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Posts Tagged ‘Multifamily Management’

Is Your Business Communications Strategy Battlefield Ready?

Wednesday, June 2nd, 2010

By Miranda Bouldin, LogiCoreHSV

When ground forces are on the move, or fighter jets take to the air, they remain in real-time contact with their direct commander and upwards through higher levels of command to produce precise results. These clear lines of communication, though they involve different people, hierarchies, and systems are the core of mission success. For businesses, when these lines of communication become disconnected, the result is improperly filled orders, missed expectations, boardroom surprises, and customer dissatisfaction. By creating a system of clear communication tactics in your business, you can increase the number of your company’s “mission successful” operations.

The keys to a successful business communications strategy are:

· Strategic Communications Plan

A comprehensive strategic communications plan is crucial in order to strengthen a company’s corporate identity and elevate awareness of diverse capabilities and services. Develop a plan with various communications tactics that will enhance and increase positive awareness of your corporate profile. A customized corporate communications plan will increase growth and success for both current and future pursuits. Communication tactics and strategies may include targeted advertising, public relations efforts, community outreach/donations, trade show and job fair activity, social media practices, internal communications tools and external communications projects. Implementing these communication tactics will create a strong corporate image, expand local, national, and international awareness, and generate multiple-level media coverage. It is also important to note that your strategic communications plan should constantly evolve as to accommodate to trends in the ever-changing business market.

· Message Architecture

Key messages are developed through research of company’s products/services, position, and targeted audiences. With repeated presentation, key messages ensure dissemination of clear, consistent, and compelling information through all applicable communication channels. Your company’s leadership team should conduct “off-sites” on a regular basis in order to focus and plan on your future. This will allow your key decision makers to strategize, brainstorm, and reflect upon the state of the company. Developing mission, vision, and value statements are crucial and this will provide the added benefit of strengthening your image and corporate identity for business through effective key messaging.

· Internal/External Communications

An organization needs to focus an extensive amount of time and effort on both internal and external communications. For companies that have displaced employees, internal communications is a crucial and vital function. Keeping your employees connected is very important, regardless of physical boundaries. Develop and implement communication tools such as an employee intranet, newsletter, email marketing, and social media to stay connected with employees, customers and potential customers.

· Media Relations Strategy

One of the most important needs of any organization is the ability to maintain a powerful image in the marketplace through positive channels of communication for targeted audiences. A media relations strategy is an excellent tool to promote your company, elevate name recognition, and create “top of mind” awareness with current and potential clients. A major initiative is to secure media coverage; this adds credibility to your products, services, and capabilities. To amplify media exposure in your key markets, try connecting current trends in your industry to your programs and services your company offers.

A communications strategy can be used as a reference for positioning activities in order to increase awareness, interest, and credibility with your targeted audiences. This will help propel your company to the forefront of your industry and will further position your company in the public consciousness. This in turn will provide a positive representation that is warm and receptive to embrace, rather than cold and indifferent.
Use these strategies and tactics outlined above in order to create your personal “blueprint” communications plan that clarifies and defines your company’s vision and values. An organization will not succeed without specially crafted and well-executed communications efforts. By defining these clear lines of communication, your business will be ready to face the battlefield of acquiring new customers, and keeping employees apprised of critical information so that your business can report “Mission Successful.”

ABOUT THE AUTHOR:
Miranda Bouldin is the Founder and CEO of LogiCoreHSV, a rapidly-growing and leading technology and solutions company with worldwide technical services support capabilities and experience in defense, aerospace, and government agency support. LogiCore’s reputation for high-quality services is a direct result of our passion for achievement and focus on Schedule, Cost, Performance, and Quality. Understanding that immediate support is vital to mission success, LogiCoreHSV delivers direct response with quality solutions to customer needs. For more information, please visit www.logicorehsv.com or contact Corporate Relations Director Rachael Fears (rfears@logicorehsv.com).

Tags: Apartment Employee Performance, Multifamily Management, Property Management
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No Raises this Year? Secrets to Employee Retention in Difficult Times

Friday, May 14th, 2010

By: Rhonda R. Savage, DDS

Across the U.S., employers and employees alike are struggling. Businesses are fortunate if they experienced growth in 2009. Many are flat in growth or have declined and employers are faced with these tough choices:

·Lay off employees or cut hours
·Decrease benefits
·Reduce pay
·Freeze salaries

By far, the most appealing of the four is freezing salaries. The problem is, no hard working employee wants to hear the words “times are tough…no raises this year.” The question is, how do you keep employees happy and productive during tough times? In addition, key employees may have the opportunity to move to another company. How do you retain, challenge and motivate these key people to stay with you during the hard times?

Pay and benefits are not the number one motivational factor for employees.
While important, most rank the need for praise and appreciation the highest, closely followed by the need to belong to a close-knit team. Team members also need to have responsibility and feel like their voice matters in an organization.

