The Next Big Thing in Multifamily

All reasons for concerned over the next 36 months.

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

Distractions

My guess – if you are looking to differentiate yourself from the pack; the skill of focus will be your linchpin.

Mike Brewer Apartment Management Distractions

There are distractions all around us. How easy is it to get lost in a status or tweet stream review? How easy is it to get caught up in a conversation that is not really moving your business forward? How easy is it to get into the busy and forget about the important stuff?

What do you spend your time on? 

What is the first thing you do when you get up in the morning? If you are like most you grab the phone sitting beside your bed. Or you scramble to find it buried between the sheets because you fell asleep reading something.

Focus is fast becoming the number on asset of excellent knowledge age worker. Property management professionals everywhere – it’s time to raise the stakes. It’s time to lay the phone down and get some serious quality work done.

Now before you start defending your opinion on the subject – let me say this. I’m not suggesting you put the phone in the drawer and ignore for the full day. I am suggesting you set blocks of time whereby you ignore the incoming text messages, emails and phone calls. Ignore the status updates and the urge to kill the next round of angry birds or fill in your word for a friend.

Raise the stakes and make some good work happen.

My guess – if you are looking to differentiate yourself from the pack; the skill of focus will be your linchpin.

Your always raising the stakes multifamily maniac,

M

 

Loyality – 09′ continued

I am revisiting several books in my library on the subject of loyalty. The one I have in my hand tonight is The New Gold Standard: 5 Leadership Principles for Creating a Legendary Customer Experience Courtesy of the Ritz-Carlton Hotel Company. I came across something I highlighted on page 73 and wanted to share it with you.

The context: An employee of Ritz-Carlton gets on an elevator with a guest and the ensuing experience gives cause for the guest to write a letter. That letter contained the following;

“One of your employees and I got on an elevator in your building. I pushed the sixth-floor button and he pushed none. Instead of getting off with me on the sixth floor, your employee simply said, ‘Have a nice day.’ upon exiting the elevator, I asked, ‘Where are you going? Aren’t you getting of here?’ Your employee replied, ‘ No, I’m going back down to the fifth floor.'” The guest goes on to write, “I couldn’t believe it-how do you find people who are so invested in placing the needs of their guest above their own?”

Is your talent of such a nature? Loyalty – The 09′ Operating Mantra.

M

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Print and Internet Combine to Form a Valuable Resource for Apartment Seekers

Hat tip to Meredith Mobley over at Forrent.com – The Magazine

“among people who research products and services after
seeing them advertised in newspapers, 67 percent use the Internet to find more
information, and nearly 70 percent of them actually make a purchase following
their additional research.”

NORFOLK, Va.—(November 17, 2008)— For Rent Media Solutions, a
leading apartment resource for searching apartments
nationwide,
and a division of Dominion Enterprises, has expanded
its publication, ForRent.com-The
Magazine
, to Lansing, Mich. The magazine, which provides apartment
seekers with available apartments in the area, hit stands November
6.

“With a population
of more than 500,000 and 35,700 residential units, Lansing will prove to be a
promising market for ForRent.com-The Magazine,”
said Terry Slattery, vice president
and general manager of For Rent Media Solutions. “ForRent.com-The Magazine capitalizes on
the power of print and Internet by offering a print publication that includes a
property’s ForRent.com® URL at the bottom of the
page.”

ForRent.com-The
Magazine

distributes 15,000 magazines each month, to more than 500 retail locations
throughout the greater Lansing/Jackson area. In addition to local restaurants,
colleges and gas stations, ForRent.com-The
Magazine
can be found at
Meijer®, 7-Eleven®, Rite Aid®,
K-Mart, Kroger® and Walgreens®.

 

For more
information about ForRent.com-The
Magazine
, contact Carla Cantu, general sales manager, ForRent.com-The Magazine, at carla.cantu@forrent.com.

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Trimming the team

I think it goes without saying that the economy is bad. And, in a bad economy businesses from every discipline across the world face the prospects of truing up and or slashing expenses. The multifamily space is no different. Payroll being the single biggest expense in nearly any budget is likely the first line item to get scrubbed. I think it important to think about how that line gets evaluated. In other words, how do you go about selecting the team members that get laid off?

It’s a new day and companies are contending with a rapidly changing climate. The speed of that change demands minds that are agile and adaptable. It requires talent.

What criteria are you using to make decisions about laying off team members? Is talent one of them or is it just the last one hire is the first one to go?

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