Multifamily leadership
Leading Multifamily: Resilience and Growth Through Challenges
Photo by Nik on Unsplash
The multifamily career requires a unique breed of leaders. Leaders in this space, like the properties they oversee, are multifaceted, displaying resilience, adaptability, grace, and an inherent ability to grow.
Resilience
Resilience is not just about surviving; it’s about thriving. Every leader faces various challenges, from human concerns to economic downturns. Bouncing back is crucial in the multifamily industry, where the stakes are high and margins can be thin. But more than that, resilience means learning from these setbacks and using them as stepping stones. It’s about turning challenges into opportunities, turning occupancy challenges into inspiring opportunities, and seeing potential where others might only see problems.
Growth
Growth, on the other hand, is both an outcome and a journey. Leaders in the multifamily space must constantly evolve, embracing new PropTech or RentTech strategies and approaches. Whether incorporating smart home technology or adopting new AI-enabled solutions, leaders in this sector are on the cutting edge, ensuring their properties and leadership styles are current and ahead of the curve.
Directly speaking, it’s crucial to recognize that leadership isn’t a solitary endeavor. It’s about fostering relationships with industry peers, teams, and all stakeholders. It’s about recognizing that every decision has a ripple effect, impacting the bottom line and people’s lives. Your leadership journey is deeply intertwined with the communities you serve.
To succeed, it’s essential to stay updated. The digital era has introduced tools to elevate our game, from leadership development to AI-driven market analytics. But it’s equally critical to remember the human element. Listening to feedback, understanding the aspirations of your teams, and forging strong relationships with stakeholders will set you apart. After all, properties might be brick and stone, but communities are built on human connections.
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Suzanne Hopson | Collective Conversations
Grab a notebook and pen for this episode of Collective Conversations as Mike Brewer sits down with the wise and wonderful Suzanne Hopson, Founder and Principal of Here2Elevate. Find Suzanne on LinkedIn or through her website www.here2elevate.com
This conversation is filled with helpful takeaways to challenge your thinking and elevate your game. Here are just a few great quotes from this episode:
- Execution: “If it’s not repeatable, documented, and measurable, there will always be problems with consistency.”
- Fear: “It is stingy/selfish to hold back what you are thinking.”
- Imposter Syndrome: “If I am experiencing imposter syndrome, then I’m in the right room.”
- Commitment: “It’s not about the equipment. It’s about the commitment.”
- Accountability: “It means I am count-on-able for these deliverables.”
Whether you’re a seasoned investor, property manager, vendor/supplier, or someone interested in learning more about the multifamily market, this series offers valuable insights that can help you navigate the challenges and seize the opportunities in this dynamic industry.
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.
Subscribe and Share:
If you enjoyed this episode, rate, review, and subscribe to our podcast on [Podcast Platform(s)] and share it with your friends and colleagues.
If you or someone you recommend is interested in learning more about sponsorship opportunities, please contact us.
Please subscribe to our newsletter – The Collective Rundown
Thank you for tuning in and stay tuned for more exciting episodes coming soon!
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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Leading the Multifamily: Harnessing the World Within Each Individual
Photo by Nicholas Green on Unsplash
The multifamily industry is not just about buildings, amenities, or strategic locations. At its heart, it’s about people—each unique, bringing their world into the community. The ancient saying, “In One Man is the whole world,” encapsulates the philosophy that within each individual lies a universe of experiences, aspirations, and potentials.
For multifamily leaders, understanding this concept is pivotal.
Every person who enters a multifamily space brings their history, dreams, values, and unique perspectives. Just like each apartment or unit is a crucial part of the whole community, every individual plays a pivotal role in shaping the culture and identity of the multifamily space.
As leaders in the multifamily industry, the challenge is to harness this collective power, appreciate each person’s vastness, and create physically secure and emotionally nurturing communities. This is where the real essence of leadership comes into play.
True leadership transcends the ability to manage resources and generate profits. It’s about understanding people, nurturing their growth, and fostering a sense of belonging. It’s about recognizing the world within each resident and staff member and ensuring their world harmoniously coexists with others.
Embracing this philosophy will also influence business decisions. When a leader understands that they are not merely renting out spaces but are providing homes where individuals will shape memories, it changes the approach to service. It encourages leaders to invest in community-building activities, promote cultural understanding, and prioritize mental and emotional well-being as much as physical comfort.
Furthermore, in the age of digitalization, where personal connections often take a backseat, multifamily spaces become even more critical. They are the hubs where real human interactions occur, where communal living provides the warmth of shared experiences.
To all multifamily leaders and business professionals, remember: within each resident, team member, or stakeholder lies a universe. Our role is to shelter them and ensure their universe thrives, grows, and shines. In understanding and embracing the world within each individual, we unlock the true potential of leadership in the multifamily industry.