Use the following tips to keep employees happy, employee turnover down and productivity up, despite “no raises this year”:

Look towards the future
Ask your employees what skills or training you can give them to better do their jobs and help them set short-term personal goals that are business-oriented. Work with your employees to outline the steps necessary to accomplish the goal and provide encouragement and guidance throughout the process. This gives employees a sense of pride and responsibility for the future success of the company and will motivate them to help the company get through these tough economic times.

Have efficient systems in place for accomplishing tasks If team members don’t fully understand how to get things done, morale will go down. Work on systems like team training, follow-up calls with clients, collections, stocking and ordering, and letters to clients. Focus on improving communication and customer service. Train your employees on the behind the scenes duties that are critical to a well run business.

Hold regular staff meetings
Staff meetings improve communication, goal setting and accountability.
Through team meetings, you can keep your staff informed, motivated and involved. This forum gives staff members the opportunity to discuss the problems they are having or any concerns they have about the company, allowing leadership to solve small issues before they turn into bigger ones.
When employees feel their contributions are valued, they will have a higher tendency to stay with an organization, even if times are tough.

Be a good leader
What employees want from leadership is that you’re fair, consistent and apply the same office policy to everyone. Make decisions and stick to them.
Avoid wavering, but know that if you and your team try something and it doesn’t work, it’s okay to change it. When you make a decision and stick with it, not everyone will agree, but they’ll respect you for making a decision and moving forward with it.

Promote a positive work environment
As a leader, if you consistently have a positive attitude in the office, employees will mirror that attitude. If you sense gossip or issues among team members, take steps to resolve these things before they become an issue. Acknowledging and rewarding team members for accomplishing goals can also contribute to a positive environment. When employees feel appreciated, they are happy and motivated to continue doing a great job.

Be sure each employee has a copy of the office policy manual Be sure the handbook is current and that you stick to the guidelines. If team members learn and understand the office guidelines upfront, they are less likely to break the rules, resulting is less conflict between leadership and the team member.

Do things with your team outside office hours Scheduling regular outings with team members outside of the office improves morale and encourages friendship between employees. In addition, respect increases between your team members. When team members get along, they work together better and are more productive.

Involve your team in the decision-making process Gather input and ask questions, but as the leader, you should make the final decisions, even if you have an “office manager” or “practice administrator”
on the team. Involving your team in this process helps show that you value their opinions, giving them a sense of pride.

Most importantly, as a leader, stay positive at all times. Affect the changes that are needed and be the leader that your staff needs. Speak in positive terms about the company, its leadership and the colleagues who are not in the room. Say thank you more often. When something does go wrong, work through the issue and encourage everyone to move on. Acknowledge people who are accomplishing their goals and encourage those who are not. Show interest and get excited about your employees, your business and the future.

In this economy, encouraging employees to work harder, quicker and more efficiently can be difficult without being able to offer raises. An overworked employee can easily become resentful, negative and walk away, which will affect the rest of your staff. Following these guidelines will help you keep your staff happy, motivated and productive, ultimately helping your business come out of the recession on top!

ABOUT THE AUTHOR
Dr. Rhonda Savage is an internationally acclaimed speaker and CEO for a well-known practice management and consulting business. Dr. Savage is a noted motivational speaker on leadership, women’s issues and communication.
For more information on her speaking, visit www.DentalManagementU.com or e-mail Rhonda@MilesandAssociates.net

Tags: Apartment Employee Performance, Apartment Management, Apartment Operations, Multifamily Management
Posted in Personal Development | 1 Comment »

Multifamily Management: If I Knew Then What I Know Now, Part Eight

Monday, March 8th, 2010

We asked the attendees of the Multifamily Brainstorming Sessions(tm) to complete the sentence “If only I knew then what I know now…,” and the wisdom and insight that they had to offer was simply amazing. Here is some of what they had to share!

I wish I’d known to educate myself better with multifamily courses (RAM, etc.).

I wish I’d known not to take the derogative statements made by residents to heart. On quite a few occasions in my first years in property management, I allowed this to set me back and to affect my feelings towards management.

I wish I’d known that employees who work for me usually know the answer to their problems and only need a little nudge to get them going. Asking what is the problem and what are our options is usually enough. Also confront your difficult situations no matter how hard. Don’t wait - be proactive.

Before you set out to tell people what you have, wait until you find out what they need.
I wish I’d understood the importance, value, and ease of PR. Public relations allow a company to inform a market about new offerings, special promotions, strategic alliances, etc. at no cost. Other benefits come from networking with publications and learning what’s hot now. With those relationships, you and gain even more momentum behind your PR message (good placement, positive slant, interviews, etc.) PR is a great way to communicate to a market for almost no cost and to strongly position your company within an industry.

