Talent
Winning Strategies in the Multifamily Talent Arena
How to Attract, Retain, and Develop Top Talent in the Multifamily Property Management Sector
Photo by Dylan Gillis on Unsplash
The multifamily property management sector is experiencing an escalating war for talent. With growing competition and a shifting landscape, attracting the right professionals requires a deep understanding of what motivates them and how to foster their growth. This brief note offers multifamily executives insightful strategies to win this battle, focusing on attraction, retention, and professional development. We will explore the problem of talent scarcity and present solutions with tangible benefits for your organization.
Finding and retaining top talent has become one of the most pressing issues in multifamily property management. The industry is increasingly competitive, and the demand for skilled team members is rising. The challenge lies in identifying individuals with the right blend of technical expertise, creativity, and passion to engage with residents. How do multifamily executives find these ideal candidates and keep them engaged? The problem is complex and requires a nuanced approach.
Solutions:
- Emphasize Culture and Values: By creating a workplace culture resonant with the values of potential team members, you can attract those who align with your mission. This alignment ensures a more harmonious work environment and enhances the likelihood of long-term retention.
- Offer Tailored Professional Development: Offering customized professional growth opportunities demonstrates your investment in your team members’ futures. By fostering their career growth, you enhance their skills and build loyalty.
- Engage with Team Members: Encouraging veteran team members to engage actively with new team members helps foster community. This connection enriches the working experience and promotes higher satisfaction among team members.
- Implement Competitive Compensation Packages: Salary isn’t everything, but it matters. By researching and offering competitive compensation packages, you signal to prospective team members your recognition of their value.
- Utilize Technology: Leverage technology to streamline hiring and ensure you reach suitable candidates. Utilizing appropriate platforms can make the recruitment process more efficient and targeted.
- Invest in Wellness: Focus on the overall well-being of your team members. A happy, healthy team member is often more productive and loyal.
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.
Unleashing Growth in Multifamily Leadership: The Power of Courageous Conversations
Redefining Growth: The Integral Role of Courageous Conversations in Multifamily Leadership
Photo by Michael Dziedzic on Unsplash
Summary
In the world of multifamily real estate, leaders often grapple with complex and pressing issues. In this context, growth isn’t merely about the number of properties owned, the unit count managed, or the revenue generated. It extends beyond material gains to encompass the ability to foster open, honest, and brave conversations in moments of truth. Let’s dive into the relationship between growth and courageous conversations and how this paradigm shift can transform leadership in the multifamily space.
Problem
The multifamily space is fraught with challenging decisions, complex negotiations, and intense competition. Leaders often find themselves at a crossroads where their choices can significantly impact their business’s trajectory. However, traditional leadership models focus heavily on quantitative growth, sidelining the qualitative aspects like fostering open communication, active listening, and constructive feedback. This limited perspective can lead to unaddressed issues, stifled innovation, and a non-inclusive work culture.
Solutions
- Encouraging Courageous Conversations: By promoting a culture of courageous conversations, leaders can unearth hidden issues, stimulate innovative ideas, and drive sustainable growth. These open dialogues foster trust and collaboration, fueling a healthier, more productive work environment.
- Enhancing Decision-Making: Courageous conversations allow leaders to gain deeper insights into challenges and potential opportunities. They encourage diverse perspectives and lead to more informed, well-rounded decisions that align with the company’s overall growth strategy.
- Driving Cultural Change: Open, honest discussions can help leaders understand their team’s needs, aspirations, and concerns. This understanding can facilitate cultural changes prioritizing employee well-being and satisfaction, increasing retention and productivity.
- Stimulating Innovation: Courageous conversations create a safe space for expressing novel ideas and challenging the status quo. This nurtures a culture of innovation, essential for maintaining a competitive edge in the multifamily industry.
Comprehensive Team Member Onboarding Plan
Photo by Tim King on Unsplash
Onboarding new team members is a crucial part of the hiring process, as it sets the tone for their experience at the company and helps them integrate into the team. A comprehensive plan can ensure new hires understand their role, responsibilities, and the company’s culture, policies, and procedures. Allow me to share a framework:
Step 1: The first step in structuring an effective plan is to define the goals and objectives. The plan should have a clear purpose and align with the company’s overall goals and values. Some common objectives of an onboarding plan include introducing new team members to the company’s culture and values, familiarizing them with their job responsibilities, and helping them build relationships with their colleagues.
Step 2: Next, create a timeline. This will help ensure that all necessary steps are taken and that new hires clearly understand what to expect during their first few weeks on the job. The timeline should include key milestones, such as the first day of work, training sessions, and supervisor check-ins.
Step 3: Identifying the key players in the onboarding process is important. This includes HR team members, managers, and colleagues working closely with the new hire. Each individual should have a clearly defined role in the onboarding process.
Step 4: Training and orientation are two of the most important aspects of the onboarding process. New hires must know the company’s policies, procedures, and best practices. This can include training sessions, mentorship programs, and job shadowing opportunities.
Step 5: It’s important to communicate the company’s culture and values to new hires. This can include providing a handbook outlining the company’s mission, vision, and values. It can also include introducing them to key team members and sharing stories about the company’s history and culture.
Step 6: Onboarding is not a one-time event. It’s an ongoing process that requires ongoing support and feedback. Managers and colleagues should provide new hires with regular check-ins and feedback to ensure they adjust to their new roles and the company culture.
Gamifying Onboarding
Photo by Erik Mclean on Unsplash
In today’s multifamily business world, team member onboarding has become crucial to ensure that new employees have the necessary skills and knowledge to perform their jobs effectively. And it pays to be innovative in your approach.
One innovative way of ensuring that new hires are engaged and motivated during the onboarding process is through gamification. Let’s explore what it means and the importance of gamifying the team member onboarding experience and provide some ideas on how to do it.
First and foremost, gamification is a powerful tool for increasing engagement and motivation. Team members who are engaged and motivated are more likely to be productive and committed to their work. By gamifying the onboarding experience, new hires are more likely to be engaged and invested in the process. This can result in a faster and more effective process, benefiting both the employee and the company.
In addition, gamification can make the onboarding experience more enjoyable and memorable. New hires may feel overwhelmed by the information they need to learn during onboarding. Using game mechanics such as points, badges, and leaderboards can make the onboarding process more fun and engaging. This can help new hires to retain information more effectively and feel more positive about the experience.
So, how can you gamify the employee onboarding experience? Here are a few ideas:
- Create a scavenger hunt – Use clues and challenges to guide new hires through onboarding. This can be done both in-person and virtually.
- Use quizzes and assessments – Test new hires’ knowledge and offer rewards for correct answers.
- Offer digital badges and certificates – Create badges and certificates to recognize new hires’ achievements during onboarding.
- Create a game-based learning module – Develop a learning module that incorporates game mechanics, such as leveling up, to make the process more engaging.
- Implement a social learning platform – Encourage new hires to collaborate and learn from each other in a social learning platform. Incorporate game mechanics, such as leaderboards, to increase engagement.
