Leadership
Why is Retention Important?
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Employee retention is paramount to the success and growth of any organization. Employees who remain with an organization for an extended period become more experienced, possess deep knowledge of the company, and contribute significantly to its culture and productivity. Below are a few of my thoughts that highlight the importance of retention:
- Cost Saving: Managing or cutting costs is more critical than ever. Inflation and the rising cost of insurance and labor are putting a drag on NOI. Hiring and training a new employee can be substantially more expensive than retaining an existing one. Advertising, interviewing, screening, and onboarding costs can add up. Additionally, new employees might take time to reach the productivity level of an existing worker.
- Preservation of Company Knowledge: Long-standing employees hold vast amounts of institutional knowledge. When they leave, they take this invaluable knowledge with them, and it can be challenging for new hires to fill these knowledge gaps quickly. Putting math to this is nearly impossible, but the cost is high.
- Increased Productivity: Continuity is a significant factor in achieving consistent productivity. Employees with the company longer tend to understand the processes, tools, and culture, allowing them to work more efficiently. They also understand their fellow team members and how to work well with them.
- Enhanced Company Culture: Retention contributes to a strong company culture. Employees seeing their colleagues staying and growing with the organization fosters a sense of stability and belonging.
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The Art of Successful Meetings
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An excellent meeting transcends its helpful purpose and becomes an engaging, meaningful experience that leaves a positive and lasting impression on all participants. While the specific dynamics of a successful meeting can vary based on the context and participants involved, several key elements consistently contribute to making a personal meeting a good one.
First and foremost, effective communication is the linchpin of any successful meeting. Clear and concise communication ensures all participants understand the meeting’s intention, goals, and agenda. A well-defined agenda sets the tone and direction of the discussion, helping participants stay focused and engaged. Additionally, the ability to actively listen and provide constructive feedback is paramount. An open and respectful dialogue encourages diverse perspectives and fosters an environment where ideas can be freely exchanged and refined. I encourage people to argue, fuss, and fight – respectfully.
The timing and scheduling of a meeting play a crucial role in its success. A good meeting respects participants’ time by starting and ending punctually. It’s a demonstration of respect to start and end on time. Being mindful of time constraints demonstrates professionalism and consideration for everyone involved. Furthermore, spacing out meetings and allowing breaks can prevent participant fatigue and ensure individuals are mentally and emotionally prepared to contribute effectively.
Engagement is a key factor distinguishing a good meeting from a lackluster one. Keeping participants engaged requires a mix of interactive elements, such as discussions, brainstorming sessions, and collaborative activities. Incorporating multimedia presentations, visual aids, and real-life examples can stimulate interest and enhance understanding. An engaging meeting also encourages active participation from all attendees, creating an inclusive environment where everyone feels valued and heard.
A positive atmosphere significantly influences the outcome of a personal meeting. Establishing a welcoming and respectful ambiance encourages participants to express their opinions without fear of criticism or judgment. A good meeting is characterized by a sense of openness, where constructive criticism is offered in a supportive manner, and diverse viewpoints are embraced. Building rapport among participants through small talk and personal interactions before diving into the main agenda can create a more relaxed and productive atmosphere. I strongly encourage opening every meeting with the question, “What’s Up?” Answers can be personal and or professional.
Effective leadership is pivotal in guiding a meeting toward its objectives. A good meeting benefits from a facilitator who can manage the flow of the discussion, ensure that everyone has a chance to speak, and steer the conversation back on track if it deviates from the agenda. Strong leadership also entails recognizing and valuing contributions, providing recognition for accomplishments, and addressing conflicts tactfully and constructively.
Practical outcomes and action items are essential to a successful meeting. A productive meeting concludes with clear decisions, action steps, and responsibilities assigned to specific individuals. Following up on these outcomes after the meeting is equally crucial. A good meeting is not isolated but feeds into a larger workflow, contributing to progress and momentum. Keep a Who What When list to review at the next meeting.
Flexibility is an attribute that can elevate a meeting from good to exceptional. While a well-defined agenda is important, being open to spontaneous discussions or addressing urgent matters that arise demonstrates adaptability and responsiveness. Flexibility also allows participants to contribute ideas that may not have been part of the original plan, potentially leading to unexpected breakthroughs or solutions.
Lastly, a good meeting promotes continuous improvement. After the meeting concludes, a review of its effectiveness is essential. This can involve soliciting participant feedback, analyzing the meeting’s outcomes, and identifying areas for enhancement. Learning from each meeting experience and implementing changes based on feedback ensures that subsequent meetings become even more productive and valuable. I like to rate the meeting on a scale of 1 to 10 where 7 is not an option. And ask each participant for their key takeaway.