Remember when everyone said “Don’t feel like any question is stupid - just ask it!” Well, it’s true! If you feel uncomfortable, then ask someone afterward… but I have learned more from asking questions and probing people than any other way. Knowledge is power - the more you know, the more powerful you’ll become.

I wish I’d known the importance of responding to people and problems in a timely manner. Never put these tow things on hold; but rather address them immediately. Doing otherwise will cause you to irritate residents, lose Residents, disenchant associates, and inadvertently allow problems to spiral out of control. It is human nature to procrastinate or put off unpleasant situations and to avoid hard-to-deal-with people. DON’T! Bite the bullet and respond ASAP. Make this a habit and you’ll be miles ahead of those who take forever to return calls, shy away from fires that need to be put out, and skirt nasty issues that, unfortunately, need to be resolved.

I wish I’d known that there was a group like this one with professionals like myself, doing my job, experiencing the same challenges that are willing and anxious to network and share ideas!!! I wish I’d known not to be afraid to ask my peers for help, ideas, and learn from their experiences. We really don’t ever create anything new - we borrow, embellish, implement and track.

I wish I’d known to learn your unique skills and attributes… then use them. Gain experience that makes you more valuable. And finally, enjoy the journey.

I wish I’d known not to be afraid to be aggressive in raising rents. As long as the market calls for increases, you are confident of your product and it’s easy to raise rents. Sometimes you have to be the first to raise rents - take the lead and your competitors will follow.

I wish I’d known the importance of including staff in solving problems and giving each one pride of responsibility and coming up with better ways to do things. One thing my assistant shared with me is she appreciates having the opportunity to think of a way to do something. When she asks me what to do on an issue, I respond “how would you do it?” and make her solve it herself - with my backup - whereas in my younger years, I would have handled it myself. It was harder to let go of responsibility with my Maintenance Supervisor, but he feels important when I let him watch his own budget for maintenance supplies and tell me how he wants to spend the money. Make your staff feel important and don’t take all the glory!
I wish I’d known that it is very important to be a coach with every staff member. Never assume that they were taught the correct way. Remember to be patient.

I wish I’d known that there is always room to learn. Absorb information from the different people you meet, places you go, and the variety of experience you will compile through the daily life of property management.

I wish I’d known some key words to use to better resolve conflicts rather than draw a line and stand firm on policy or law - words like “reasonable” and “maybe we can…” and “possibly”. Look to resolve issues quickly and fairly without prejudice.

I wish I’d known how important and crucial walking the property weekly and networking with other area managers was. So many times you tend to get too involved in the office and never get out. It can literally be months before you get out - and you really miss out on what’s happening. My advice - get out of the office!

I wish I’d known that the true professional will always be poised, even in the most turbulent situations. Never lose your cool or let your personal feelings enter into a career.

(Editor’s Note: The entries below were transcribed directly from contributors’ handwritten notes. In the interest of best preserving the spirit and full intent of each message, only the most necessary changes have been made to the original content. Grammar and sentence construction have not been corrected. Please bear in mind that in this instance substance is far more important than form, and that nobody’s perfect!)

Tags: Apartment Employee Performance, Apartment Management, Apartment Marketing, Multifamily Management
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Fast Track Your Multifamily Management Career

Tuesday, March 2nd, 2010

By Cynthiann King, C. King Unlimited Education Services

The best way to get onto the fast track in our industry is to MANAGE YOUR OWN CAREER. No one can take as good care of your career as you can. No one has the same interest in your success as you do! Try these proven techniques to managing your career effectively:

(1) Know Your Position Description.
Read or create a written description of your position and its responsibilities. Understand the expectations through discussion with your supervisor and team members. Note what you do well and areas needing improvement or education. Determine which areas will boost your career. Create, write and discuss your new professional goals with people who can get and keep you accountable to these.

(2) Secure Mentors or Coaches.
Most fulltime professionals are too busy today to commit to coaching you weekly. If you approach several potential mentors and secure each person for one hour a week, you will benefit from a variety of talented individuals with a consistent flow of ideas, resources and recommendations. Know and nurture these supporters.

(3) Keep a Record of your Successes.
Designate and use a journal to regularly document your small and significant successes. Use this journal to accentuate your positive outcomes. Review your accomplishments and write new goals to challenge yourself. Use your journal when communicating with mentors and supervisors to acquire suitable recognition and secure additional direction.

(4) Develop the Look of Success. Image matters. Review your wardrobe, tools, posture, demeanor, communication skills, and overall image. Upgrade yourself to the next level. Attend a Toast Masters meeting to enhance your speaking skills. Paste a sincere look of interest and a smile on your face – even if you have to fake it to (eventually) make it.

(5) Develop a Professional Network. Take advantage of the network opportunities that exist in our industry: Attend an association meeting, serve on a committee, present a report, participate on a panel, secure and/or introduce a speaker, invite others to attend an event, attend an education conference, volunteer at a charity event, interact on a live CallSource webinar or teleclass, join a live chat on Gracehill.com, pose a question to experts at www.smmonline.com, submit an idea for an issue of Rent and Retain, and organize and meet with a sharing group of professionals.

