Multifamily leadership
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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Reviving Organizational Pulse: The Risk Imperative
Photo by Cristofer Maximilian on Unsplash
In an age where rapid tech advancements, swift paradigm shifts, and risk-taking define the business landscape, the words of Elon Musk strike an almost haunting chord. “This is how civilizations decline. They quit taking risks. And when they quit taking risks, their arteries harden. Every year, there are more referees and fewer doers. When you’ve had success for too long, you lose the desire to take risks.”
If we distill this sentiment, it cautions against the dangers of complacency and underscores the inherent value of risk-taking in organizational growth. As leaders in the multifamily space, the resonance is palpable. Here’s why.
The absence of risk can spell stagnation. Historical success, while validating, can often blind one to the changing needs and evolving paradigms of the industry. The more we nestle in our comfort zones, banking on tried and tested methods, the more we stand to lose touch with the ever-changing reality of business.
Musk’s mention of “more referees and fewer doers” is particularly compelling. We are often mired in layers of bureaucracy of our own making. While governance and oversight are crucial, an overemphasis can stifle innovation. If every novel idea must pass through an exhaustive series of approvals, the spirit of entrepreneurship within the organization diminishes. Those passionate “doers” find their energies curbed, their innovations quelled. We must think about freedom within a framework to ensure we don’t stall the organization.
Human-centric leadership thrives on understanding people’s aspirations, challenges, and needs. It’s about intuiting future trends, predicting shifts in consumer behavior, and acting on these insights with agility. This requires the courage to take risks and the vision to see where these risks could lead. We must have the freedom to think and, more importantly, act. We must be open to change.
Yet, to drive this change, leaders must foster a culture that celebrates risk. This doesn’t mean recklessness but rather a calculated approach to innovation, where the potential for growth and the impact on the human experience are at the forefront of decision-making. Organizations should be sanctuaries for creative thought, where the fear of failure doesn’t overshadow the thrill of the possible. In a former life, we were governed by a value that fits this thought – Take Educated Risks.
While stability and consistency have their merits, the true advancement of any organization or leader lies in embracing risk. In that risk lies the promise of growth and novel ways of doing things. As multifamily leaders, let us not be content with past glories. Instead, let’s seize the future, one risk at a time.
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Unlocking Business Potential: The Power of Forcing Functions
Photo by Fab Lentz on Unsplash
Leaders constantly seek new ways to challenge the status quo. Amongst many strategies, one is particularly compelling: forcing functions.
A forcing function is an element introduced into a system to cause a specific action or outcome. In other words, it’s a deliberate constraint or challenge to stimulate progress or ensure an intended result. It’s like placing an obstacle on a running track; it compels runners to jump higher or rethink their approach.
So, what makes this strategy intriguing for multifamily leaders?
The multifamily industry is complex, from human-centric leadership dynamics to the introduction of technology and the subsequent integration discussions. Introducing forcing functions can be a transformative tool to elevate these aspects.
When a team faces a constraint, say a limited budget or a tight deadline, it often results in a burst of creativity. Necessity, as they say, is the mother of invention. This could translate to breakthroughs in marketing techniques, community engagement strategies, or even property management systems in the multifamily space.
By deliberately introducing a controlled challenge, leaders can also test the resilience and preparedness of their systems. For instance, simulating a high-demand scenario can help identify bottlenecks and inefficiencies in operational workflows like unit turn times.
Another advantage of forcing functions is that they can act as training wheels, helping team members cultivate skills they might not have tapped into. Facing constraints can bring latent negotiation skills, analytical prowess, or strategic planning talents to the forefront.
Lastly, with a clear forcing function, everyone in the organization has a shared goal or challenge. This aligns strategies across departments and fosters a collective sense of purpose and drive.
