Risk management is something we should be proactive at, understanding we can never completely eliminate risks just minimize them. In the litigious society we live in today, our communities/residents and our people are open to hundreds of risks every day. From a piece of broken sidewalk causing a trip hazard, to fair housing and the traps inherent with leasing and residents, our communities and team members are faced with challenges we often know of but fail to be proactive on.
The physical risks can include the fixtures and improvements, but also include the natural occurrences and habitat. Neglecting a tree root near a playground can be just as significant as the tree root that raises a sidewalk causing a very visible trip hazard. Tree limbs hanging down at head level are obvious, however, those over grown bushes where someone could hide behind near the entrance to a building or apartment also should be identified and corrected. A recent budget discussion I had for some consulting work had no funds allocated in addressing issues they knew they had. Having identified these concerns and then failing to budget to correct them could lead to perceived negligence, opening them up to increased liability. When I asked about their position on this I was simply told, "we'll address if it gets worse or we have a problem with it." The manager stated she had put tree trimming and sidewalk repairs in the budget last year, only to have it removed so this year she didn't even consider placing it in the plan. When I asked how much their insurance had increased in the last five years the response with "significant." I also asked them how many claims they had in the past three years dealing with these types of issues, stated they had eleven or twelve. I requested they contact their insurance carrier about how much that impacted their increases, and what dollar amount it may have factored into their premiums (outside of normal increase history we are seeing). The response they received opened their eyes to the purpose of my inquiry and concern. The agent talked to their underwriting department and stated the estimate based on their loss structure the premium increased was approximately six thousand dollars just this past year. When reviewing the total estimated repairs to correct the identified areas a number of $3,200 was provided. Three of the areas were documented as being hazards still not corrected from incidents over the last two years and budget periods. Needless to say they made corrections to their budget and did a review of all of their sites finding similar traits.
As property managers, our fiduciary responsibility is to identify and submit corrective action on these types of risks. If ownership or upper management takes them out, maybe...just maybe we didn't do our homework and "sell" the budget item correctly. Providing pictures and loss history along with some of the research I recommend may have prevented or reduced higher premiums and the time as well as personnel resources to handle these claims. Simply not acting because of past trends is neglectful on our part, and is adding to what we are seeing with increased premiums. I also recommended sending the insurance carrier corrective measures taken before renewal and asked them to contact the carrier and identify if this would help in their evaluation of premiums.
Risk management is everyones job, and your entire team should be alert to possible risks and know the procedure for reporting. Limbs over roof lines during a storm can cause significant damage to gutters and shingles, which is one of the most frequent items I discover in doing site evaluations. Some of these areas are so simple to correct and can save thousands in deductibles, hours spent to address, and possible human injury or even death. Taking time each month to review your community or property from a risk standpoint is your responsibility and obligation as a professional property manager.
Friday, November 18, 2011
Friday, October 28, 2011
Marketing for the new age!
My how things have changed over the past twenty years related to marketing. We have gone from a day when newspaper and magazine publications were the primary mediums to an age of technology and electronic marketing taking center stage. Today we update postings on Craigslist several times a day, rely on outside sources to insure we get clicks on internet sites, and have more choices as to where to spend our marketing dollars than ever before. Now magazine publication web sites and Internet locations specifically directed at getting our communities in the eye of our prospects are our primary source. We are also faced with sites where residents can have what they "feel" is a bad experience at the management office at 9:00 AM, and by 9:15 have something negative posted for millions of people to see. Our industry has gone from research by a site team about market conditions being the primary determining factor on rents and leasing, to computer programs that can change rents several times a day based on leasing trends and market data from external sources.
Talk about hitting a moving target, and you talk about what is happening in our business today and how fast technology is changing how we manage and lead our teams. This raises questions related to how much staffing do we need to balance the marketing and leasing tasks, how do we use and obtain market analysis data, where do we place our limited advertising dollars, how do we manage our time with keeping Internet information updated, and are we depending so much on technology we forget we deal with people both in our office and those that come through the door? So many questions and so many answers we can be faced with.
