strategy
Simple Timeline
I heard a story this week (it was really a rant) about a broken system. The system existed between a project management team and an accounting team. As I listened (from a third-party removed perspective), it became clear to me that there was a fair amount of pre-work to include simple timelines did not exist.
Timelines
Simple maps that memorialize the steps between inception and conclusion. Simple steps put down on paper that capture the essence of letting out a contract for work to be done and the follow through to completion and payment for that work.
In the absence of a simple timeline you get chaos. You get the finger-pointing. You get he said and she said and they said and we all said – time-sucks. It’s exhausting and it usually involves the highest of pay grades to solve.
Creating an Apartment Project Timeline
1. Budget
2. Bid work (even though you have a budget, do the bid work)
3. Make sure the money is there (remember your apartment community budget was written months ago – in some cases many months ago). If the property is not performing to budget – the project may need to be put on a shelf.
*Item of note – don’t skip #3, it is where 99% of the problems can be traced back to
4. Put together a simple vendor list – who is working on the job, telephone number, lead (accounting contact), roughly what they are to be paid and when
5. Host a project launch meeting (in person if possible, by phone if not). Invite the property manager, maintenance supervisor, every vendor involved and your accountant
6. Give a weekly check-in update (via email or by phone whereby the above team calls in)
7. Wrap it up – tie up the loose ends and deliver the product
8. Host a post-mortem for every project no matter the scope. This is where you create excellence. Set the stage for an unadulterated conversation and tear apart the good the bad and the ugly of the project. Have your simple timeline laying in front of everyone and up on a computer screen for all to see. Have it set in an edit mode and change it (for the good) right there on the spot.
No system is perfect but every system should be evolving at all times.
Your counting on simple timelines all the time multifamily manic,
M
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Exaggerated Response
To the point: over-communicate
Do it in an Exaggerated Way
Quick story for your Monday morning reading pleasure. I can’t recall where and when I read this but it has been some time. The story made an impact on me because it was – in my mind – an exaggerated response to an otherwise routine request for service.
The story was about a plumbing company that made over doing it a part of their service routine. If they were called out to unclog a drain, they took the time to tidy up the space under the sink, mop the floor and vacuum the floor mats. And, get this – they cleaned up any and all dirty dishes in and around the sink. Whoa! #gameon
People are the Difference that Makes a Difference
If people are the difference then suffice it to say that their actions and behaviors are the tell. Are you acting and behaving in a manner that is exaggerated? Do you take projects beyond what is expected? Do you push your team to do the same?
The point after the point: do something today that rocks the socks off of the people who you serve.
Your looking to over-exaggerate my responses multifamily manic
M
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Cold Calling – New and Improved
I am consistently baffled by cold calling efforts in a business climate that has turned radically social. Vendors can get to know anyone on the planet by simply dialing into twitter, facebook, linkedin or otherwise. And, if they take the time to set back and listen, dive in and participate, provide value, give and take feedback and over a bit of time – sometimes a very long bit of time (@30lines took the time) (@jonathansaar took the time) they earn business. key word being ‘earn.’ Mike and Jonathan respectfully spent the better part of two years nurturing a relationship with Mills Properties and it has paid off in a good way for them. And, equally important to this point – the time they invested has been equally rewarding for Mills.
Cold Calling Giving Way to Cold Email
The following approach via the ‘contact us’ button our company website bakes my insides every time –
Hello,
I wanted to take a moment of your time to introduce myself and [don’t want to or am afraid to reach out via other more appropriate media – Graphics]. We are printers and graphic designers long specializing (since 19##) in the Multi-Family and Senior Housing industry.
We have lowered the prices on our FULL COLOR Marketing Business Cards!
500 = $50.00*
1,000 = $65.00*
2,500 = $110.00*
5,000 = $180.00*Prices DO NOT include Taxes, Shipping, Redrawing or Creation of a Logo.
Marketing Business CardsGreat low budget marketing tool!
