Multifamily leadership
The Strategic Pause: Why Multifamily Leaders Should Rethink Instant Affirmation
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Saying “yes” on the spot can be tempting. The quick affirmation often comes with the allure of being decisive. But here’s the fascinating paradox: immediate agreement isn’t always beneficial.
Let’s look at the broader business landscape. Companies like Amazon and Apple have thrived by going against the grain, rethinking immediate reactions, and, instead, choosing calculated delay for more intentional decision-making. Just think about how Apple resisted the urge to jump into the smart speaker market, waiting to release the HomePod until they could offer something distinct. This kind of strategic patience separates the extraordinary from the average.
With diverse portfolios and varied stakeholder needs, Multifamily leaders could learn a lot from this approach. The ‘Strategic Pause’ isn’t just good for consumer tech giants; it can alter how we view decision-making.
The Depth of Reflection
The immediate period following a proposal or opportunity is crucial for deep analysis. Here, cognitive biases, like the anchoring effect, have less sway. A pause allows you to dissect the offering in light of your overarching strategies, market positioning, and long-term goals. Remember, every “yes” has an opportunity cost, often regarding time, capital, or organizational morale. By not saying “yes” now, you grant yourself the space to see these often-hidden costs.
The Data-Driven Approach
Data is the new oil; metrics should ideally back every decision. The quick agreement doesn’t permit this. For instance, the pause can be invaluable when evaluating new tech solutions. It allows you to liaise with your data science team (if you have one) or your steering committee to model various outcomes instead of relying solely on sales pitches or initial impressions.
The Relational Factor
Human-centric leadership emphasizes the value of relationships. Hasty agreements can often lead to relational stress, especially when expectations aren’t met. Pausing allows you to consult with your stakeholder network, ensuring their buy-in and participation. This is invaluable in your property management company, where team member engagement and resident satisfaction are often as critical as the physical infrastructure.
Market Dynamics
Lastly, let’s talk about the market (I know, it’s not great), especially at this moment – 4Q2023. A pause provides a window to consult external indicators or perform a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis, or my new favorite term, prognosticators, allowing you to harmonize your decision with market conditions instead of operating in a vacuum.
While the instant gratification culture is seductive, the ‘Strategic Pause’ sets visionary leaders apart. As a proactive strategy, it brings depth, data-centricity, and genuine regard for relationships into the decision-making process, particularly crucial elements in the multifamily landscape.
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The Pivotal Question in Leadership Conversations: Personal Well-being Checks
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Building a sustainable organizational culture often depends on one pivotal question: “How are you doing personally?” Leaders might grapple with daily responsibilities, from the next shiny new PropTech innovation to systems optimization. Yet, the heart of an organization, its culture, thrives on a foundation built from genuine human connection
Any leader can direct a meeting, set targets, or chart strategies. But to mold a culture of trust, understanding, and motivation, it’s imperative to prioritize the personal well-being of each team member.
Starting one-on-one conversations with this seemingly simple question goes beyond conventional leadership practices. It signals that you regard the individual before their role in your organization. For leaders who champion human-centric leadership, this approach resonates with the belief that when individuals feel valued and understood, they naturally align with the organization’s objectives.
While it’s tempting to dive directly into project updates or performance metrics during one-on-ones, initiating a personal check-in achieves two critical objectives. First, it establishes a safe space. When faced with challenges outside of work, many people can find their performance and motivation impacted. By understanding these external factors, leaders can offer support, flexibility, or resources, creating an environment where individuals feel supported professionally and personally.
Secondly, it fosters a culture of vulnerability and authenticity. In an era where authenticity is paramount, team members yearn for the leadership they can connect with, not just report to. By broaching personal topics, leaders demonstrate vulnerability, setting the stage for open, honest, and constructive dialogues.
This doesn’t suggest that every conversation must delve deep into personal territories. The intent isn’t to pry but to offer an avenue for expression. Even if a team member chooses to keep things professional, asking underscores their well-being is a priority.
Such conversations remind everyone that the human element remains irreplaceable amidst the whirlwind of progress and innovation.
This may appear contrarian to many, especially when time is of the essence, and there are pressing matters to address. However, the long-term dividends of such an approach in terms of team cohesion, loyalty, and motivation can be game-changing.
The essence of human-centric leadership lies in recognizing the profound impact of personal well-being on professional performance. As leaders in multifamily look to tease out human potential and craft thriving organizational cultures, the question, “How are you doing personally?” could be the most transformative one they ask.
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Cultivating a No-Gossip Culture for Stronger Multifamily Leadership
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In every industry, the foundation for a thriving organization lies in a cohesive and trust-based culture. One of the corrosive elements that can undermine this foundation is gossip. Eliminating gossip fosters a positive environment and reinforces the pillars of trust, integrity, and transparency, which are paramount for any leader aspiring to tease out human potential.
Gossip, often framed as harmless chatter, can have repercussions beyond the initial whispers. Not only does it contribute to a divisive workplace, but it can also stifle innovation, hinder collaboration, and drain morale. Leaders committed to human-centric leadership recognize these challenges and understand the need to foster open lines of communication, ensuring everyone feels heard, respected, and valued.