Since we have already identified everything is changing at a rapid pace, one of the first areas we need to address is flexibility. Do our team members have the ability to multi-task in addition to being able to absorb and use the technology that is out there? A great example of this is with Craigslist, and how it has evolved. Then we have the use of YouTube, Google, apartment rating site monitoring, and of course Facebook and Twitter. Several recent discussions on Multifamily Insiders opened up these formats and how to use them. This next brings us to sites like this which now should be monitored as information and training platforms related to effective and efficient electronic medium use. Keeping up with these trends and new information can mean the difference between staying ahead or with the curve or being re-active and behind the curve. Here we should have someone from the site or training department within a company monitoring this information and passing it on and helping our site teams understand the efficacy as well as changes to help them exceed and excel. Are site teams using resources to help them manage their time such as calendar reminders and sharing data between management company sites both in and outside of a market? My research is showing we are not using these tools or sharing technology information and tools effectively or efficiently to maximize Net Operating Income and occupancy.
This past week I was asked to evaluate two communities as part of a job interview process. I did the phone shop, site visit, and property evaluation with some results that showed not everyone is using the tools available to us. This included providing a copy of a copy of a leasing brochure versus a PDF copy being printed that had been cleaned up for professionalism. I am guessing they maybe just ran out of original professional color brochures, which is a whole other topic raising many other questions. I received follow-up from only one site leasing person on the phone. The other leasing person I never heard from, even though they had both my phone number and email address. Did I get lost in the shuffle? Were they not organized or using easily accessible tools so follow-up was less of a burden? Was there no leadership checking on visitor follow-up because they were too busy doing other things? Another interview took me to reviewing a company and their marketing. When going to their site pages on Apartments.com, there was a "management" section where your the link to your company web site can provide valuable information for someone reviewing who they are choosing to live with for their next home. If you clicked on this link it said, "Object has moved here," with the "here" being in blue showing it was available to take you to another link. Unfortunately this link came back with an error message, and I am sure from a prospect situation would cause frustration. Remember, we expect everything in the "techno world" to be right and easily accessible. How long had this link not been working, and who was responsible for checking it? Now don't get me wrong in assuming I haven't missed things like this in my career because I have. Guess what I am saying is the complex environment is ever changing and we constantly have to be evaluating and checking our marketing. Some of you may have heard the following quote:
This is a story about four people named EVERYBODY, SOMEBODY, ANYBODY and NOBODY. There was an important job to be done and EVERYBODY was sure that SOMEBODY would do it. ANYBODY could have done it, but NOBODY did it. SOMEBODY got angry about that because it was EVERYBODY'S job. EVERYBODY thought that ANYBODY could do it but NOBODY realized that EVERYBODY wouldn't do it. It ended up that EVERYBODY blamed SOMEBODY when NOBODY did what ANYBODY could have done!
These and other questions all relate to the marketing and leasing aspects of how "complex" our business has become. I will say this again and again, this is not rocket science and it all boils down to one area...leadership. This is why we as leaders must insure we understand this new age of marketing, and how we must develop others we work with to be the best at what we can be. Hold on tight, as we already have identified the ride has probably just begun!
Friday, October 14, 2011
How to difuse the emotional bomb - Conflict Resoluation
Face it, the property management industry is faced with many challenges related to potential conflicts. In no other business can we touch so many emotional issues than in property management. Whether it be finances, pets, homes, cars, employees, children, fair housing, personal property, etc., we have so many opportunities where conflict can be a part of our lives. Our industry is unique in this regard as well as challenging.
How we handle and address these challenges and how the members of our teams handle them is critical in so many ways. We tell employees when we hire them how wonderful our organization is, what fantastic benefits we have, what opportunities are waiting, however, we fail to warn or train/condition them for the conflict they will most likely be faced with. Companies and associations teach fair housing, marketing, financial analysis, budgeting, risk management, and other topics, but few provide tools to address conflict related to residents and employees.
The first rule when dealing with emotional issues is the most important. To control the emotions of others when dealing with conflict, you first must learn to control your own. Getting in a "pissing match" with a resident, employee, or applicant will do nothing more than amplify the situation and make things worse. I am being blunt about this first rule, because more times than not I see team members getting emotional themselves with dealing with conflict they are faced with. We have all had the resident fly into our office like a ten year old on a sugar high, spitting fire out of every orifice of their body. If you have not...you will. I know most managers have also had to deal with employee issues where "going postal" was a though in the back of their mind. I'm sure the US Post office hates that term, however, we'll use it for now. There are several things we can do to diffuse conflict, if nothing else but reduce the circumstances that can result from an unfavorable situation.
Rule 1: See above. Keep your emotions in check. The more you are in control, the more you can control the situation. Once you lose internal control, you lose control of the chance of a favorable outcome.
