big data
Unlocking Transformational Leadership in Multifamily: The Gap and the Gain Philosophy Inspired by Dan Sullivan
Photo by Alex Radelich on Unsplash
In life, as in business, the momentum behind achieving the next milestone often overshadows the accomplishments already achieved. This perpetual cycle is similar to the treadmill effect, where the sense of satisfaction and achievement remains elusive. What if, through intelligent leadership, you could break this cycle and lead with a sense of fulfillment? Enter the Gap and the Gain philosophy, inspired by thought leader Dan Sullivan, Founder of Strategic Coach.
Why Multifamily Real Estate Leaders Should Pay Attention to the Gap and the Gain
Within the multifamily context, we operate in an environment marked by constant flux—legislative changes, technological advancements (a lot as of late), and shifts in renter behavior. These factors bring both challenges and opportunities. Utilizing the Gap and the Gain philosophy, you can refine your decision-making process and achieve a broader perspective. Here’s how:
Measure Against The Past, Not An Idealized Future
The ‘Gap’ represents the chasm between where you are and an often unattainable, idealized future state. The ‘Gain’ is the measurable improvement from where you started. Instead of being perpetually dissatisfied by dwelling on the Gap, the Gain offers a shift in perspective. Imagine a multifamily complex with a high rate of occupancy but falling short of some modern amenity provisions. You could consider yourself unsuccessful or shift your perspective to acknowledge the gain from an initially lower occupancy rate.
Profound Impact on Strategy and Marketing
The Gap and the Gain philosophy can substantially impact strategy and marketing. Let’s consider PropTech, which is transforming real estate ecosystems. Most real estate leaders focus on the next big thing, thus dwelling in the Gap. Instead, one could concentrate on the Gains made through incremental innovations, providing a more immediate and motivating perspective for your team. It’s not as sexy, but it might have a similar impact. If you’ve recently integrated a RentTech solution to automate your rent collection process, celebrate the time and efficiency gains before stressing over the next tech update.
Human-centric Leadership
The essence of this philosophy harmonizes perfectly with the human-centric leadership approach. Recognizing the gains of your team not only propels productivity but also enriches work culture. The Gap and the Gain methodology add a crucial layer to performance metrics, making it more holistic.
Innovative Application Through Technology
In the era of Big Data and AI, technology can be leveraged to make this philosophy actionable. Advanced analytics can provide historical data to measure the Gain more objectively.
Big Data in Multifamily
The business of big data is upon us and the trumpets are blaring loudly about how it will revolutionize the multifamily business.
My prediction – big data will yield us the same marching orders we have innately known since the dawn of the industry. Dare I say: big data will not matter as much as small relationships.
Props to Mark Juleen for the relationship truism – he is right to say that we are in the relationship business. In the same respect I am right to say that we are in the media business. And, let’s not forget that we are in the apartment business as Melissa Decicco penned not to long ago.
Media is the plural of medium and a medium is simply a conduit (channel) between you and the customer.
In that respect, we are in the media business. But also in the relationship business.
It is our passion to create meaningful media (channels) that gives good incentive (value) for people to show up and interact (relationship) with us.
Big data – while wonderful for the purpose of creating beautiful charts and graphs will tell us little more than we already know.
Use good media as a means to create good relationships that lease more apartments.
Boom – done.
Your thinking big data will not matter as much as small relationships Multifamily Maniac,
M
Predictive Analytics in Apartment Marketing
Our good friend Jonathan Saar from The Training Factor wrote a piece a couple days ago that got me thinking about the next steps in apartment marketing. Certainly not to suggest that we have all mastered the last steps but it is fun to dream sometimes.
This is a pure prediction post. No basis. No foundation. No practical application. No case study.
Just sayin’.
Predictive Analytics
Wikipedia defines the term this way:
Predictive analytics is an area of statistical analysis that deals with extracting information from data and using it to predict future trends and behavior patterns. The core of predictive analytics relies on capturing relationships between explanatory variables and the predicted variables from past occurrences, and exploiting it to predict future outcomes. It is important to note, however, that the accuracy and usability of results will depend greatly on the level of data analysis and the quality of assumptions.
The most common use of predictive analytics comes from the credit card industry. Brass tacks – with a few bits of information, companies can predict your propensity to pay on time.
My Early Predictive Analysis Tells Me…
…It is headed to an apartment marketing conversation near you. By this time next year, we will all be talking or will have been talking about the manifestation of predictive analytics as it relates to harvesting big data. Big data to include mining the likes (no pun intended) of Facebook, Twitter, ratings and review sites, surveys (be them third-party or self-administered), property management software (although predictive analysis suggests no chance on that front!), your screening company and other relevant data bases. And, our mathematical models will take all that data to make predictions for us.
They will create and align the perfect personas with the perfect properties that fit those personas and they will send the perfect messages, with the perfect frequency at the optimal times. All behind the scenes.
Your really likes the idea of predictive analysis as it relates to marketing apartments multifamily maniac,
M
PicProps: vjeran2001
Here it comes: Predictive Analytics to Impact Multifamily Operations