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Lisa Russell | Collective Conversations
Episode sponsored by: Updater
Updater is an app that gets residents move-in ready faster. Did you know that residents who are happy with their move-in experience are 59% more likely to renew their lease? Move-ins matter. Get them right with Updater. Visit go.updater.com/mike Updater is offering a special gift for our listeners when you book a demo. The short demo may be the key to improving your customer experience while freeing up time for your front-line teams.
In this episode of Collective Conversations, Mike Brewer fueled up with two cups of fresh French press for this chat with multifamily powerhouse Lisa Russell. Lisa is a 36-year veteran of the property management industry and is a sought-after Consultant and Speaker and sits on the Prop Tech Advisory Board. This long-form interview covers a broad range of topics with just a few key highlights below.
Key Discussion Points:
- AI in Multifamily: The move from traditional prop tech to AI was slow at first and is not moving at the speed of light. Despite many common fears, AI will not immediately remove the need for people in our industry. It is however important for people to constantly seek to better understand AI to create future opportunities for themselves. It is also critical for leaders to upskill and reskill their workforce for the changing needs of our industry.
- Fraud Protection: Where fraud was once seen as a one-off occurrence, it has now moved into a more syndicated affront to the industry. It is important to look for the holes in your systems and take a multifaceted view of all your qualifying criteria. No one system can effectively eliminate fraud. The risk lies in the higher percentage of renters who accessed the property via fraudulent means, is the percentage of occupancy you can lose overnight. They don’t care about credit or rental history or any of it because the application documents were fraudulent to start with. The most important operational indicator for fraud is the number of skips. They should be labeled as skips and the trend tells the story of what is broken in your qualifying systems.
- Leadership: Lisa and Mike dive deep into the self-appraisal and honesty required to be in a leadership position. This part of the conversation is raw, candid, and moving. If you are in a leadership position or are working towards growing your leadership skills, don’t skip past the conversation on leadership.
Whether you’re a seasoned investor, property manager, vendor/supplier, or someone interested in learning more about the multifamily market, this series offers valuable insights that can help you navigate the challenges and seize the opportunities in this dynamic industry.
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 would love your feedback, questions, and topic suggestions for future episodes. Feel free to reach out to 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.
Subscribe and Share:
If you enjoyed this episode, rate, review, and subscribe to our podcast on [Podcast Platform(s)] and share it with your friends and colleagues.
If you or someone you recommend is interested in learning more about sponsorship opportunities, please contact us.
Please subscribe to our newsletter – The Collective Rundown
Thank you for tuning in and stay tuned for more exciting episodes coming soon!
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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Resilient Leadership: Thriving Amidst Challenges
Photo by Jeremy Doddridge on Unsplash
In the real estate space, multifamily types understand that leadership isn’t just about penciling out a straightforward path to success. Winston Churchill famously said, “Success is stumbling from failure to failure with no loss of enthusiasm.” This sentiment captures the essence of resilience required in multifamily leadership.
Our beloved multifamily space is a dynamic landscape characterized by its cyclical nature and never-ending opportunities and challenges. Interest rate fluctuations, ever-increasing consumer expectations, and new PropTech introductions can sometimes present chaos and exhaustion for even seasoned professionals. Yet, what sets apart leaders in this space is their unyielding spirit, a quality that is indispensable for long-term success. And I think Multifamily types have this quality in spades.
Just as Churchill suggests, it’s not the avoidance of failures that defines success; it’s the ability to persevere, adapt, and maintain enthusiasm in the face of setbacks. Multifamily leaders who embody this resilient spirit understand that each failure is a stepping stone, an invaluable lesson that shapes the journey ahead. They embrace hardships for all they will become as humans. They look forward to the other side of the struggle! Not for the reason of being done, but for the person they will be on the other side. I know I do!
Another cornerstone for multifamily types is continuous learning. Our industry is changing slowly but more swiftly as of late. Staying updated with market trends, PropTech advancements, and best practices is crucial and hard. True leaders go a step further. They ensure that their teams are empowered with knowledge, fostering collaborative growth. They create a continuous learning culture.
Moreover, these leaders possess the foresight to anticipate challenges. They understand that while they cannot control external market factors, they can control their responses. Being proactive rather than reactive has been a trait of the most successful multifamily leaders.
Leadership is an intricate dance of resilience, foresight, adaptation, and continuous learning. As multifamily professionals, embracing Churchill’s philosophy can serve as a beacon, guiding us through challenges and ensuring our enthusiasm remains undeterred. After all, it’s not the destination but the journey that shapes us.
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