Rule 2: If possible, take the situation to a favorable environment. This means out of other employee or public view, and into a private setting. Last thing you need is a resident screaming at you while a prospect is coming in the door.
Rule 3: If you feel threatened, don't address the conflict alone. There are times when having someone else with you as a witness or if you feel threatened is needed. If you are not comfortable or you are being threatened, do not go into a room by yourself. This goes for both men and women and address the situation not the issue.
Rule 4: Don't address the other person (employee or resident) from behind a desk. The desk is a barrier and will be seen a such. I know, you may feel you need this for your protection and if you do...see Rule 3 above.
Rule 5: Set the groundwork for the discussion. "Mrs. Smith, I can see you are emotional about this situation and understand your concern. Before we have an open dialogue, I will respectfully ask that we both remain professional and address the facts and keep emotions in check. Can we do that?" This sets the stage for taking emotions down a notch in many cases and lets the other person know you are understanding about their feelings that are in play. Most of the time after stating this I see the other person lean back in the chair, take a breath, and think about what they are doing.
Rule 6: Take notes. I always let them know I am doing this, even though it may be obvious. "Mr. Jones, so I can properly document your concerns and have an understanding of the situation, I will be taking notes. I trust you will allow me to do that." This again is a great tool for further taking the emotions in check, as they see you "documenting" what is being said. It also is a great sign you are paying attention to them and their concerns.
Rule 7: Allow them to talk, and provide the "dramatic pause" before responding. One of the worse things you can do in a conflict situation is to talk over the other person. It tells them you are not listening, and in many cases no matter what is said gives them the feeling you are not open as a mediator. Pause after they have apparently finished a statement, and in some cases they may be just getting started. You may also find this pause brings out additional information you would not have gotten had it not been there.
Rule 8: Look them in the eyes, shut off your phone, turn off your computer, and ask the people in the front office to allow for a few minutes to not be interrupted. Looking at your computer screen, checking your email, starring at your Blackberry, all are signs to them you are not giving them the attention they feel they deserve. I usually say, "So you can have my undivided attention, please give me a moment to turn off my computer screen and silence my phone." This also seems to bring the tension level down and show you are attentive.
Rule 9: After completing the session, go back over your notes and in particular their concerns with them. This shows you did pay attention and document the conversation. "Mrs Davis. So we can make sure we have an understanding of your concerns let me re-state from our notes what has been presented." You will also notice no where in that statement did I use the word "I." It was "we" and "our," as referenced in the above statement.
Rule 10: The response or answer and how and when to present. There are times, even though you know the answer is no, you may want to delay your answer until a later time. Serious situations sometimes demand immediate responses, and some times delayed responses. If there are questions that you could not answer or to show you are open in your findings, don't respond at that time. Failure to show you are "carefully" looking at all the details and being fair in your analysis may bring on further conflict. "Mr. Thompson, I have additional details I need to further investigate so we may be fair and professional in making the correct resoluation. Will you allow time to insure I have all the facts correct and fully check the information for a fair resolution? Can I get back to you by tomorrow morning?" This again tends to diffuse the situation and further lower the tension levels. Just make sure you get back to them as promised. On the other hand if the answer is and will be "no," don't tell them no! What? Are you saying don't give them an answer? No, I am saying you need to find a way to say "no," without saying no. As an example: "Mr. Goodfellow, after reviewing all of the information removing the late fee considering your rent was late is not an option we have." Here I have said "no," without saying "no." If they have also used the "fairness" issues in their discussion, turn this back to them. "You have stated you want fairness in your comments. Mrs. Happy, would you agree that it would be unfair for me to do something for another resident I could not do for you?"
Rule 11: Don't dismiss them, walk them out. They are not in school and you are not their parent. Offer to shake their hand, even if they do not offer theirs. Be professional, and show that you can be professional even after taking all that has been handed to you by the employee or the resident.
Train your staff how to deal with conflict and review how you deal with it as well. When interviewing I ask employees the good, the bad, and the ugly questions. "Tammy, we all know customer service is important and not in all cases do we deal with happy people. If a resident comes flying in the office upset and somewhat out of control, how are you going to handle it?" This tells me how they would handle, and if they have been trained to deal with these types of situations. I have met managers in the business for twenty years, yet they not only will do everything to avoid conflict but don't know how to handle it. It is our responsibility to insure they have the tools necessary, even then faced with bad situations including conflict. Be a leader!
