The ability to attract and retain high-level associates has become a primary focus in multifamily, where a competitive employment environment continues to persist. Organizations can best position themselves for success by getting it right from the start—in the hiring process.
The top storylines in multifamily this week are starting a management company, pet inclusiveness, rethinking outdoor amenities, headwinds in multifamily investment, best-of-breed vs. bundled solutions and using sustainable materials for a more sustainable building.
My recommendations for anyone starting a property management company is to avoid taking shortcuts, particularly on the items that matter most—culture, key initial hires and selecting the best third-party providers. If you can build the most important infrastructure of the ship first, it will float that much better.
The top storylines in multifamily this week are leasing technology, centralization, the steps for effective resident communication, multifamily and the 4-day workweek, social media leasing and building a strong company culture for retention.
There’s no exact formula for improving retention rates, but a lot of companies have been relying on a strong culture to keep employees happy and engaged. While building that culture isn’t something that’s achieved overnight, taking some of these necessary steps will pay off in the long run.
Culture is the single-most important element in the success of a company. Organizational leaders might have to go about their culture-building initiatives differently in each case, but the prospective benefits can propel the company to its true potential and perhaps beyond.
The top multifamily storylines this week include: how pandemic adjustments are reshaping the industry, how to create a synergistic company culture, remembering non-pet owners when crafting policies, how boredom in the burbs may help downtown rebound, property managers on the road to getting vaccinated, and why Facebook Pixel is something to care about for marketers.
Culture takes on the look and feel of the organization’s leadership. The adage that “everything rises and falls on leadership” is certainly true when it comes to culture. What and whom you represent as a leader is what will organically be born out in your company.