customer experience
Decoding Professional Identity: How Your Daily Focus Shapes Your Multifamily Leadership Persona
Photo by Natalie Pedigo on Unsplash
The old adage, “Tell me what you habitually attend to, and I will tell you what you are,” resonates with me. For leaders and professionals in this industry, the daily focus isn’t just a series of tasks; it’s a vivid reflection of their professional identity and a predictor of success. Let’s dig into how this focus shapes multifamily leaders, transforming their approach to management, team dynamics, and market innovation.
The Mirror of Daily Focus
As a multifamily leader, every day presents a canvas of opportunities and challenges. How these opportunities are approached and navigating challenges speak volumes about your priorities and values. For instance, a leader who consistently dedicates time to understanding market trends and customer preferences will likely develop a keen sense of the evolving real estate landscape, paving the way for more informed and strategic decisions.
Strategic Thinking and Operational Efficiency
Focusing on strategic thinking and operational efficiency is crucial in the multifamily space. Leaders who prioritize these aspects tend to foster environments where innovation thrives. They are often at the forefront of adopting new technologies and methodologies, which streamline operations and enhance customer experiences. This focus drives business growth and positions these leaders as forward-thinking visionaries in the industry.
Building and Nurturing Teams
Leaders in the multifamily sector who concentrate on team building and nurturing talent create a ripple effect of positive outcomes. These leaders cultivate a culture of mutual respect, learning, and shared goals by investing in their teams. This approach elevates the team’s performance and enhances the overall quality of service provided to residents, reinforcing the community’s value and appeal.
Market Analysis and Customer Experience
A leader’s attention to market analysis and customer experience is a testament to their commitment to staying relevant and competitive. Leaders who excel in these areas are adept at anticipating changes in consumer behavior and market conditions. They leverage this insight to adapt strategies, ensuring their properties and services resonate with current and potential residents.
Embracing Change and Innovation
Embracing change and innovation is not just beneficial; it’s essential. Leaders open to exploring new ideas in marketing strategies, property management, or community engagement often find themselves ahead of the curve. This openness to innovation is key to long-term success and sustainability in the multifamily realm.
Ethics and Community Involvement
Ethical leadership and active community involvement are increasingly recognized as integral to a multifamily leader’s identity. Leaders who prioritize these aspects demonstrate a commitment to more than just business success; they show a dedication to creating positive social impacts and nurturing thriving communities.
In essence, the focus of a multifamily leader is a compass that guides their journey in the industry. It’s a constant reminder that what they pay attention to today shapes the world they will navigate tomorrow.
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Mastering the Art of Leadership Charisma in Multifamily: Lessons from an Ancient Proverb
Photo by Chris Yang on Unsplash
Leadership is not just a position but a journey rich with opportunities and challenges. With this in mind, an ancient Chinese proverb resonates with profound simplicity and depth: “A man without a smiling face must not open a shop.” This seemingly straightforward saying encapsulates a profound truth about leadership and personal branding, especially in an industry as people-focused as multifamily real estate—charisma matters.
The Power of Positive Leadership
Research consistently shows leaders who project positivity and approachability achieve higher team engagement. A study by the American Psychological Association highlights that positive leadership behaviors significantly impact employee satisfaction and productivity. This translates to enhanced team performance and a more substantial brand reputation in the multifamily realm.
Building a Personal Brand through Authenticity
In an industry where personal interactions often dictate business success, a leader’s authenticity is paramount. Leaders in multifamily real estate must cultivate a genuine, approachable demeanor, mirroring the essence of the proverb. Harvard Business Review emphasizes the importance of authenticity in leadership, noting that genuine leaders build trust and foster stronger relationships with clients and team members.
Enhancing Resident Experiences through Emotional Intelligence
Connecting with residents and understanding their needs is a critical aspect of leadership in this sector. Emotional intelligence, a vital component of effective leadership, is significant in creating positive resident experiences. A study published in the Journal of Property Management reveals that leaders with high emotional intelligence can significantly improve customer satisfaction and loyalty.
Innovating with Technology while Maintaining Human Touch
Balancing technological advancements with a human-centric approach is crucial in an era of technology revolutionizing the multifamily industry. Innovative leaders who embrace technology while maintaining a personal touch distinguish themselves in the market. According to Forbes, the most successful real estate leaders leverage technology to enhance, not replace, human interactions.
Fostering a Culture of Positivity and Growth
The smiling face metaphor extends beyond personal interactions; it represents a culture of positivity and growth. Leaders who smile through their words and actions create an environment where innovation, creativity, and collaboration thrive. A positive workplace culture leads to higher productivity and better financial performance in real estate firms. People like to be around positive people, and positive people get positive outcomes.
Crisis Management with a Calm and Positive Demeanor
Even in times of crisis, the demeanor of a leader can make a significant difference. Maintaining a calm, positive outlook during challenging times instills confidence and resilience in teams and clients. Leaders who support a positive demeanor during crises can better navigate challenges and emerge stronger. And provide a good template for future leaders to follow.
