Scaling up
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.
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
Friendly Competition and Idea Exchange
Photo by Florian Schmetz on Unsplash
Friendly competition and exchanging ideas can greatly benefit professional development and business growth.
First and foremost, competition can be a great motivator. Knowing that others are working hard to achieve similar goals can push you to put in that extra effort and strive for success. It’s also great to stay current and on top of industry trends and developments. You can gain valuable insights and ideas for improving your business by observing what your competitors are doing.
Another benefit of friendly competition is that it can drive innovation. When trying to outdo your competitors, you’re more likely to develop creative solutions and new ways of doing things. This can give you an edge in the market and help you grow and evolve professionally.
Exchanging ideas with professionals in other industries can be extremely valuable. By sharing knowledge and perspectives, you can gain a broader understanding of the world and learn new ways of approaching problems. This can lead to breakthroughs and new opportunities you might not have otherwise considered.
All in all, friendly competition and exchanging ideas can be powerful tools for professional development and business growth. By embracing competition, seeking new perspectives, and being open to new ideas, you can set yourself up for success and take your business to the next level.
It’s important to note that competition can also breed a hostile environment and stress, so it is essential to maintain a balanced and healthy attitude towards it.
Mission, Purpose, and Trust
Photo by Ian Schneider on Unsplash
Imagine you signed up for a class or training session. You and your classmates gather at the appointed time, and without so much as an introduction, the instruction begins to lead you on a walk. You don’t know where you are going or anything about the person at the front of the pack. Throughout the trip, your sense of safety erodes. What is the point of all this? Do I trust that this is for my betterment? Or should I abandon the whole thing at my first opportunity? That’s where mission, purpose, and trust come in.
When building a successful company, there are three key things to focus on mission, purpose, and the creation of trust. Without them, your team wanders in the woods, hoping for some direction that aligns with these three concepts.
First and foremost, a company must have a clear mission statement outlining its purpose and goals. Your mission should guide all decision-making and operations. The mission statement becomes a competitive advantage when fully integrated throughout your organization. A vital mission will also attract like-minded clients and team members who share the company’s values and vision.
In addition to having a clear mission, your company should have a clear sense of purpose that drives its actions and decisions. For example, in the property management world, this could include providing high-quality housing for residents, delivering top-tier amenities and resident services, contributing to the local community, or promoting sustainable living practices. A clear purpose will help the company stay focused and motivated and make attracting and retaining residents, clients, and team members who share similar values easier.
Finally, building trust with clients, residents, and team members is crucial for the success of a management company. This can be achieved through consistent and transparent communication, anticipatory and responsive customer service, and a commitment to upholding high ethical standards. By consistently delivering on its promises and meeting the needs of its constituents, any company can build a reputation for reliability and credibility, which will help it attract and retain long-term clients and team members.
In sum, focusing on mission, purpose, and the creation of trust is essential for building a successful company. By prioritizing these key areas, you can establish a strong foundation for growth and success in your industry.
Want to Grow Your Multifamily Business
One of the easiest ways to grow your business is to stop focusing on growing your business. Instead work on your business. Mills Properties is choosing to work on the business this year. After growing from 4,000 units in 2007 to just over 13,000 units at its peak in 2012, we stalled. Why? We focused on nothing but growth.
Stall Point
From failing to invest in infrastructure as you grow to broken or nonexistent processes and standard operating rules – unfocused growth has a cost. It’s called stalling out. We hit that point in 2012. Taking on just enough assets to stretch our team to its limits. We were running from fire drill to fire drill, from spinning plate to spinning plate. Many of us were working 16 hour days and some even more than that.
I must admit – it was fun for about 18 months but the aftermath was downright depressing.
Scaling Up
2015 is the year we scale up by focusing on the business.
I read an amazing book called Mastering the Rockefeller Habits. A book predicated on the mammoth book titled: Titan. Titan is a huge 800 page brick of a book about John D. Rockefeller (I read it – it took some time but well worth it). And subsequent to each, I read the book Mastering the Rockefeller Habits 2.0: Scaling Up.
I loved it so much I bought the audio version and listened to it while following along in the book. I marked up the margins, dog-eared 50 or 60 pages and wrote tons and tons of notes on any piece of paper I could get my hands on. Let’s just say…it’s a good book.
I thought so much of it that I shared it with Mills Properties President. And, he caught the passion soon purchasing books for key leaders. I couldn’t help myself so I shared the book with eight other key leaders in the organization. And I am more than happy to report; we are digging in.
Writing About the Journey
We will be digging in full force in April and I will be writing about it right here on the Apartment Hacker Blog (yeah, need to get that name changed. M Brewer Group never really did it for me).
Your looking forward to Scaling Up Multifamily Maniac,
M