(6) Become an Expert. Are you a Winner or a Whiner? What do you do when faced with a challenge? Detail its parameters and concerns. Visualize the challenge as resolved. Consider potential resources. Become an expert on the subject so you can pose plausible solutions. Present your solutions verbally and or in writing so others can benefit from your new expertise. Get recognized as a responsible, conscientious, creative team player. Be someone on whom others can really count!

By implementing these strategies you will garner favorable attention, earn deserved respect – and probably a promotion!

About the author: Cynthiann King is President of C. King Unlimited, national Speaker and degreed educator. She provides an array of innovative training seminars and services for multifamily firms and associations. Available for seminars, conferences, curriculum development and policies’ manuals, contact her at (847) 487-8791 or e-mail: cynthiann@ameritech.net.

Tags: Apartment Employee Performance, Apartment Mentors, Apartment Training, Multifamily Management
Posted in Mentor articles | No Comments »

Multifamily If I Knew Then What I Know Now, Part Six

Saturday, January 30th, 2010

Part Six: We asked the attendees of the Multifamily Brainstorming Sessions(tm) to complete the sentence “If only I knew then what I know now…,” and the wisdom and insight that they had to offer was simply amazing. Here is some of what they had to share!

I wish I’d known that an angry Resident is not upset at me personally. Most dissatisfied Residents tend to direct their displeasure at the person who happens to listen to their problem. Do not let their frustration and anger become yours.

I wish I’d known that no matter what your product, service, or occupation is in the multifamily industry, it is and will always be about people.

I wish I’d known to pay more attention to the needs of our Residents. It doesn’t really matter what you want - what matters is your Resident.
I wish I’d known that in the course of planning a new development that it is very important to bring in a highly skilled professional to help coordinate the entire process.

I wish I’d known not to be afraid of trying new “out there” ideas because of fear of embarrassment or being told no.

I wish I’d known having a positive attitude wears off on all employees for better performance and service throughout your communities.

I wish I’d known that everyone does things differently — you can’t control it.

I wish I’d known the value of a mentor and the attitude that everything will work out so just enjoy it and stop stressing.

I wish I’d known the endless struggle associated with quality employees in such a large industry. Training and marketing areas of this business are an absolute must. Sending unqualified team members who are not coached and trained properly will cost you money!

I wish I’d known that my ideas are as valuable as anyone’s.

I wish I’d known to surround yourself with people (CO-workers, boss, staff who work for you) whom you can learn something from. When hiring, it is especially important to hire those who have talents that do exceed or potentially will exceed your own. Always strive to place yourself in the company of talent and true visionaries. Ego and need for control and power will only limit, if not extinguish your career.

I wish I’d known about the 1-800 number for leasing. All leasing advertisers should have a 1-800 number. People love to make a FREE call, especially from outside your area. You would be surprised how far out newspapers reach, along with rental publications, and your 1-800 phone bill will track where the phone calls come from. If your property has a 1-800 number and others don’t, who do you think prospects will call first?

I wish I’d known the importance of getting support and input form all levels of the organization prior to implementing major projects. Just because the president buys off and gives the go ahead doesn’t mean everyone else buys off. Gather input and suggestions from middle management, on-site employees, etc. and follow up and continue to communicate progress with results.

I wish I’d known that people are often not as well intentioned as I am. When delegating, never assume that because someone agrees to do an assignment, it will get done. Positive, encouraging and non-confrontational follow-up along the way is crucial to seeing a project through to completion.
I wish I’d known that the resident isn’t always right. Although most of their concerns are valid and need to be addressed, they are not always right. Listen, listen, listen and then show the appropriate concern, sometimes they just want you to listen.

I wish I’d known how exciting and progressively moving a career in property management is. I would have started my career earlier. Learn as much as you come up with; the wildest, most creative innovations and ides and don’t be afraid to use them. This industry is continually growing and changing and can offer a host of challenges that innovative thinking can overcome.

I wish I’d known the value of employees. Starting out in this industry, I thought everyone that worked for me automatically had the same values, work ethic, and drive to work that I did. I quickly realized the importance of hiring the right people, and training, training, training. Rewarding employees with education, praise and growth has proven a very successful management style.

I wish I’d known that in everything you do, being humble and treating people right is the ONLY way to go. Also, don’t get to close (party) with your staff!

I wish I’d known the importance of being “workable”. Just think of he time we’ve all wasted dwelling on dead end situations instead of shifting our thinking pattern directly to solutions.