This product’s features include:
square corners
2 sided cards same price as one sided
your choice of 3 types of paper:
14pt uncoated cover – traditional, non-shiny paper
14pt matte coated cover – satin finish
14pt coated cover with UV – very shiny
I invite you to check out our newly revamped website at [www.imacoldcaller].Multi-Family and Student Housing Specialists.
Long the focus of ***, our multi-family clients will love the extensive on-line shopping experience afforded by this new store. Printing, promotional products, signage, and more are offered here in an easy-to-order format, tailored for your industry.Promotional Products. Easy On-Line Ordering.
All of our customers can pick and choose from over #00,000 advertising specialty/promotional products. Shopping has never been so easy.Let me know if there is ANYTHING I can help you with.
Man I Don’t Like Cold Calling
Project Consultant at ***** Graphics******, ** *****
Office
Cell
Fax
The ONLY THING you can help me with is – helping me understand why this approach to business seems at all appropriate in today’s business climate?
Your – ranting on cold callers – multifamily manic,
M
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Employee Rent Concessions
This week we are rounding out our budget concession discussion with the topic of employee concessions. People are the difference that make a difference in property management. I would argue that it is not location location location but rather people people people that make or break the present and future value of an asset. You can have the best location on planet earth with the worst people and you are guaranteed sub-par valuation. Relocate that asset to a B+ location and team it with A+ characters and you will have yourself a winner. It really is all about the people. And, employee rent concessions are one way of saying thank you.
Value in Responsive Service
Beyond the concept of reward, concessions can be looked at as incentive for an employee to live on-site. There are clear advantages to owners when an employee lives on-site. It lends well to responsive customer service, especially if that employee works on the service side. As an example, if you have an A/C go out after hours, he/she can provide rapid and responsive service. If you provide lock-out services; the idea of rapid response is a real plus. In the event of a major crisis, employees living on-site can act as first responders in the way of organize and deploying crisis management protocols.
Things to Think About
I have seen this amount vary over the years and is certainly subject to ownership or property management protocols. It typically ranges from 15% to 100% and is credited monthly over the course of a lease term. It also typically carries a caveat in the way of an employee addendum that spells out strict concession payback and move-out protocols if the work relationship turns sour.
The biggest thing to consider is IRS implications. Always consult a good tax attorney when thinking about giving away money as I am certain our great Uncle will want his part.
Your – advocate of employee rent concessions – multifamily manic,
M
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Website is Key
Not…
Ran across a quote the other day that sent me thinking – in a contentious sort of way…
In today’s information age of marketing and web 2.0, a company’s website is the key to their entire business. – Marcus Sheridan
I rarely drop four letter words – as a personal choice – but this gave me cause. It was more like an eight letter but four letter affect word but passionate nonetheless. Maybe I missed the context of the remark but it just seems shortsighted.
Heart of a Company
I shared a story from Leo Buscaglia just a couple of days ago and it purely relates to my reproach. To me, it is much deeper than a website. Hate the soft side of business as much you want, think of it as the gnat that you can’t get rid of or the back burner – get to it some day sort of thing but that, my friends, is the key to business. In apartment marketing or management, your website is not key. You are.
I suppose I could agree that if information were the end all be all to business then your website is key. But information, be it about your apartments, management company or otherwise, is not what drives your business – people do. People are key. People make relationships and people compel others to respond and take next steps.
You can have the best website in your space but if the people at the end of that avenue are unkept, obnoxious and otherwise disinterested – you will struggle.
Information Age or Mindful Age
As we move away from share for the sake of sharing or sharing for the sake of garnishing good favor and thus a business transaction, I think being mindful of relationship on every level will be the key to business. Even when it comes to your website [your digital archive of information] you must be mindful of the people who are interested in the information. They are there because of their interests at that moment in time. But, most important, they are there to seek relationship first and information second.
So I borderline beg you – please argue that people seek out information first and relationship second so I can carry this conversation on….
Your – looking for some feedback – multifamily manic,
M