tenant retention
The Long Game: How Strategic Property Management Secures Tomorrow’s Success
Are you chasing today’s win or positioning yourself to dominate tomorrow?
Short-term wins in multifamily can be tempting.
But this mindset leads to burnout and missed opportunities.
Prioritizing immediate gains over strategic, long-term planning keeps you reactive, not proactive.
We are all playing a long game; shift your focus.
Invest in quality improvements and nurture long-term team member and resident relationships.
Go for resilience.
It’s like chess—those thinking five moves ahead always win.
Start today: identify one area to shift from short-term to long-term strategy.
“Play the long game. It’s not just about winning today; it’s about building an unshakable foundation for tomorrow’s success.” —Mike Brewer
Introducing New Technology? Top 10 Effective Strategies for Multifamily Property Managers
Are you introducing a new technology in your multifamily property management company? It’s not a flippant process; it requires careful planning and execution.
Here is a suggested plan:
Identify the Need
- Analyze the current processes and pain points in the organization. Enterprise Business Planning is one way to unearth the points.
- Determine the areas where the new technology can significantly improve, such as enhancing efficiency, reducing costs, or improving resident satisfaction.
- Remember team-member engagement and satisfaction. Just because you can introduce a new system doesn’t mean you should.
Research and Evaluation
- Conduct thorough research on the available technology solutions in the market.
- Evaluate different supplier partners’ offerings based on functionality, scalability, integration capabilities, security, and cost.
- Talk to your current supplier partners; they may have the solution in their offering.
- Consider seeking input from industry experts or consultants with experience implementing similar technologies.
Stakeholder Engagement
- Identify key organizational stakeholders, including executive leadership, department heads, property managers, and other relevant team members.
- Find your biggest cynics and turn them into raving fans. They will be a big part of a successful roll-out.
- Also, enlist your sneezers (influencers). They tend to have an overweight influence on the company regarding change.
- Organize meetings and presentations to educate stakeholders about the potential benefits of the new technology and gather their feedback and input.
- Address any concerns or objections raised by stakeholders and ensure their buy-in.
Pilot Implementation
- Select a small group of properties or a single location to pilot the new technology implementation.
- Develop a detailed implementation plan, including timelines, resources, training, and support requirements.
- Closely monitor the pilot implementation, gathering user feedback and addressing any issues.
- Evaluate the pilot’s success based on predetermined metrics and make necessary adjustments before a broader rollout.
Training and Change Management
- Develop comprehensive training materials and programs for team members using the new technology.
- Consider hiring a change management consultant or designating an internal team to facilitate the adoption of the new technology and address any resistance to change.
- Provide ongoing support and resources to ensure successful adoption and utilization of the new technology.
Phased Rollout
- Based on what was learned from the pilot implementation, a phased rollout plan for the new technology should be developed across the entire company.
- Divide the rollout into manageable phases, prioritizing properties or locations with the greatest need or potential for immediate impact.
- Continuously monitor and adjust the rollout plan, addressing any challenges or issues.
Continuous Improvement and Optimization
- Establish processes for gathering feedback and suggestions from users and stakeholders on an ongoing basis. Feedback is key!
- Regularly review the performance and utilization of the new technology, identifying areas for improvement or optimization.
- Collaborate with the technology vendor or internal IT team to implement updates, enhancements, or integrations to enhance the new technology’s value further.
Communication and Promotion
- Develop a comprehensive communication plan to keep stakeholders, team members, and residents informed about the new technology and its benefits.
- Promote the successful implementation and adoption of the new technology through internal and external channels, such as company newsletters, social media, or industry events.
While no plan is flawless, winging it ensures failure. This plan may have gaps, but following it gives your company the best shot at nailing the new tech rollout.
One last tip – don’t be afraid to pull the plug!
Embracing Imperfections in Multifamily Management: Insights from Leonard Cohen’s Wisdom
Photo by Zoe on Unsplash
The path to success isn’t always a smooth, crack-free journey. Leonard Cohen, the legendary singer-songwriter, once said, “There’s a crack in everything. That’s how the light gets in.” This profound statement resonates deeply within our industry. Let’s explore how this philosophy can guide us through challenges and light our way to innovation and excellence in multifamily management. Let’s look at how imperfections can be a key to improvement.
1. The Beauty of Imperfection in Property Management
In a world where perfection is often sought after, Cohen’s wisdom teaches us to embrace the inevitable flaws and challenges we encounter. In property management, this could mean acknowledging that maintenance issues, resident complaints, and market fluctuations are not just problems but opportunities for growth and improvement. Recognizing and accepting these ‘cracks’ helps us stay grounded and realistic, fostering a culture of continuous learning and adaptability.
2. Letting the Light In: Learning from Mistakes
Each ‘crack’ or challenge in our properties and processes is a chance to let in new ideas and innovations. For instance, a recurring maintenance issue might lead us to implement more sustainable and durable solutions. Similarly, even when negative, resident feedback shines a light on areas where we can enhance our services. This approach improves our properties and builds residents’ trust, loyalty, and satisfaction.
3. Strengthening Resident Relationships Through Vulnerability
Adopting a mindset of acknowledging imperfections can significantly strengthen our relationships with residents. When property managers are transparent about their challenges and the steps they need to take to address them, it creates a sense of trust and partnership. This transparency can transform resident interactions from transactional to relational, fostering a community where feedback is valued, and problems are solved collaboratively.
4. Resilience in the Face of Market Fluctuations
The real estate market is unpredictable. Embracing the philosophy of finding light through cracks can help multifamily leaders navigate unpredictability with resilience. Understanding that market downturns can offer opportunities for strategic investments or rethinking resident amenities and services can turn potential setbacks into avenues for revenue growth.
5. Innovation Sparked by Imperfections
In the pursuit of perfection, innovation often takes a backseat. However, when we focus on the imperfections, we are sometimes pushed to think from first principles. This could mean adopting bleeding-edge technology for property management or reimagining living or common spaces to meet resident needs better. Each imperfection catalyzes creative solutions that set your properties apart in a competitive market.
6. Building Long-term Value Through Continuous Improvement
The goal is to fix what’s broken and constantly improve. This continuous improvement mindset, inspired by Cohen’s notion of light coming through cracks, ensures that properties maintain their value and grow over time. It’s about turning short-term fixes into long-term strategies that enhance residents’ living experience and the owners’ investment value.
7. Fostering a Culture of Learning and Growth
Finally, embracing imperfections means fostering a culture where learning from mistakes is encouraged. This culture supports team members in taking calculated risks, learning from outcomes, and sharing these insights. Such an environment leads to better decision-making and cultivates a team that’s agile, knowledgeable, and equipped to handle the multifaceted challenges of multifamily property management.
Leonard Cohen’s poetic insight offers a profound lesson for multifamily leaders and business professionals. By recognizing and embracing the cracks in our industry, we open ourselves up to the light of innovation, resilience, and continuous improvement. This approach enhances the quality of our properties and services and deepens our connections with team members, residents, supplier partners, and the broader community. In the multifamily world, perfection might be the goal, but it’s through the imperfections that we find our true potential for growth and excellence.