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Simplifying Business: The Art of Focus
Uncover the True Power of Concentration in Property Management Without Complexity
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The multifamily property management industry often feels overwhelmed with complexity. An old saying goes, “Anyone who is engaged in really important things is very simple because he does not have time to create unnecessary things.” This idea rings true even in our complex industry.
It’s no secret in the multifamily property management space; leaders often find themselves lost in endless tasks, responsibilities, and objectives. The risk of losing focus and getting tangled in unnecessary details hampers growth and efficiency. This complexity affects productivity and leads to disorganization, leaving leaders constantly chasing clarity.
One solution is to embrace simplicity and concentrate on what truly matters. Leaders can begin by identifying their core responsibilities and eliminating or delegating the excess. Recognize what activities add real value and focus on improving those areas.
Embracing new technologies and automation can simplify processes, allowing leaders to concentrate on core strategies and relationships. Aligning the entire team with the primary vision and values creates a unified purpose and promotes focus across the organization.
Another essential aspect is nurturing a culture of learning and adaptability. Encourage continuous learning, improvement, and adapt to the ever-changing environment without adding unnecessary complexity.
Lastly, cultivating a positive mindset and practicing mindfulness can create a calm and focused leadership environment. Leaders can make more informed and wise decisions by paying attention to the present moment without getting lost in chaos.
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Kind Coaching in Multifamily: An Essential Value for Success
Utilizing Recording Conversations as a Coaching Method – Nurturing Growth and Enhancing Relationships
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Kind coaching is emerging as a vital tool for leadership. In this article, I’ll unpack the importance of kind coaching, emphasizing recording conversations between oneself as both the giver and recipient of challenging feedback. This creative technique might be the key to strengthening relationships with team members and residents.
There is a growing disconnect between leadership and team members in these times of stress. Standard coaching often falls short of effectively nurturing relationships with team members. The lack of an empathetic approach to coaching leads to challenges in communication, which, if unresolved, hampers the creation of thriving relationships.
Following is a helpful strategy to learn the art of kind coaching:
Recording Conversations as a Coaching Tool: By utilizing the unique method of recording a conversation, wherein you act as both the giver and receiver of critical feedback, leaders can witness a situation from a fresh perspective. This technique promotes an understanding of the emotions tied to receiving feedback, engendering empathy and self-awareness.
Enhancing Communication Skills with Self-Reflection: Listening to these recorded dialogues helps you pinpoint areas you can better communicate. Observing nuances in tone, language, and even body language facilitates a focus on refining these aspects, thus promoting open dialogue and collaboration with team members.
Fostering Community Relationships: Adopting kind coaching principles towards team members by extension strengthens connections and engagement with residents and vendor partners. Concentrating on empathy and understanding leads to a more interconnected and prosperous community.
More than just a technique, kind coaching is a philosophy. And by adopting this method, you can establish a culture that values personal growth, continuous learning, and community well-being.
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Beyond the Surface: Going Deep in Multifamily Property Management
Embracing Depth over Width: Strategic Insight for Property Management Leaders
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Steven Pressfield once remarked, “The disease of our times is that we live on the surface. We’re like the Platte River, a mile wide and an inch deep.” It’s a thought-provoking statement that also applies to multifamily management. Many organizations often spread themselves too thin, focusing on the width of their operations rather than the depth. Today we explore the inherent problems with this approach and outline innovative solutions to bring depth, focus, and quality into multifamily property management.
The analogy of being like the Platte River – wide but shallow – applies pertinently to some multifamily management practices. With an overemphasis on growth and expansion, the true essence of quality service, insightful leadership, and customer satisfaction can be overlooked. Leaders and executives may be entrenched in endless tasks without creating meaningful relationships with residents or understanding the industry’s underlying dynamics.
How do We Avoid Falling Into This Trap
Focusing on Core Competencies – By concentrating on areas of genuine expertise and letting go of the superficial, leaders can create robust, more fulfilling relationships with clients and staff alike. It’s easy to get caught up in the new and shiny when the tried and true works best.
Investing in Employee Growth and Development – Developing the team’s potential through continuous learning and personalized career pathways ensures a knowledgeable and committed workforce, adding depth to the organization. Make work meaningful to team members.
Building Meaningful Relationships with Residents – Taking time to understand and connect with residents personally fosters loyalty and trust, leading to a stronger community and a better overall experience. Also, create collision points in your community where people can meet their neighbors.
Embracing Technology with Purpose – Using technology to deepen relationships and streamline operations, not merely as a flashy add-on, profoundly impacts efficiency and effectiveness. Best smart about Technology.
Strategic Growth Planning – Moving away from an unchecked expansion to focused and deliberate growth ensures that the quality of service does not suffer and the organization’s integrity remains intact.
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