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Fueling Progress: The Engine of Daily Motivation for Multifamily
Photo by Nik on Unsplash
The concept of daily motivation plays a pivotal role in the life of a leader. For industry professionals, this motivation often springs from a profound sense of progress. The forward march, subtle shifts, and significant breakthroughs fuel the passion and drive. It comes in the form of small wins and monumental triumphs.
Understanding Progress in the Multifamily Context
Striving in the multifamily comes in many forms. It encompasses advancements in core property management, resident experience innovations, market performance, and technological leaps against rote and routine work. For a leader, forward momentum is seen in numerical growth or financial returns, cultivating thriving communities, and implementing cutting-edge technologies.
The Psychological Backbone of Progress-Driven Motivation
The human mind is wired to seek progress. As multifamily professionals, the perception of advancement and achievement is a fundamental driver of motivation. This is rooted in the ‘Progress Principle,’ which suggests that making headway in meaningful work is the most influential factor in boosting inner work life. For multifamily leaders, the significant work is creating vibrant, efficient, and prosperous living environments.
Strategies for Cultivating
- Setting Clear, Achievable Goals: Establishing clear milestones in various aspects of multifamily operations, from resident satisfaction to financial performance, provides tangible targets to strive for.
- Embracing Technology and Innovation: Adopting PropTech solutions streamlines operations and provides measurable progress indicators through data analytics and performance metrics.
- Fostering Team Growth: Encouraging your team members’ professional development contributes to your organization’s overall progress. Their growth is reflected in enhanced service quality and innovative problem-solving.
- Community Engagement: Building a sense of community among residents improves their quality of life and enhances the reputation and desirability of your properties.
The Role of Leadership
As a multifamily leader, your role transcends beyond managing assets. It involves inspiring your team to see the bigger picture. Your vision should paint progress as a target and a journey where every small step counts. Communicate this vision consistently and clearly, making every member feel integral to the collective progress.
Challenges and Overcoming Them
Challenges are inevitable. Changing market dynamics, regulatory changes, and technological disruptions are just a few hurdles. Overcoming these requires resilience, adaptability, and an innovative mindset. Viewing challenges as opportunities for moving forward is a paradigm shift essential for sustained motivation.
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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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Thank you for tuning in to Multifamily Collective. 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 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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Lottery Tickets & Inside Jobs
Lottery Tickets & Inside Jobs
In her famous song “Ironic” Alanis Morissette opines “an old man turned 98 – he won the lottery and died the next day”. We don’t learn anything else about the life story of his old man. Perhaps he led a full and happy life, and the lottery winnings preceded a lovely final day. It’s also possible that he lived in poverty and spent money he couldn’t spare to buy lottery tickets in hopes of a better future only to find he had no future left.
Lottery Winners & Losers
While we don’t know the rest of this fictitious man’s story, there are plenty of real-life cautionary tales related to lottery winners whose lives weren’t quite the fairy tales they imagined instant wealth would bring. There is a temptation to look at their stories with a feeling of superiority, believing their foolishness is unique to them and that in the same position, you would make much better decisions. Maybe. Maybe not.
If you have ever struggled with too little, it’s easy to believe that more is the solution and much more is everything. Buying the lottery ticket alone can lead to daydreaming about the many things you’d do and the places you’d go and stuff you’d buy. Before you know it, dissatisfaction with your current life can creep in. That is a high price for an extremely low probability. Nevertheless, this post isn’t about the lottery per se, and it isn’t intended as a moral judgment on those who play it.
Living for Big Dreams
The same story holds true for any number of big grandiose desires or goals. People dream of acquiring luxurious things, believing they will then be respected, accepted, and feel better about themselves. People who manage to reach some of those aspirations often find that the feeling they expected was fleeting at best. How heartbreaking.
When considering your personal ambitions and desires, it is helpful to consider: If you achieve them, how will it change your insides? How will you then view yourself deep in your heart? Will you be a better person?
Inside Out
It seems to me that nothing external can fix the internal. It can wreck it, as we see in the lottery example, but it can’t improve it. Only you can do the work from the inside out. Therapy, journaling, meditation, and other deep inside work tools are essential to rooting out, identifying, and sorting through your motivations. Happiness is an inside job – something I wrote about more than a decade ago.
It is a long process – even a lifelong one – but it’s worth the effort. When your dreams come true (and I hope they do) you will then be able to distinguish the things that really matter to you and discard the rest.
I encourage you to work from the inside out.
How are you making your inside work a priority? Share your stories with us!
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Changing Perspective
In March 2011, I wrote about changing up the way you think about prospects and residents. “Prospects and residents are human beings and or people first. Think of it this way, treat them as prospects or consumers and you are treating them according to your needs. Turn that around and treat them as people or humans and you are treating them according to their needs.”
Earlier this year the post Business is Personal, discussed being in service of the whole humans who work for and serve the business. On the surface, these two admonitions may appear to be in conflict, but I believe they are two sides of the same coin.
Hot Under The Collar
Many times, when a resident calls the home office, the caller is hot under the collar, feeling that their needs haven’t been met or that they have fundamentally been disrespected. The follow-up conversation with the site team often runs along the same lines – they feel that the resident violated policy, was rude, and want to know that the company ‘has their back’ in the conflict – often quoting some form of evidence that they were right, and the resident is wrong.
In this right vs. wrong mindset, there are no winners. Either/or is almost always a sucker’s choice and leaves at least one party feeling maligned and misunderstood.
Pressing Buttons
I know from personal experience that some residents seem to press all the buttons and when that happens, it is easy to get caught up in an emotional hailstorm. But when my buttons are pressed, it is MY responsibility. How I manage those feelings and how I respond are completely within my control. It isn’t the resident’s fault if I ‘lose it’. To paraphrase Viktor Frankl, there is power in the space between stimulus and response. We have the power to choose and, in our response lies the opportunity for growth.
When a business accepts the responsibility to act in service of its team members with a culture that actively removes barriers to healthy communication, it promotes a standard of psychological safety. In that climate, it becomes easier to engage in difficult conversations and team members learn how to resolve conflicts without defaulting to triggered emotional responses.
You Win – I Win – We Win
When the overall stated goal is to generate better outcomes for everyone instead of winning at all costs, it increases the likelihood that residents will feel heard, and their issues will be resolved in a way that benefits them.
Ultimately, the business wins when the team members do, and we all benefit when our customer wins.
What are you doing to create winning situations for your team members and customers? Share your stories with us!
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Rate of Change
The rate of change will never be as slow as it is today.
Think about that. The advent of the Internet and the wild proliferation of information is happening at an exaggerated pace but the rate change will never be as slow as it is today.
Better is Slower
Mills Properties, my employer, grew from roughly 5,000 units in 2007 to 11,000 units in 2011. The pace was fun, exciting and necessary.
That being said, it is time for the rate of change to slow down. We are going to take 2014 off. That is – off from growing at any sort of exaggerated pace. We are slowing down to get our house in order. We’re slowing down to get ourselves healthy again. We’re slowing down to place ourselves for the next stage of growth.
The rate of change will never be a slow as it is today. But you can take time and mindful of what your business needs. And sometimes slower is better.
You’re looking forward to a mindful stall point Multifamily Maniac,
M
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