The multifamily industry’s intricacies and fast-paced nature necessitates strong teamwork and collaboration. It’s a space where decisions made by leaders affect not just teams within the company but also countless individuals who call our properties home. Thus, allowing gossip to persist can lead to significant disruptions within the team dynamics and the company’s external reputation and relationships.
So, how can leaders tackle this issue proactively?
Foster Open Communication: Leaders can emphasize the importance of open and direct communication. This means creating an environment where concerns are addressed head-on without resorting to behind-the-scenes discussions. Regular feedback sessions, town hall meetings, or open-door policies can be effective tools.
Lead by Example: As leaders, your actions set the tone. You send a clear message about your organization’s values by showcasing a behavior that shuns gossip and promotes constructive discussions.
Training and Workshops: Consider organizing workshops on effective communication, conflict resolution, and interpersonal relationships. Equip your teams with the skills to communicate without resorting to gossip.
Consequences for Persistent Offenders: While fostering a culture of understanding is essential, leaders should also make it clear that gossip will not be tolerated. This can range from formal reprimands to corrective actions for those continually engaging in destructive behavior.
Resources:
The 15 Commitments to Conscious Leadership.
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Mastering the Triad of Conscious Listening for Multifamily Leaders
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Leaders face an overwhelming amount of information every day. One could argue that Multifamily Regional Managers process more information than their counterparts in other industries. But amidst all the noise, the art of conscious listening stands out as a differentiator. It’s not merely about absorbing words; it’s about understanding content, tapping into emotions, and discerning desires. This profound understanding can set you apart as a leader in the multifamily space. And, frankly, in life.
Conscious Listening to Content and Context
Content is at the heart of any conversation. It’s the facts, figures, and tangible pieces of information exchanged. However, content isn’t just about the words spoken. It’s also about the unsaid, the context. For multifamily leaders, this means not just hearing the quarterly numbers or the feedback on a new PropTech innovation. It means understanding where they originate, what they imply for the future, and how they fit into the larger narrative of the company. By tuning into the subtext, multifamily leaders can anticipate challenges and seize opportunities before they become evident.
Delving into Emotions
While content provides the logical frame of a conversation, emotions give it color and depth. Emotions offer a peek into the speaker’s underlying feelings, motivations, and reservations. For instance, when a team discusses adopting a new solution or changing a process, it isn’t just about the features or benefits. It’s also about the team’s excitement, apprehensions, or reservations about the change.
Recognizing these emotions allows leaders to address underlying concerns, motivate teams effectively, and foster a culture of openness. It helps in understanding the ‘why’ behind the ‘what.’
Decoding Desires
The most subtle yet profound layer of conscious listening involves tuning into desires. This isn’t about overt wishes but deeper aspirations, ambitions, and long-term goals. When leaders discern these desires, they can align their strategy to serve immediate needs and use them to advance the organization toward the collective vision.
Imagine a conversation about incorporating a new marketing strategy in the multifamily space. On the surface, it might seem to be about increasing visibility or tenant engagement. But by listening consciously, a leader might realize it’s also about a desire to innovate, set the company apart, or even redefine multifamily marketing norms.
Conscious listening is a complex discipline. It’s an art that, when mastered, can move leaders into a deeper level of leadership—one where understanding content, emotions, and desires becomes second nature. It’s about transcending the noise, diving deep into conversations, and emerging with insights that can redefine leadership in the multifamily space. It takes time.
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Matt Johnson | Peek | Collective Conversations
We are thrilled to welcome Matt Johnson, Director of Strategic Partnerships with Peek. Matt Johnson enjoyed a fascinating journey to his current work from professional basketball to being part of the WeWork whirlwind. Some of the highlights of this episode include:
- Business, leadership, and the unique characteristics of a visionary founder.
- The crossover of being a DJ and music lover to its related practical application in giving people an experience beyond what they imagined. (Hit Matt up for some of his playlists.) If you haven’t seen it before, this Peek music video was written and performed by Helen Revell with support from Matt. It is well worth a watch!
- The value of Trust and its importance in developing B2B and person-to-person relationships.
- The relative benefit of using ChatGPT to create content. It is important to produce trustworthy content whether or not you use ChatGPT or something similar to increase production.
- The rapid evolution of leasing towards a hands-off technology-supported experience.
Peek.us is the best place to learn more about how Peek delivers Smarter Leasing for Everyone. You can find Matt on LinkedIn.
About Mike Brewer – Mike is enthusiastic about people, technology, and the multifamily industry. He serves as President of RADCO Residential and COO of The RADCO Companies. As the Founder of Multifamily Collective, Mike is passionate about sharing insights and wisdom through this series of Collective Conversations with others in this industry. This podcast is a platform for industry professionals to connect, learn, and grow.
We love your feedback, questions, and topic suggestions for future episodes. Reach us via info@multifamilycollective.com or connect with us on LinkedIn, YouTube, and Facebook. Our podcasts and interviews are also available on Apple Podcasts, Spotify, or anywhere you stream your podcasts.
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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 Multifamily Collective 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.
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