Tags: Apartment Employee Performance, Apartment Management, Apartment Operations, Apartment Training, Multifamily Management, Multifamilypro, On-site Management
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The Root Causes of Low Employee Morale

Wednesday, January 27th, 2010

The Root Causes of Low Employee Morale - Focusing on communication can fix them By John Schaefer

In the movie Multiplicity with Michael Keaton and Andie MacDowell, the character of Doug Kinney (Keaton) clones himself so he can get more work done while having more time for his family and to enjoy himself. As you can imagine, everything goes wrong and at the end there are four Dougs and craziness ensues! Things are pretty stressed at his job as a foreman for Del King Construction. One of the best lines is when his counterpart Ken comes up with an idea to get things moving (and to brown-nose the boss a little). Ken states proudly, “At my old job they used to say, ‘if you don’t show up for work on Saturday, don’t even bother coming in on Sunday!’” It was hysterical in the context of the movie (actually Doug wasn’t laughing), but it does lead to one of the root causes of low employee morale.

In these hectic, overworked, understaffed times, it’s easier than ever for managers (who are usually even more overworked than their subordinates) to come across something like the Quintus Arrius line to Roman slaves from Ben Hur, ” . . . we keep you alive to serve this ship, so row well and live!”
It demonstrates how easy it is to come across as a leader who believes that everybody is lucky to have a job, so you better suck it up, keep your nose to the grindstone and don’t complain.

Sadly, this view, while effective during this struggling economy, is killing your productivity today, and will lead to significant retention, recruiting and training costs down the road. The moment your employees begin to feel that you don’t appreciate them and that they’re only on board to row, you have amplified the root cause of low employee morale and it’s going to cost you big time.

Here are five suggestions that will help you to avoid destroying morale and experiencing both the hard and soft costs of poorly engaged employees:

Suggestion #1 - Form Relationships Built on Trust
Strong, effective relationships are built on trust. If you don’t have strong, trust-based relationships with your people, everything you do to recognize them will be seen as manipulation. When employees feel that you are using recognition to “get more out of them” rather than to show that you value them personally, they begin to emotionally disengage and morale suffers. It’s not hard to develop trusting relationships with your people, but it does take time, consistency and integrity.

Suggestion #2 - Show them Respect
The book The One Minute Manager introduces a theory of personal responsibility that allows managers to get maximum results with a minimum of time invested with each staff member. The secret is in showing them respect, defining their expectations and avoiding micro managing. Most employees respond well to being given enough rope to hang themselves, as long as their job is well defined and they are allowed to fail periodically without fear of unrealistic retribution. Respected employees are more alert, creative, and productive. When they do make a mistake, they’ll fix it, move on confidently and don’t make that mistake again.

Suggestion #3 - Nurture Creativity
Once you’ve built trusting relationships and developed a foundation of respect, employees with automatically respond with more creativity. The best way to nurture and benefit from their new-found creativity is to go by the philosophy that there are no bad ideas, only undeveloped ones. Trusted and respected employees with managers who reinforce the fact that they have some flexibility to try new things will surprise you with the creative ingenuity that they bring to their work. The best part is that you get this for the same price you’re paying unhappy employees who are doing just enough to get by.

Suggestion #4 - Build Effective Teams
Team building is a more complex challenge than fostering high morale in individual employees. Here are five problems that many teams develop that keep them from being as effective as they want to be in accomplishing company goals:
·    Absence of Trust - due to invulnerability
·    Fear of Conflict - artificial harmony
·    Lack of Commitment - ambiguity
·    Avoidance of Accountability - low standards
·    Inattention to Results - caused by individual status and ego issues

In the absence of trust, morale is at its lowest and self protectionism becomes the rule. It doesn’t take a PhD in Psychology to realize that this will limit productivity and make work a lot less rewarding for both employees and their managers. This “every man for themselves” attitude destroys teams and makes it impossible to optimize goal setting and achieve corporate objectives in a timely manner; if at all.

By learning to communicate more effectively based on honesty, consistency, vulnerability and respect, your teams will be able to focus unselfishly on common results. This in turn keeps individual egos and agendas in check.

Suggestion #5 - Make it Real
One of the first things to stress with your management team is what’s called “Making it Real”. This means to be genuine and believable in interacting with their people. Employees tend to fall into some common negative habit patterns that employees experience when they feel underappreciated. When your managers understand how to be more open and vulnerable with their staff they work towards trust, respect and improved communication.

“Making it Real” is the answer to the question, “What is the root cause of low employee morale?” Maybe it’s because it’s so simple that it is so often missed, but without your people believing you are genuine, honest and practicing high levels of integrity, any efforts you make to improve morale will be suspect. If you keep this in mind in your dealings with your people, you will be surprised how easy it is to improve morale, so you can enjoy the benefits of higher productivity, better retention, lower costs and an overall happier, more satisfying workplace.

