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How Generative AI effectuates impacts in the domain of Management
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Multifamily organizations constantly seek ways to stay ahead of the competition and drive growth. I think Generative AI has the potential to revolutionize property management and bring significant benefits to organizations that embrace this technology.
Frederick Winslow Taylor, the father of scientific management, once said, “In the past, the man has been first; in the future, the system must be first.” I sense that we are on the precipice of this moment. The groundswell has been at play for years. The tsunami is reaching its crescendo, and the landfall moment is here.
Generative AI can automate repetitive tasks, provide insights and predictions based on data analysis, and enable more informed decision-making. While creativity and imagination can produce hundreds of thousands of ways to use GAI, some specific ways it will impact management include:
- Predictive analytics: Generative AI models can analyze large amounts of data to identify patterns and predict future outcomes with high probability, which can help managers make informed decisions.
- Process optimization: AI-powered automation can streamline and optimize business processes, freeing managers’ time for more strategic tasks.
- Personalized experiences: Generative AI models can generate custom content, such as customized marketing materials, or tailor the user experience to individual prospects and residents – think of AI leasing as the first draft.
Similarly, the management guru Peter Drucker once stated, “The best way to predict the future is to create it.” By harnessing the power of generative AI, managers can leverage data and automation to make informed predictions and shape the future of their organizations. I sense that GAI will ultimately upend the traditional hierarchy business model.
However, it is important to note that while AI has the potential to benefit management greatly, it is not a one-size-fits-all solution and must be used in conjunction with human judgment and expertise, at least in its current iteration. The successful implementation of generative AI in management will require combining technical skills, business acumen, and a willingness to embrace change.
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Multifamily Leadership: MBWA
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Management by wandering around (MBWA) is a leadership philosophy popularized by Hewlett Packard’s co-founder, Bill Hewlett. The basic idea behind MBWA is that managers should regularly leave their offices and actively engage with team members in their work environment. By doing so, managers can better understand the day-to-day operations of their organization, build stronger relationships, and identify opportunities for improvement.
One of the key benefits of MBWA is that it helps to break down communication barriers. Regional managers and VPs can get a first-hand view of work and team members’ challenges by spending time in shops, apartments, or the leasing office. This can lead to more meaningful conversations and problem-solving sessions, as managers are better equipped to ask informed questions and offer helpful suggestions.
In addition to fostering better communication, MBWA can increase engagement and morale. When team members see that their managers are invested in their work and willing to listen to their concerns, it can create a sense of empowerment and ownership. This, in turn, can lead to increased motivation and productivity.
Implementing MBWA doesn’t have to be complicated. Simply taking a walk around the property. During these walks, managers should make a point to talk and ask questions about their work. It’s important to listen actively and avoid interrupting or dismissing what people have to say.
Of course, MBWA is just one tool in a manager’s toolkit. It should be used with other leadership strategies to create a cohesive and effective management approach. But for managers looking to build stronger relationships and better understand their organization, MBWA is a powerful tool that shouldn’t be overlooked.
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Multifamily Human Resource: I Know
As a leader, it can be tempting to think that you know what your team members want. After all, you are the one in charge, and you may feel like you have a good grasp of what motivates and drives your employees. However, assuming that you know what your team members want can be a major mistake, and it can have significant downsides for both you and your team.
First and foremost, assuming that you know what your team members want can lead to a lack of communication and understanding. If you think you know what your employees want, you may not take the time to listen to their concerns and opinions, which can lead to misunderstandings and a breakdown in trust. Your team members may feel like you don’t value their input, and they may become disengaged and unproductive as a result.
Assuming that you know what your team members want can also lead to poor decision-making. If you make assumptions about what motivates your employees without taking the time to verify those assumptions, you may end up implementing policies and procedures that are not effective or that actually demotivate your team. For example, you may assume that your employees want more flexible work hours, when in fact they would prefer more structure and routine. If you implement a flexible work policy without first checking with your team members, you may end up creating more problems than you solve.
Another downside of assuming that you know what your team members want is that it can limit your own growth as a leader. If you are always assuming that you know what your employees want, you may not be open to new ideas or approaches that could improve your team’s performance. You may become complacent and stuck in your ways, which can be detrimental to your own career as well as your team’s success.
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Whanau in Multifamily
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In New Zealand, the concept of “whanau” is deeply embedded in Māori culture, highlighting the significance of family and community in everyday life. When managing multifamily apartment communities, the whanau concept can be applied to create a sense of community, connection, and belonging among residents.
Multifamily property management involves overseeing both large and small communities. In such settings, the focus is often on individual concerns, but incorporating a whanau approach can enhance the overall experience for every resident. Here are a few ways this can be achieved:
- Create a welcoming environment: As property managers, it’s essential to create a sense of warmth and inclusivity for all constituents. This can be done by greeting people by name, offering refreshments, and initiating conversations that show genuine interest in their lives. Such gestures help build trust and create a foundation of connection.
- Encourage community events: Hosting community events can help residents get to know one another and create a sense of belonging. These events could be as simple as a potluck dinner or as elaborate as a holiday party. The aim is to provide a platform for people to connect, interact, and bond over shared experiences.
- Create spaces for communal use: Providing communal spaces, such as gardens, game rooms, fitness centers, grilling stations, pool areas, or playgrounds, can foster a sense of community and encourage interaction.
- Practice effective communication: In a multifamily property, communication is key. Property managers should inform residents of any updates, changes, or issues affecting them. Clear and consistent communication builds trust and transparency, essential to a healthy community.
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SBI Feedback Model
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Have you ever experienced the anxiety-inducing feeling of butterflies in your stomach before a “moment of truth” conversation with a team member? This feeling is as common as an eight-year-old child dribbling and shooting a basketball with their non-dominant hand. In professional and personal settings, the Situation-Behavior-Impact (SBI) feedback model is widely used as a framework for giving feedback. This model is based on the principle that effective feedback should include a specific description of the situation, feedback on the person’s behavior in that situation, and an explanation of the impact of that behavior.
Reflecting on my experience terminating a team member, I recall intense fear, shaking, sweating, and anxiety. And it gives me the ability to give you a few tips to help you navigate a “moment of truth” conversation.
The SBI model involves the following steps:
First, describe the situation, which provides a clear and specific context for the feedback. Second, provide feedback on the person’s behavior in the situation. This feedback should be specific and focused on observable behaviors. Finally, explain the impact of the person’s behavior on the situation or other people involved. This feedback should be objective and focus on the consequences of the behavior.
Once you complete the first conversation round, go through the model again. This time, replace the bad behavior in step two with the expected behavior and the bad consequence in step three with the new expected consequence.
Following the SBI model, feedback can be delivered in a constructive and non-threatening way.
By focusing on observable behaviors and their impact, the feedback can be specific, actionable, and focused on improving performance or relationships.
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