multifamily sector
Can We Overcome the Human Energy Crisis in the Multifamily Space?
Photo by Roland Larsson on Unsplash
A subtle crisis has unfolded in multifamily, one not of macro or micro economics but of human spirit and vitality. Like many others, the multifamily space is not immune. I’m calling it the human energy crisis. This issue seeps into every facet of our lives, from work to community service. It’s a crisis characterized by diminished enthusiasm for the future, a departure from the vibrancy that defined the pre-COVID and pre-social media era. The question in my mind is, how can leaders at all levels in the multifamily space embrace these challenges and reinvigorate their energy levels?
The root of the human energy crisis is multifaceted, influenced by the relentless pace of modern life, the omnipresence of technology designed to capture and retain our attention, and collective fatigue exacerbated by global events such as the COVID-19 pandemic. These factors have contributed to a general malaise, with many feeling drained before their day begins. However, some strategies and practices can help mitigate these effects, enabling individuals to reclaim their energy and vitality.
One of the most critical elements in this battle against the energy crisis is recognizing and avoiding “energy vampires.” These are not just people but can also be technologies or habits that drain our energy and diminish our capacity to engage fully with the world. Identifying and minimizing exposure to these energy vampires is crucial in conserving and nurturing our energy reserves.
Furthermore, sleep hygiene emerges as a non-negotiable pillar of energy management. Sleep quality directly impacts our daily energy levels, mood, and overall health. Establishing a consistent sleep routine, avoiding stimulants such as alcohol and caffeine close to bedtime, and ensuring a conducive sleeping environment are all essential to good sleep hygiene. The goal is to wake up refreshed and ready to face the day’s challenges. I try to get eight hours – no exceptions.
Equally important is the morning routine, which can serve as a foundation for a day filled with energy and purpose. Activities such as exercise, proper nutrition, and mindfulness practices like reading, meditation, or prayer can prime the pump of our energy reserves, setting a positive tone for the day. This priming routine is about physical preparation and mental and emotional readiness, enabling individuals to show up as a “beneficial presence” in the lives of those they interact with.
In the multifamily space, where the dynamics of community and service are ever-present, the impact of the human energy crisis can be profound. Yet, it is also a sector with immense potential for positive change and energy renewal. By embracing strategies that enhance sleep hygiene, prioritize mental and emotional well-being, and actively avoid energy drains, professionals can lead by example, fostering environments that are not only productive but also vibrant and energizing.
The journey towards overcoming the human energy crisis requires a holistic approach that acknowledges modern life’s complexities while championing the practices that nurture our deepest human needs. It’s an endeavor that promises to restore energy and a renewed sense of purpose and joy in our professional and personal lives.
#HumanEnergyCrisis #MultifamilySector #SleepHygiene #MorningRoutine #WellBeing #Productivity #Mindfulness #EnergyManagement
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The Art of the Goldilocks Meeting Principle in Multifamily
Photo by Austin Distel on Unsplash
We live in a digital era of fast communication and endless meetings. Calendar invites seem to pop up like the proverbial Whack-a-Mole game, where each time you knock one down, another springs up. But how many of these meetings truly add value? Can we do away with some and embrace more efficient modes of communication? My take might surprise you.
Recently, The Wall Street Journal highlighted an interesting experiment at Shopify: a temporary freeze on certain types of meetings, which led to the deletion of 12,000 events from their staffers’ calendars, liberating a staggering 95,000 hours. For those of us in the multifamily sector, where time is indeed money, this might ring a particularly resonant bell.
To Meet or Not to Meet? That Is the Question
No one is suggesting that we toss meetings out the window altogether. As multifamily professionals, we understand the importance of face-to-face discussions (or video-to-video in today’s world) when it comes to brainstorming, collaborating, aligning teams, or getting stakeholders on the same page. But is every scheduled meeting crucial? This is where we can learn something from Shopify’s experiment.
Often, a well-crafted email or a thoughtfully written Slack message might suffice. We’re talking about those updates that are more informational than interactive. Instead of corralling the entire team into a conference room (virtual or otherwise), consider if the purpose of your meeting can be achieved offline. The fewer daily disruptions, the more productive hours can be dedicated to executing tasks that move the needle.
Introducing the Goldilocks Meeting Principle
So, if the answer isn’t ‘no meetings’ but also isn’t ‘meetings galore,’ what is the ideal balance? Welcome to the Goldilocks Meeting Principle. Just like the fairy tale where Goldilocks is on a quest for what’s “just right”, this principle guides us toward not having too many meetings, nor too few, but just the right amount.
Before clicking on that “schedule” button, take a pause. Ask yourself:
- What is the agenda? Every meeting should have a clearly defined purpose. Perhaps you don’t need a meeting if you can’t articulate it.
- Who really needs to be there? Be selective. Invite only the stakeholders who can contribute to or benefit from the discussion.
- How long does it need to be? Time is precious. Set a cap on the duration. Not every meeting needs to be an hour. Sometimes, 15 minutes is all you need.
Achieving this balance ensures that meetings are more productive, focused, and valuable when they happen. Attendees will be more engaged knowing that the meeting serves a distinct purpose and won’t eat into more of their day than necessary.
Wrapping Up
The multifamily space is hyper-dynamic and demands quick, effective decisions. We’re responsible for communities, homes, and countless residents’ experiences. To serve them best, we need to be at our most efficient and productive. The Goldilocks Meeting Principle isn’t just about cutting down meetings; it’s about valuing our time and ensuring that when we do come together, it’s for a powerful, collaborative purpose.
So next time you’re on the verge of scheduling another meeting, remember Goldilocks – and seek what’s “just right.”
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Centralized Leasing: An Innovation Reshaping the Multifamily Industry
Navigating the Challenges and Opportunities of Centralized Leasing in Multifamily Real Estate
Photo by Hulki Okan Tabak on Unsplash
The rise of centralized leasing in the multifamily sector is transforming the property management landscape. By integrating advanced technologies, streamlining communication channels, and redefining the leasing role, companies are optimizing operations and improving human experiences.
However, implementing a successful centralized leasing model has challenges; each multifamily operator approaches it differently.
Despite the potential of centralized leasing, multifamily operators face numerous obstacles to its successful implementation. These include a lack of standardization, the complexity of balancing diverse software and property management programs, and resistance to change in an industry that has operated under traditional methods for many years. Moreover, adopting a full or hybrid centralized leasing model is critical and can significantly impact various business aspects such as lead management, resident management, and service protocols.
Though the road to centralized leasing may be intricate, companies are finding innovative solutions. Adopting customer relationship management platforms, AI-powered chatbots, and virtual leasing offices can greatly enhance efficiency and productivity. Such digital tools allow for seamless negotiation and execution of leases, streamlined administrative tasks, and enhanced resident experiences.
Moreover, centralized leasing can lead to role specialization, allowing leasing agents to focus more on tasks where their expertise truly shines, such as building relationships with residents and tackling complex emotionally-centric issues. This approach elevates service quality and contributes to team member satisfaction and retention, allowing for clearer career paths and opportunities for professional growth.
Lastly, customer-centric technologies, like AI and CRM systems, can provide more accurate tracking of leads and marketing budget allocation. This can lead to a better understanding of the resident lifecycle, allowing companies to refine their marketing strategies and improve their return on investment.
Despite the industry’s slow pace in adopting new technology, experts agree that centralized leasing is irreversible, and widespread implementation is imminent. By preparing for this shift, multifamily operators can better navigate the challenges and reap the many benefits of centralized leasing.