About the Author:
John Schaefer is a Consultant with more than 20 years of experience helping companies realize and react to what he calls the Employer/Employee Disconnect. John is the author of “The Vocational Shrink - An Analysis of the Ten Levels of Workplace Disillusionment,” as well as The Vocational Shrink The Game and Manager Training Program “Why Should Supervisors Care?”
which gets to the bottom of what they’re really thinking, “what’s in it for me?” www.VocationalShrink.com

Tags: Apartment Employee Performance, Apartment Management, Apartment Operations, Apartment Training, Multifamily Management, Multifamily Mentor, Multifamilypro, On-site Management, Property Management
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Part Five: Multifamily If I Knew Then What I Know Now

Tuesday, January 26th, 2010

Always remember and never forget - invest in your people - train, train, train!!! You are only as successful as the people who work with you!

I wish I’d known the key to resident retention is giving your residents what they want and expect and then going a step further. An example would be: a quick response to a service request and then a follow-up call to be sure everything is to their satisfaction. If you go out of your way to make sure they have been “wowed”, you’ll win every time!

Never quit continuing education! Our industry changes daily. New marketing strategies and leasing skills must be implemented. Education and training are imperative to the success of any community. Emphasis must be placed on resident retention; sales; traffic tracking; product knowledge (your community and your competitors); and knowledge of city/community benefits. On-site personnel have to realize they are Leasing Professionals, not professionals.

I wish I’d known to get everything in writing. Document everything. Also, realize how important it is to give deadlines when you want things done.
I wish I’d known about the Annual Multifamily Housing Brainstorming SessionsTM!

I wish I’d known that you develop a more durable stream of ROI by spending more to keep properties in exceptional condition and retaining exceptional managers. Energy is better invested in maximizing revenues than in minimizing expenses.

I wish I’d known that working in this industry is not about apartments. It’s about being a part of someone’s life and offering them a home for their family. Renting an apartment home is not about getting the lease and receiving a bonus check. It’s about knowing the laws, being a good listener, being empathetic - it’s about much more than just renting a place to keep your stuff.

I wish I’d known how to lease new residents on large rent increases. Understanding the difference between sympathy and empathy.

I wish I’d known it’s best to just be yourself, no matter how quirky you are. Do the best you can. Accept your rewards graciously and look at your defeats as opportunities for growth. Have fun.

I wish I’d known how the owner/management company thinks - “the Big Picture” regarding finances, NOI, budget, and ultimate goals.
I wish I’d known to brainstorm ideas with everyone on-site. Regardless of the issues or challenges, sometimes the porters and maintenance staff have the most creative ideas or suggestions. Use your people.

I wish I’d known training. Make learning fun. Go to as much outside training as possible.

I wish I’d known to always have fun while leasing.

I wish I’d known that a list of things to do today might have to be done tomorrow. I had always been used to completing everything in one day. It’s okay to take a little longer to do it right.

I wish I’d known IREM produces national/regional averages for key industry statistics. They also have many other resources available, including a list of CPM’s across the country.

I wish I’d known just what a “small world” this is. How industry professionals continue to run into one another or work together.

I wish I’d known the importance of follow-up in all aspects of our jobs. Thank you notes, follow-up calls, maintenance calls, etc.

I wish I’d known when you give praise and recognition to people when they do a great job, you will have a committed hard working and dedicated employee (and staff).
I wish I’d known three years ago how rewarding this industry is. Seeing how happy a new resident can be in their new home makes it great!

I wish I’d known that a property under your control would always be a reflection of your personal standards. Take charge, have confidence, and never stop learning.

I wish I’d known that the best way to handle a confrontational situation is to de-escalate the situation.

I wish I’d known how much fun you can have in this business.

Tags: Apartment Employee Performance, Apartment Management, Apartment Operations, Apartment Training, Multifamily Management, Multifamily Pro, Multifamilypro
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Multifamily: If I Knew Then What I Know Now, Part Four

Monday, January 25th, 2010

We asked the attendees of the Multifamily Brainstorming Sessions to complete the sentence “If only I knew then what I know now…,” and the wisdom and insight that they had to offer was simply amazing. Here is some of what they had to share!

I wish I’d known that it’s okay to say to a resident “I’m sorry, I was wrong.” The manager doesn’t always have to be right or have a fear of admitting she or he made a mistake.

I wish I’d known that everyone has a different view to a situation. Corporate policies and procedures are important, but listening to your residents and solving their challenges is the key to success!

I wish I’d known what a “small” industry this is. Everybody knows everybody. Never say anything negative about anyone. It will get back to them. This industry has many thousands of people, and believe me, the all know each other!!!

I wish I’d known the importance of follow-up and how easy it is to develop relationships with people you know for only a few minutes. There are so many different kinds of people and each person can teach us something valuable. Always look for a common bond, and do your best to make a difference in life.

I wish I’d known all the different aspects involved in property management. This includes the marketing, training, recruitment, and vendor services that as a property manager you are often open to. There are so many areas to explore, once you conquer your current position, move on to another challenge.