For multifamily leaders and professionals, the key lies in identifying the right forcing functions for their unique scenarios. It’s not about adding unnecessary hurdles but discerning which strategic obstacles can drive genuine growth. While it’s tempting to introduce multiple forcing functions, ensuring they don’t overwhelm or stifle productivity is crucial.
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Trust as the Pillar: Building a Stellar Culture
Culture isn’t just a buzzword—it’s the lifeblood that fuels an organization’s success. If trust is the heartbeat of this culture, then every business interaction is its pulse.
Now, why is trust so monumental in this space? First, let’s delineate trust. Trust is the assured reliance on someone’s character, ability, strength, or truth. The adhesive binds leaders with their teams, stakeholders, and even competitors. But in the multifamily leadership landscape, it goes beyond just interpersonal dynamics.
- Trust and Decision Making: Leaders who exhibit trustworthiness encourage the collective to make decisions confidently. Trust expedites processes in multifamily management with its myriad of contracts, deals, and partnerships. No second-guessing, no time wasted in verification—a culture of trust fast-tracks success.
- Trust Amplifies Brand Reputation: In a market as competitive as real estate and property management, brand reputation can make or break a company. And guess what lies at the foundation of a strong brand? Trust. When your brand is trusted, word-of-mouth referrals increase, and so does brand loyalty. This is not mere speculation; numerous studies have affirmed the direct correlation between trust and brand strength.
- Trust Engenders Innovation: Contrarian as it might sound, trust can be a breeding ground for innovation. When multifamily leaders trust their teams, it fosters an environment where new ideas are not just encouraged but celebrated. In a domain consistently influenced by PropTech and RentTech advancements, a culture of trust becomes the catalyst for disruptive innovation.
- Trust Mitigates Risk: While discussing safety might often be redundant, it’s vital in the context of trust. Trust reduces financial risks in an industry where significant capital is at stake with every decision. When leaders trust their teams and vice versa, it diminishes the chances of costly mistakes.
How, then, do multifamily leaders cultivate this trust? Through consistency, transparency, effective communication, and by valuing every individual’s contribution, irrespective of their role. However, building trust is not a one-time effort; it demands continual nourishment.
To those in multifamily leadership: envision a future where your organization isn’t just known for its properties or profits, but for its extraordinary culture of trust. Such an organization doesn’t just thrive; it leads, transforms, and sets benchmarks.
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Unified Vision: The Keystone of Multifamily Leadership
Photo by Nathan Dumlao on Unsplash
Hyper-targeted strategies and competition sometimes cause us to forget a fundamental building block to success: a unified goal. But as multifamily leaders know, tech advancements and business innovations are for if their organization’s culture lacks a clear, shared objective.
Every extraordinary business, especially in the multifamily space, thrives on the cohesion of its team. An aligned goal is not just about setting a NOI or Revenue target. It’s about defining the company’s very essence, the values it stands by, and the legacy it seeks to leave. This holistic definition ensures that every strategy executed, every decision made, and every innovation adopted serves this common purpose.
Why is this so vital? First, a shared goal boosts team morale. When team members understand and embrace the company’s mission, they are more motivated, committed, and passionate. This energy translates into purpose-driven productivity, a stronger drive for ideation, and an unwavering commitment to excellence.
Moreover, in business, where human-centricity is paramount, having a clear goal ensures all strategies are people-focused. When the end goal is not just about NOI or ROI but about creating extraordinary living experiences, improving community connections, or maximizing resident satisfaction, every business move becomes more meaningful.
Furthermore, a unified goal acts as a beacon in times of adversity. The multifamily market will always pose challenges with fluctuating demands, tech disruptions, and ever-changing resident expectations. In such scenarios, having a clear and shared objective offers a direction, a North Star, guiding the team when faced with difficult decisions.
Yet, it’s not just about setting a goal; it’s about effective communication. A goal locked in the boardroom and not understood by the entire organization loses its efficacy. Leaders must ensure that this vision is communicated and deeply understood, resonated with, and adopted by every individual.
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