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Adding Value to Your Work: Insights from Tom Peters
Photo by Riccardo Annandale on Unsplash
As Tom Peters once implied, work is the act of adding value to the business. And he couldn’t have been more right. Work is not just a way to make a living; it’s an opportunity to contribute to something bigger than ourselves, to create something meaningful, and to make a difference in the world.
At its core, work is about adding value. Whether you’re an entry-level team member in the multifamily space or a seasoned executive, your job is to find ways to contribute to your organization’s success. That might mean increasing leasing activity, improving customer experience, streamlining processes, or developing new ideas that push the company forward.
But adding value isn’t just about achieving tangible results. It’s also about building relationships, cultivating a positive culture, and creating a sense of purpose and meaning for yourself and those around you. When you focus on adding value in all these areas, you create a workplace that people want to be a part of, inspiring them to do their best work and achieve their full potential.
Of course, adding value isn’t always easy. It requires hard work, dedication, and a willingness to take risks and embrace change. It means constantly pushing yourself to learn and grow, seeking new challenges and opportunities, and staying focused on the big picture, even when the day-to-day tasks can be overwhelming. And as we all know, apartment leasing offices can be overwhelming.
But the rewards of adding value are immeasurable. Not only does it benefit the business and its bottom line, but it also provides a sense of purpose and fulfillment for you as an individual. Knowing that your work makes a real difference in the world gives you a sense of pride and accomplishment that any paycheck or job title can’t match.
So if you want to be successful in your multifamily career, remember Tom Peters’ wise words: work is the act of adding value to the business. Focus on adding value to everything you do, and you’ll achieve success and make a meaningful impact on the world around you.
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Referral Fees – Not Quite So Easy Breezy
Referral Fees – Not Quite So Easy Breezy
Referral fees have been a staple in the multifamily industry for decades. The programs are typically basic – residents tell their friends and families about their apartment community and send us qualified applicants who go on to move in and become residents. We post signs reminding our residents of the promotion – Earn $200 – $500! for every move-in. What we fail to do is simplify the rules for earning the referral fee. The small print can turn a fairly straightforward program into a very complex one and quickly deflate the joyful chance to turn a friend into a neighbor and pocket some easy cash.
I cringe when I think of a manager arguing with a resident about the five steps required to claim the fee and – Oops! You missed step #3! Sorry, that’s our policy. But thank you anyway. Do you feel the same pit in your stomach as I do when considering that scenario?
Rents are well above record levels which can be stressful for residents, making the chance to earn some extra dollars appealing indeed. So, if the rent were let’s say $1800/month, then the value of that new customer is more than $21k for the first year. The referral fee is peanuts comparatively. Instead, we often stand our ground and turn the initial resident into a raving enemy. You might win the fight, but the war is over. A happy resident tells a few people. An unhappy one tells the world.
A colleague of mine shared this story about a recent customer experience from a different industry altogether.
“Recently, my adult daughter purchased a new bed and mattress from a smaller online company, and she loved it! She did her homework in advance and had zero regrets. A few months later, my adult son took notice of her two thumbs-up review and bought a mattress, frame, and the works from the same company.
Since I was also on the hunt for a new mattress, I jumped on board and bought one, too. I know the story sounds improbable, but mattress shopping is really stressful, and if you know someone who actually loves their new mattress and the overall buying experience, that creates a huge level of trust. I don’t know about you, but it is awkward to go into one of the many Mattress stores found in every strip mall and shop while a salesperson hovers over you, encouraging you to sit or lay down on several of the floor models. Talk about a position where you have zero power! Back to our story – none of us had seen or even sat on the product before buying it – we relied on the words of a trusted family member in addition to online reviews and website information.
After all our financial transactions were complete and new beds were on the way, I realized that no one had used the right referral link to earn the $50 bonus. Bummer. I had corresponded with Shannon from customer support over some pre-purchase questions which she quickly answered. I used that contact to reach out and share our story – the family who each bought into the Big Fig experience. I acknowledged the fact that we failed to use the referral link. My email ended with this question, “Is there anything you can do to reward this much family loyalty?”
The company wasn’t required to do anything. We clearly missed the requirements (which included using the special link AND waiting until the 120-day trial sleep period ended.) I had no expectations but thought it was worth a shot.
Instead of highlighting the rules and requirements of the referral policy, the company chose to make it more than right. She replied quickly, thanked us for our support, and sent each of us a $50 Visa gift card. If I have the math right, that’s one more than we would have earned under the program if we had followed the referral rules initially.
Hats off to Shannon the Customer Support person who works for a company that understands the imperative to exceed expectations at every opportunity. The $150 they spent on Visa gift cards is a tiny fraction of the thousands of dollars we paid for our mattresses. And it guarantees that each of us will share the word with our friends and colleagues. (Hi friends & colleagues! Check out Big Fig Mattress!)
A $50 gift card is nominal and pays back far more than it costs. What really stands out here is that Shannon didn’t need four levels of approval and forms to give away the gift cards. She was empowered to make decisions on the spot that ensured an exceptional customer experience.”
What are you doing to empower your front-line team members to resolve situations and build brand loyalty? Are you giving your Shannons the opportunity to be the hero?
Please share your stories with us. (Oh – and hit me up if you need a new mattress!)
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