How we handle and address these challenges and how the members of our teams handle them is critical in so many ways. We tell employees when we hire them how wonderful our organization is, what fantastic benefits we have, what opportunities are waiting, however, we fail to warn or train/condition them for the conflict they will most likely be faced with. Companies and associations teach fair housing, marketing, financial analysis, budgeting, risk management, and other topics, but few provide tools to address conflict related to residents and employees.
The first rule when dealing with emotional issues is the most important. To control the emotions of others when dealing with conflict, you first must learn to control your own. Getting in a "pissing match" with a resident, employee, or applicant will do nothing more than amplify the situation and make things worse. I am being blunt about this first rule, because more times than not I see team members getting emotional themselves with dealing with conflict they are faced with. We have all had the resident fly into our office like a ten year old on a sugar high, spitting fire out of every orifice of their body. If you have not...you will. I know most managers have also had to deal with employee issues where "going postal" was a though in the back of their mind. I'm sure the US Post office hates that term, however, we'll use it for now. There are several things we can do to diffuse conflict, if nothing else but reduce the circumstances that can result from an unfavorable situation.
Rule 1: See above. Keep your emotions in check. The more you are in control, the more you can control the situation. Once you lose internal control, you lose control of the chance of a favorable outcome.
Rule 2: If possible, take the situation to a favorable environment. This means out of other employee or public view, and into a private setting. Last thing you need is a resident screaming at you while a prospect is coming in the door.
Rule 3: If you feel threatened, don't address the conflict alone. There are times when having someone else with you as a witness or if you feel threatened is needed. If you are not comfortable or you are being threatened, do not go into a room by yourself. This goes for both men and women and address the situation not the issue.
Rule 4: Don't address the other person (employee or resident) from behind a desk. The desk is a barrier and will be seen a such. I know, you may feel you need this for your protection and if you do...see Rule 3 above.
Rule 5: Set the groundwork for the discussion. "Mrs. Smith, I can see you are emotional about this situation and understand your concern. Before we have an open dialogue, I will respectfully ask that we both remain professional and address the facts and keep emotions in check. Can we do that?" This sets the stage for taking emotions down a notch in many cases and lets the other person know you are understanding about their feelings that are in play. Most of the time after stating this I see the other person lean back in the chair, take a breath, and think about what they are doing.
Rule 6: Take notes. I always let them know I am doing this, even though it may be obvious. "Mr. Jones, so I can properly document your concerns and have an understanding of the situation, I will be taking notes. I trust you will allow me to do that." This again is a great tool for further taking the emotions in check, as they see you "documenting" what is being said. It also is a great sign you are paying attention to them and their concerns.
Rule 7: Allow them to talk, and provide the "dramatic pause" before responding. One of the worse things you can do in a conflict situation is to talk over the other person. It tells them you are not listening, and in many cases no matter what is said gives them the feeling you are not open as a mediator. Pause after they have apparently finished a statement, and in some cases they may be just getting started. You may also find this pause brings out additional information you would not have gotten had it not been there.
Rule 8: Look them in the eyes, shut off your phone, turn off your computer, and ask the people in the front office to allow for a few minutes to not be interrupted. Looking at your computer screen, checking your email, starring at your Blackberry, all are signs to them you are not giving them the attention they feel they deserve. I usually say, "So you can have my undivided attention, please give me a moment to turn off my computer screen and silence my phone." This also seems to bring the tension level down and show you are attentive.
Rule 9: After completing the session, go back over your notes and in particular their concerns with them. This shows you did pay attention and document the conversation. "Mrs Davis. So we can make sure we have an understanding of your concerns let me re-state from our notes what has been presented." You will also notice no where in that statement did I use the word "I." It was "we" and "our," as referenced in the above statement.
