Culture
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.
Company Culture in Multifamily: Healthy Hives Yield Honey
Establishing a Vibrant, Healthy Culture to Reap the Benefits in Multifamily Property Management
Photo by Alexander Grey on Unsplash
When we delve into the world of bees, we find the key to a thriving multifamily organization. In the hive, thousands of bees work diligently and in harmony, each serving their role for the collective success. Much like the honey they produce, the sweet rewards of a robust company culture are a byproduct of a healthy, cohesive hive. For multifamily executives, creating this hive means fostering a culture where every team member plays a pivotal role. Let’s explore how a healthy, thriving company culture can elevate the multifamily business.
With multifamily properties, executives often encounter challenges maintaining a harmonious company culture. Disconnection amongst team members, lack of communication, and an absence of collective goals are just a few symptoms of an ailing hive. Without a solid foundation of shared values and objectives, companies risk losing their most valuable assets—their team members and residents. Moreover, they may experience lowered productivity, reduced resident satisfaction, and decreased profitability.
Transforming this situation begins with leadership modeling behavior. Leaders must cultivate a culture of openness, collaboration, and respect. By exemplifying these values, executives set the tone for their team members, encouraging unity in pursuing collective objectives.
Effective communication is an invaluable tool in this transformation. Clear, consistent, and transparent interactions ensure everyone understands their role within the larger framework, promoting efficiency and reducing misunderstandings.
Building this culture also requires empowering each team member. Recognize every individual’s unique skill sets and contributions, offering them opportunities for growth and development. When team members feel valued and supported, they become more engaged, increasing productivity.
Investing in the well-being of your team members is another crucial factor. A supportive and nurturing environment contributes significantly to the overall health of the hive. Encourage work-life balance, mental health awareness, and overall team member wellness. Happy team members can provide better services, enhancing your residents’ experience.
The benefits of such an approach are manifold. A vibrant, cohesive team contributes to a higher resident retention rate. Satisfied team members lead to happy residents, leading to higher occupancy rates. Also, a healthy company culture can help attract top talent, further strengthening your organization.
Exploring the Full Spectrum of Improvisation for Success in Multifamily
Unleashing Creativity and Agility for Operational Excellence
Photo by RhondaK Native Florida Folk Artist on Unsplash
In multifamily management, leaders are confronted with numerous unforeseen challenges daily. Embracing the full spectrum of improvisation could be the game-changer needed to effectively navigate these challenges, optimize operations, and improve resident satisfaction. In this brief space, I want to unpack the potent benefits of improvisation and provide practical strategies for its application in multifamily management.
Despite structured management models and established protocols, multifamily leaders and property teams often encounter situations where no policy or procedure fits. Whether dealing with extraordinary maintenance events, handling delicate resident issues, or navigating team member concerns, these unanticipated situations require a swift, innovative response. Unfortunately, rigid adherence to antiquated procedures can stifle creativity, slow response times, and reduce satisfaction, leading to potential downsides or adversities.
Integrating the spectrum of improvisation into your management approach can offer many benefits. First, it promotes agile thinking, enabling your teams to adapt as new challenges arise and to quickly devise innovative solutions. This flexibility not only reduces downtime but also improves efficiency and productivity.
Secondly, improvisation fosters a problem-solving mindset, encouraging teams to find solutions rather than dwelling on problems. By empowering your team members with the freedom to improvise, you foster a proactive culture where challenges are seen as opportunities for innovation and growth.
Moreover, incorporating improvisation can enhance communication with residents, team members, and business partners. Emphasizing dialogue over rigid processes can lead to a better understanding of resident and team member needs, ultimately improving satisfaction and retention.
Finally, the act of improvising can stimulate continuous learning and improvement. By recognizing each unexpected event as a learning opportunity, you can refine your management strategy, creating a cycle of ongoing advancement.
Josh Swing | Collective Conversations
In this episode, I sit down with Josh Swing, a respected expert in the leadership development industry, to discuss the importance of leadership development.
We explore various aspects of the topic, sharing valuable insights, personal experiences, and actionable strategies to help you thrive in business and life.
Drawing from a recent article published on the @wildsparq blog, we take a deep dive into the following key discussion points:
1. Leadership development increases retention
2. Leadership development increases company culture
3. Leadership development increases engagement
Understanding the Concept of the Indifferent Spectator: A Philosophical Perspective
Photo by Pro Church Media on Unsplash
The “indifferent spectator” concept refers to a philosophical idea that originated in the 18th century. It suggests that people can view events and situations with a sense of detachment and neutrality without being emotionally affected.
This concept has been explored in various fields, including philosophy, psychology, and sociology. The idea of the indifferent spectator can be traced back to the writings of the French philosopher Jean-Jacques Rousseau, who argued that humans are naturally empathetic and compassionate. Still, societal norms and values can cause them to become detached and indifferent to the suffering of others.
One way in which the concept of the indifferent spectator manifests itself is through the phenomenon of bystander apathy. This occurs when people witness an emergency or a crisis but fail to take action or offer help because they assume that someone else will intervene or feel that they are not personally responsible.
Bystander apathy has been studied extensively in social psychology, and researchers have identified several factors contributing to this phenomenon. These include diffusion of responsibility (the belief that others will take action), social influence (the tendency to conform to the behavior of others), and the perceived cost of helping (the belief that intervening will require too much effort or risk).
The concept of the indifferent spectator can also be applied to larger societal issues, such as social injustice and inequality. When people are exposed to images and stories of suffering and oppression, they may become desensitized to these issues and feel powerless to effect change.
However, it is important to recognize that the idea of the indifferent spectator is not necessarily a negative one. In some cases, detachment and neutrality can be beneficial, allowing people to view situations objectively and make rational decisions. Moreover, individuals can cultivate empathy and compassion, even in the face of societal norms that promote detachment and indifference.
