story that was particularly poignant that I have never forgotten. I was speaking in Dallas a few years ago and a woman came up to me on a break to talk. She told me that I had spoken to her company two years previously when she was feeling very low about not only about her career but herself as well. She was actually planning on leaving in the industry. She said that as a result of hearing me speak, she shifted gears and really decided to take control of her personal and professional life and as a result had never been happier. When I hear stories like that, it really makes me, once again, focus on the wonderful individuals I’ve met in our industry. We really are a family.
What are some of the biggest areas of opportunity that you see facing our business in the near and long term?
I think that technology is going to continue to change the way we do business. We are moving rapidly towards completely paperless environments; we are finding ways that technology can alter the lives of our residents so much for the better. We are continually raising the bar of the skillset that is required to work in our industry and as a result, we see greater rewards and benefits for both our residents and our associates.
Near term, the housing crisis with the mortgage meltdown has definitely impacted our business – some for the worse, some for the better. I like to think that owners and managers are always keeping up with the economic trends so they are not always re-acting to the economy, but are preparing themselves for things to come.
How does your role as a consultant play into that and how do you see yourself assisting operators/owners as we move into the future?
I believe that as a consultant who travels major, secondary and tertiary markets all over the country (traveling 100,000 miles a year), I probably have somewhat of a more global perspective than some companies and owners. Any business, no matter what industry, gets tunnel vision. Doing things ‘the way we’ve always done them’ isn’t always the right thing to do. And I try to help by bringing in a fresh perspective where I can show people what has been done in other markets and industries that they can try at their sites.
Additionally, I take a lot of pride in the fact that I’ve always done a great deal of work on the vendor side of the business. This has helped me tremendously, as these wonderful companies provide me with data and information that I can in turn share with multifamily clients to help them improve their bottom line. It’s really a win-win for everyone involved.
Technology
How do you see technology affecting our business in the coming five years? How might it help or hurt us going forward?
Wow, I guess I should have read all of the questions through first! I’ve pretty much talked technology to death, but I think it’s what we need to keep moving forward. We took the revenue management approach on and succeeded. We’ve taken on real time availability and succeeded with that. Call centers are booming. And in many markets now, you’ve got to INCLUDE free high speed internet with the rent to be competitive. Technology is going to continue to evolve and we need to do it as well.
One of the worst things an owner/management firm can do is say ‘that will never work’. I remember speaking for the National Multihousing Council at their annual meeting about five years ago. I was told by audience members at that time that: a. The internet was a ‘fad’ and that I’d better stop pushing it as it was going to cause damage to my reputation and make me lose business. b. Owners and managers would NEVER accept credit cards for rental payments.
I look back on that day and just laugh and shake my head at those individuals who said that at the time. What’s really interesting is that some of them are really going HUGE with their internet camapaigs. And they all take credit cards now.
Do you have a website? Facebook Page, Twitter account? Blog? Anything else you are using to get your message out?
It was a real honor to be one of the first industry folks to have a Podcast interview on the Grace Hill site. That was my first podcast and I will be doing more in the future.
Right now, I have two websites, a Facebook page, a Twitter account, a Digg acount and more, I get the RSS feeds for dozens of industry and non industry blogs and websites, and am currently in the process of revamping and relaunching my own blog site, ApartmentMarketingBlog.com. I’ve got some big plans for that with some cool little technological twists. Keep visiting the site and you’ll see some new things in a couple of months when I get it all worked out to where I want it.
Sales and Marketing
Are you still an advocate for print media? Has your thought process shifted in the least?
Until someone, anyone, can prove to me that a significant amount of people aren’t getting to their site by seeing their url in print, yes, I’m still in favor of print. However, I will give you some caveats that I’ve always stated. Not ALL advertising mediums work in ALL markets. For example, there are still markets where the yellow pages work. Yes, the yellow pages and we’re not talking the online ones. There are markets where cable advertising is highly successful. And then there are markets where you just go with a minimum of an online presence, keep jacking your rents and sit pretty. I don’t believe in a ‘one size fits all’ solution. And I never have.
How do you go about determining what will be the most effective marketing or advertising medium for a specific apartment community?
Like I just said, each market, each asset is unique. You have to assess your market carefully – and not just the major characteristics of the market, but even the neighborhood in where the asset exists. You have to look at your budget, you hope for a decent cost per lease, and your leasing goals. There are so many variables that make up this decision – it’s not a cookie cutter thing at all. And I don’t believe in ‘throw everything at the wall and see what sticks’. That’s just not smart.
If you were to speculate on the just the leasing/sales side of the business, say 10 years from now, what do you think that looks like? Do you think it becomes a virtual process? Do you think site teams diminish in size? If not, why?
We have to look at our industry as both a sales and service industry. We can push a lot into the online world.
For instance, when I travel, I book my hotel room online. I can even pick the room I want at some hotels by looking at a schematic of the property. I arrive, bypass the line at the desk and check in at a kiosk. Since I’ve probably prepaid to get a better internet rate, I don’t have to check out in the morning. If I don’t need any special services once I’m there, I can get in, get out and get on with my life with NO human intervention.
As for apartments, that’s different. The JD Power study showed that people are STILL looking for that sense of community. You don’t get community from a kiosk or a website or a call center for that matter. You get it from PEOPLE. This is where the focus is going to shift to culture at the site level. The hiring process is going to become even more important. But yes, I do think we will see a reduction in our staffing at the site levels. It’s bound to happen because technololgy is taking over a large part of our on site staff’s responsibilities.
However, that being said, great on site team members will ALWAYS be able to find a job. Technorati Tags: Lisa Trosien, apartment marketing
0 Responses
WOW – awesome questions! And LT, fab insights, as always 🙂 Can’t wait for Part 2!
Mo