Leadership
Mastering Self-Discipline and Fostering Patience
Achieving Success in Multifamily Property Management Through Personal Discipline and a Culture of Patience
Photo by Tyler Milligan on Unsplash
In the realm of multifamily property management, self-discipline, and tolerance are vital. Self-discipline guides leaders to stay focused, make sound decisions, and maintain integrity. Patience creates a harmonious environment where residents and team members thrive. Let’s look at some insights into these challenges and provides solutions for integrating these essential qualities into your leadership.
The lack of self-discipline can lead to inconsistency, inefficiency, and failure to meet objectives in property management. Meanwhile, an absence of tolerance may foster a hostile environment, causing dissatisfaction among residents and team members. The combination of these two weaknesses can lead to significant problems such as decreased resident retention, poor team member morale, and legal complications.
Cultivating self-discipline starts with setting reasonable expectations, diligently working to meet them, committing to daily routines, time management, and personal accountability. This leads to a more robust decision-making process and success in meeting residents’ needs, enhancing efficiency, and earning trust from residents and team members.
Promoting patience within the team can be achieved by creating open communication channels, regular training, and actively recognizing and rewarding team members. This fosters an intentional atmosphere, builds community among residents, improves resident retention, and makes a living and working environment more attractive.
Marrying the qualities of self-discipline and patience allows multifamily property leaders to create a cohesive and high-performing team. This ensures content residents and a thriving community, setting a course for long-term success and generating loyal residents and satisfied team members who align with the property’s values and goals.
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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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Embracing Forgiveness: A Strategy for Multifamily Success
How Forgiveness Fosters Growth and Cohesion Among Team Members and Residents
Photo by Brett Jordan on Unsplash
In multifamily leadership, fostering a culture of forgiveness can lead to enhanced collaboration, innovation, and team member engagement. It’s not just a feel-good philosophy; it’s a business strategy with real and tangible benefits. Leaders can establish a more resilient and thriving community by understanding the issues associated with a lack of forgiveness and employing strategies to cultivate it.
Within the multifamily world, conflicts often arise among team members, residents, and even leadership. These disputes may stem from miscommunication, differences in expectations, or even simple human errors. When left unresolved, these conflicts can fester, leading to a breakdown in trust and collaboration. The negative impact on company culture can ultimately hinder productivity, reduce resident satisfaction, and erode profitability.
Leaders can nip conflicts in the bud by encouraging open and honest dialogue among team members. This environment allows grievances to be aired and resolved respectfully. The benefit is a community where everyone feels heard and valued.
Developing clear guidelines and expectations around forgiveness within the organization sets the stage for a more empathetic approach to conflict resolution. This includes leadership training on handling disputes and fostering forgiveness among team members. The result is a more cohesive, loyal team.
Using restorative practices to address conflicts ensures a fair and transparent process. This means involving all affected parties in the resolution, focusing on healing rather than punishment. By adopting these practices, multifamily executives can enhance community trust and understanding, ultimately increasing team satisfaction.
Executives who demonstrate forgiveness in their actions set a powerful example for others to follow. By modeling this behavior, leaders can inspire a culture where forgiveness is encouraged and expected. The payoff is a more compassionate and resilient community, better equipped to adapt to challenges and seize opportunities.
Recognizing and celebrating acts of forgiveness within the organization helps to reinforce the value placed on this approach. By honoring those who embody this philosophy, leaders reinforce the positive behaviors that lead to a thriving, harmonious community.
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Achieving Gold in Multifamily Property Management: Olympic-Sized Expectations
Elevating Multifamily Property Management Through High Expectations and Team-Centric Leadership
Photo by Aman Upadhyay on Unsplash
Property management is a business where expectations can mean the difference between a flourishing community and a failing investment. In the multifamily space, leaders must aim for the gold – or in our case, optimal resident satisfaction, effective team dynamics, and profitable operation. Drawing parallels from the sporting world, let’s explore the concept of embracing Olympic-sized expectations for multifamily property management.
Many challenges in multifamily property management include new property technology, property upkeep, legal issues, organizational culture, and ensuring optimal resident satisfaction. These tasks demand Olympic-level commitment, mental strength, and emotional finesse. Often, executives set benchmarks aligning with industry standards but stop short of striving for exceptional performance. It’s not just about keeping up with the competition; it’s about reshaping the game, just like an Olympian would.
Set the bar high. Embrace Olympic-sized expectations. As a multifamily executive, your first step towards greatness is setting ambitious objectives that may seem entirely achievable with the right strategies. Identifying key performance indicators that transcend average industry expectations can create a platform for superior performance. Don’t manage to benchmarks. Use the date, sure, but don’t bend to the averages.
Create a winning team. Your residents are essential, but equally, if not more important, are your team members. By fostering an environment that motivates, rewards, and nurtures, you allow your team members to excel. Promoting team cohesion can improve service delivery, thereby boosting resident satisfaction.
Work on technique. Precision and consistency are essential in achieving Olympic-sized expectations. Leveraging technology and data analytic platforms like REBA can streamline operations, provide valuable insights into residents’ needs, and identify areas for improvement.
Race against time. Like an athlete’s split-second decisions on the track or field, swift and informed decision-making is paramount. A strong focus on efficient time management and quick problem-solving can enhance operational effectiveness.
Every step towards Olympic-sized expectations should benefit your residents, team members, and bottom line. By fostering high expectations and continuous improvement culture, you pave the way for higher resident satisfaction, enhanced team morale, and increased profitability.
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Boost Your Multifamily Success by Evaluating and Refining Business Relationships
Achieve Optimal Business Outcomes by Identifying and Eliminating Relationships that are Detrimental to Your Multifamily Property Management Operations
Photo by Kelly Sikkema on Unsplash
Achieving unparalleled success in multifamily property management is contingent upon forming and maintaining strategic business relationships. However, not all relationships serve your organization effectively. Recognizing and parting ways with associations that don’t align with your business goals is crucial. Today’s note aims to help multifamily executives identify and remove such connections, resulting in streamlined operations, improved resident relationships, and a harmonious team member environment.
Strategic partnerships can propel multifamily property management businesses toward extraordinary success. Yet, problematic associations often lurk unnoticed, posing challenges such as resource drain, resident dissatisfaction, and discord among team members. These adverse situations can thwart your organization’s growth, efficiency, and reputation, with the adverse effects echoing throughout your operations.
Solutions
Firstly, understanding the impact of each relationship. You can identify those not beneficial to your property management by continually assessing partner contributions and performance. Connections causing undue stress, generating negative feedback, or yielding suboptimal results should be under scrutiny and or removed.
Secondly, frank, open dialogue is crucial. Communicating your concerns can often lead to corrective actions, transforming a potentially harmful relationship into a beneficial one. For relationships beyond repair, a well-negotiated exit strategy will limit disruption to your business and residents.
Thirdly, creating a robust evaluation process for future partners can prevent the recurrence of similar issues. Criteria should include their reputation, service quality, alignment with your business goals, and potential for long-term stability.
Removing unproductive relationships can lead to many benefits for your multifamily property management. It can free up resources for reinvestment, enhance your company’s reputation, improve resident satisfaction, and promote a more harmonious team-member environment. Additionally, it provides room for establishing new, mutually beneficial partnerships, further propelling your business toward success.
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