People
The Next Big Thing in Multifamily
The War for Talent
Vilfredo had it right. Vilfredo Pareto that is.
His 80/20 rule is a measure that applies to just about anything including human workforce production.
Look around your apartment management organization – 20% of the people do 80% of the stuff.
Problem is that a war is breaking out and 80/20 won’t cut it.
Construction boom. Raising minimum wage. Skills gap. Caring.
All reasons for concerned over the next 36 months.
Opportunity
Now is the time to create your “why”. It’s time to craft a story and tell the reason “why” someone would entertain the idea of coming to work for you.
Make sure the story includes “how” coming to work for your organization will make a real difference in their personal/professional life.
Tell them how your organization is set in place to serve the people who serve it. Tell them your company’s purpose for being in business.
Help them see the path of progress and personal/professional advancement.
But – and here is the all important punchline – mean it. With the advent of the internet and the proliferation of information and devices to access it – B.S. has a stronger aroma than ever.
Facades don’t work.
The war for talent is real – are you ready to win it?
Your consistently thinking about ways to “move people” Multifamily Maniac,
M
What it’s all About
One of my absolute favorite things to do in the multifamily business is visit site teams. In my head, it’s what it’s all about. You’ve read it here a million times. Organizations are put in place to serve the people who serve it. And getting out to see the teams is front and center in that proposition.
There is an old axiom in real estate – location, location, location. I would posit a new axiom – people, people, people. For some it’s the tough stuff. The touchy feely soft side of business that you can’t capture on a spreadsheet. It is the part of the business that I love.
We manage a property in Edwardsville, Illinois called Cherry Hills. It’s made up of five unique properties ranging in size from 32 units up to 100 units. The market has been hit by overbuilding and lagging unemployment. It’s been really tough to say the least. But this team is all over it. They are getting their lemonade out of the lemons so to speak.
And, here is what I mean by that – love the simple stuff…
Rented an Apartment Lately?
When was the last time you went out and secured a lease on a new apartment?
How Do They Feel?
I think it should be standard issue that every single person that works for your company goes out and leases an apartment, soup to nuts – President to Porter. Not a secret shop – call is a secret rent an apartment experience or what you will. This is real-time. Lease one from your very own portfolio and lease one from your closest comp. I am talking the whole nine yards. Go through the process of searching online, pick up a magazine, drive by or ask a friend. Choose a community or two to visit, walk in and go through the process. Have your checkbook or money order in hand and lay down a deposit. That is if you like how you feel.
Who is They?
So to answer the question above – they is the people who are walking through your door every day of the week. And, understanding how they feel should be top of mind, tip of tongue and everything you think about, dream about and are about. And what better time to get that feeling than now. The only way you can truly serve the people who serve you (monthly rent checks) is to really get in their shoes. Really understand the process they go through. Really understand how they feel. Now that sounds like a challenge.
First One is on Me
If you work with me at Mills and you are reading this post – I will pay the deposit and the app fee for your first secret rent an apartment experience in exchange for the lessons you learn. That is to imply that you have to come back and do a guest post for me detailing what you liked, disliked and what you will change about your business as a result of the experience.
Hit me with a comment below and we will make the arrangements.
Your looking forward to how you make them feel multifamily maniac,
M