I wish I’d known the value of brainstorming with other great minds. As you progress in your career, you will be charged with more and greater responsibilities. You might feel that unless you are the “Shell Answer Man” on every issue that you are letting your associates down. Nothing could be further from the truth. If you will learn early the concept of “synergy”, you will be a lot happier, well-rested, self-confident, and more productive than if you try to do it all by yourself.

I wish I’d known the why! I wish I’d been told the reasons for the importance of following specific leasing presentations, techniques, tracking traffic, and Resident service!

I wish I’d known you can’t be friends with anyone you charge for damages in their apartment after they’ve moved out. You can’t always believe in what your residents tell you regarding past due rent, and when they are going to pay. No matter how hard you try to be fair, some resident thinks you are not - to them only. When you try to collect what is due you, they think you’re mean and taking something from them.

I wish I’d known that you must always have an open mind and expand your network. There is always something new to be learned and to teach someone else. Property management is a great field to be in. It will always exist, and there are so many people you can get to know and no two days are alike. There are a lot of different aspects to property management form leasing, marketing, financial, building structure, etc.

I wish I’d known that no matter how much you know, you never, ever know it all. This business is a day-to-day learning experience. If you get upset because you never seem to get it all, forget it. Look at it as a new learning session every day. That’s why it is such a great career - never the same day.

I wish I’d known that “perception is reality”. How others see you is the framework within which they work or deal with you.

I wish I’d known that everyone - residents, staff, etc. - has something to teach you. Patience and sincerity and doing what it takes to get the job done - always takes extra effort.

Never underestimate the general public. They will always surprise you, both good and bad.

I wish I’d known how important it is to start resident retention programs at the time the new resident first moves in. Also if only I’d given one more call-back to the prospect, I might have been able to close on more people, making myself fresh in their minds at all times.

I wish I’d known that listening is the very best communication skill.

I wish I’d realized the importance of learning from one another. Never be afraid to ask!

The one thing that I would like to offer, the one thing I wish I had in the beginning of my career, was the ability to really listen and learn from others. I have been in the business for sixteen years, and have lost the valuable opinions and experiences of my peers early in my career by not learning form their expertise.

I wish I’d known that by a lot of hard work at the start, people do notice what you have contributed to the team, and you can advance up the corporate ladder rather rapidly.

Tags: Apartment Employee Performance, Apartment Management, Apartment Training, Multifamily Management, Multifamily Mentor, Multifamily Pro, On-site Management, Property Management
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Multifamily: If I Knew Then What I Know Now, Part Three

Saturday, January 23rd, 2010

I wish I’d known that you don’t always have to do things like they’ve been done in the past… different is good!

I wish I’d known how important resident retention / resident services are (i.e. closing the back door, not just focusing on leasing to new residents).

I wish I’d known this is a long-term career. Take the bad with the good and learn from your CO-workers and competitors. There is no need to re-invent the wheel. Instead, improve upon what’s out there!

I wish I’d known to use every resource around me to think up new ideas… instead of just using what was done in the past. Using resources that are not just industry resources have opened my brain to new ideas.

I feel that a very important thing I’ve learned is that it is important to treat everyone you meet on a daily basis (whether it be CO-workers, residents, or even the postman) as it was the first time you met them. Always treat everyone like they are the most important person you know. Everyone is unique, and no one person is better than anyone else. Be humble and kind.

I wish I’d known residents are people too! Not just a source of income.

I wish I’d known that renting an apartment is like getting married at the end of a blind date - you really don’t know a lot about the person! A certain percentage will try to take advantage of the landlord in every way imaginable. You’ll find unauthorized pets, unapproved occupants, etc…. just name it, and you’ll find it. Be sure you review the lease terms with each new resident and check it off as you go. Good luck - there’s never a dull moment (except maybe budget preparation!).

I wish I’d known the value of networking. Sharing challenges and ideas with others in similar positions has been my career builder.

I wish I’d known about he different organizations and associations.

I wish I’d known to make every guest who is inquiring about your apartments feel special. Try not to sound like a tape recorder or a broken record. It makes your job more fun and exciting and also makes your guest feel special. Get to know them and tailor your sales techniques towards them. Have fun!

I wish I’d known to find a mentor earlier in my career. I would have realized (sooner) that there are wonderful people across the country that have or had similar career choices. Find a mentor or become someone’s mentor.

Property Management can be the most exciting and rewarding career choice, but can also be the most frustrating. Learn to put the “daily grind” in perspective. You will have good days and bad days. Each day is new, so start it with a fresh, positive attitude, and be the best you can be! Take advantage of every training opportunity that comes along - you need to stay current on industry information.

I wish I’d known to take each day as it comes with a great attitude that it will be wonderful; and that I can cope with each challenge. The stress word is a no-no!

I wish I’d known the phrase “I’m sorry you feel that way” when I had started.

I wish I’d known that the obstacles, objections, and roadblocks were meant to be stimulus for change and growth. It’s easy to look at difficulties in a career or job in the short term, however, the businessmen and businesswomen we are today are a result of overcoming all of these, learning and growing, and thinking “out of the box”.

I wish I’d known there is no such thing as a stupid question, if you truly don’t know the answer.

I wish I’d known the incredible wisdom of asking dumb questions, and the power of being true and real.

I wish I’d known the real importance of working together. When the residents feel stability within the staff, they feel stable in their surroundings - resident retention!

I wish I’d known that it’s okay to make mistakes, because that’s how we grow; and that through networking with other property management professionals, my ideas grow ten times more than my original thoughts.

Tags: Apartment Management, Apartment Training, Multifamily Management, Multifamily Pro
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Multifamily If I Knew Then What I Know Now, Part Two

Monday, January 18th, 2010

I wish I’d known that being flexible and open to change is of the utmost importance. My career has focused on every changing technology involving “stored value cards” in various marketplaces. As multi-housing requirements are changing and becoming more and more competitive to keep residents, realize my changing technology will assist in that market. By all of us keeping open and willing to accept change, we will all benefit.

I wish I’d known that life is short - enjoy the journey! To be sure that I enjoy my work! Really love it, or find something you do enjoy. You will be 10 times more successful if you like what you do.

I wish I’d known (instead of being totally clueless for 5 years) what the monthly and yearly financial statements meant and what a positive and negative impact what I did had on the community’s performance. Once you have a comfort level with either raising rents (or giving specials), developing a new other income source, etc. and see the outcomes - new meaning is realized and a greater appreciation of one’s role by understanding the financial statement.

I wish that I’d known that attending formal training and education seminars will bring greater and quicker benefits than on the job training. Our CO-workers don’t always have the answer; it’s your responsibility to find them.

Believe in your service 110%. Taking risks will enhance your growth.

I wish I’d known how important it was to listen to your residents and their concerns. You may not always be able to satisfy their concerns, but most important to them is that you’re listening. To piggyback that thought is to never argue or disagree with your residents. You should adjust your vocabulary to include “I understand what you’re saying”, “I appreciate how you feel” - they just wan to know you’re listening.

I wish I’d known how often things change. The people who make it in our industry are ones who can roll with the changes. Always be ready for change!
I wish I’d known the power of communication and all of the aspects that communication entails. Communication truly is not just expressed in a verbal manner. It’s an entity of body language and personality styles. It can be measured through facial expression, eye contact, and posture. Communication reveals your personality, sincerity level, and your attitude in not just what you say, but how you say it and what you do with your body while you’re saying it. I wish I knew the way to listen to others the way I do now.

I wish I’d known “You’ve got o have heart!” In all categories of business - education and training are valuable, but unless one really cares and develops true “heart”, satisfaction, gratification and success will not be forthcoming.

I wish I’d known years ago that our main concept of leasing apartments is to “move them in, so they stay in” - we were always focused on leasing apartments. Then we were re-leasing the same apartment every year. Why? Because we forgot that it costs more to turn apartments over annually. Now, years later, I am committed to the fact that I must start renewing and retaining my residents on the day they move-in. In turn, I have always committed my thinking to this business; that there is more to my job than just paperwork.

In order to market your apartments successfully, you need to make sure you have all components of the four “Ps” in place. A well prepared Product. Evaluate your competitors Prices daily/weekly. Promote your community aggressively. Your People are the most important component of your marketing effort.

I wish I’d known to keep my sense of humor even when things looked bleakest. I couldn’t learn everything in only one day, month, etc. I must have the patience and determination of an Olympic athlete. I wish I’d have known that everything always works out in the end. To never give up, lose hope and always smile even when you didn’t much feel like it. I wish someone would have told me that with a little faith, you can move mountains!

I have always known, but did not realize the wide definition of who the Resident is: residents, owners, employees, and vendors. In order to achieve ultimate results of management goals, all four groups are of equal importance.

I wish I’d known that I am responsible for managing my own career. You can’t wait for your supervisor to give you more responsibility. You must take it upon yourself. Set goals for your career and then plan to achieve them. Clearly communicate to your supervisor where you want to go and ask for advice and direction on how to get here. Let your employer know that it is a two-way relationship and that you expect training and growth in exchange or your hard work and loyalty.

When faced with a situation that requires improvement, turning around, etc., don’t ask “What are you doing now?” Instead, ask “What aren’t you doing now?” Use “Zero Based Thinking”. I don’t modify and existing system, plan, solution. I look at the problem like a clean sheet of paper and ask “What can I do differently?”

Tags: Apartment Management, Apartment Training, Multifamilpro, Multifamily Management, Multifamily Pro, Multifamilypro
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