Rule 10: The response or answer and how and when to present. There are times, even though you know the answer is no, you may want to delay your answer until a later time. Serious situations sometimes demand immediate responses, and some times delayed responses. If there are questions that you could not answer or to show you are open in your findings, don't respond at that time. Failure to show you are "carefully" looking at all the details and being fair in your analysis may bring on further conflict. "Mr. Thompson, I have additional details I need to further investigate so we may be fair and professional in making the correct resoluation. Will you allow time to insure I have all the facts correct and fully check the information for a fair resolution? Can I get back to you by tomorrow morning?" This again tends to diffuse the situation and further lower the tension levels. Just make sure you get back to them as promised. On the other hand if the answer is and will be "no," don't tell them no! What? Are you saying don't give them an answer? No, I am saying you need to find a way to say "no," without saying no. As an example: "Mr. Goodfellow, after reviewing all of the information removing the late fee considering your rent was late is not an option we have." Here I have said "no," without saying "no." If they have also used the "fairness" issues in their discussion, turn this back to them. "You have stated you want fairness in your comments. Mrs. Happy, would you agree that it would be unfair for me to do something for another resident I could not do for you?"
Rule 11: Don't dismiss them, walk them out. They are not in school and you are not their parent. Offer to shake their hand, even if they do not offer theirs. Be professional, and show that you can be professional even after taking all that has been handed to you by the employee or the resident.
Train your staff how to deal with conflict and review how you deal with it as well. When interviewing I ask employees the good, the bad, and the ugly questions. "Tammy, we all know customer service is important and not in all cases do we deal with happy people. If a resident comes flying in the office upset and somewhat out of control, how are you going to handle it?" This tells me how they would handle, and if they have been trained to deal with these types of situations. I have met managers in the business for twenty years, yet they not only will do everything to avoid conflict but don't know how to handle it. It is our responsibility to insure they have the tools necessary, even then faced with bad situations including conflict. Be a leader!
Saturday, October 1, 2011
Financial Conditioning
Earlier today I was responding to a post on MultifamilyInsiders.com related to increasing rents, adding services, and dealing with "unhappy campers." In the discussion I thought about how we as an industry have not done a very good job of conditioning and educating our managers and teams related to the financial aspects which are key to success. While the issue was more targeted to dealing with residents unhappy about change (new services and being charge for them), there were underlying parts of this challenge encouraging me to update my blog.
First, we must do a better job of helping our leadership and management teams understand the financial aspects of our business. While some companies and regional managers do a good job, I believe we have overall failed to capitalize on key information which can make them more effective in reaching goals and objectives. Ask a room full of property managers what NOI means, how it is associated with a properties value, and how do you use it in calculations, and I guarantee you there will be some seasoned managers that struggle with the answer. Remember that increasing revenue or income is only part of measuring our success, and other factors must be considered when looking at NOI and the bottom line. As an example, in the situation discussed on the site a property was in a market that was doing well and able to increase rents with great occupancy. Occupancy was around 95%, and they were raising rents anywhere from $40 to $100. They were facing an additional increase of $18 per apartment while introducing a trash at the door pickup service. As a result, a group of around forty residents had presented a petition related to the increase and new service. Naturally, they were not "happy campers" and wanted to voice their opinion.
So, where does this take us? It takes us to the financial equations and what is called the equilibrium or balance point between income, occupancy, expenses, and what is tolerable based on perceived services from a resident standpoint. Naturally market conditions will also play a factor and need to be analyzed and monitored. Basically, where is the cost benefit of an action that has a potential to increase revenue and is not an expense burden? If my property decides to raise rent by $80 at renewal and the average turnover for the community has been 60%, where is it cost effective for me to drive higher rents versus the offset expenses related to turnover? Remember that raising rents by $80 per month will generate $960 in new revenue based on a twelve month lease. To justify or find the benefit to this approach I have to look at what my costs would be if the resident did not renew including painting, cleaning, carpet cleaning, maintenance services, marketing, vacancy loss, etc. Then there is the incidental costs which can include carpet replacement, appliance upgrades, etc., which might have to be considered. An example of this would be a resident that has lived in an apartment for four years and if they moved out possibly would require carpet replacement to adequately market the unit. If they renewed however, we might get another year or two out of the carpet. If turnover increases from the baseline and my cost to turn an apartment including hard and soft costs is $2,000 (current national average is over $3,000), now I am trying to justify an increase in revenue of $960 for a cost of $2,000.
Balancing this is not taught, and if it is not taught it is not used as beneficial information. Another key factor is the use today of lease rent optimizers. Some programs are revenue driven, some are occupancy driven. Not sure if any of them factor in turnover expenses, however, that will be a question I ask in an email I will get out tomorrow. If not, this is a situation that may have exposure to the bottom line. It may increase revenue or occupancy, but have a reverse impact on Net Operating Income and Cash Flow. Educating our teams at the sites on the impact and effect on the bottom line is easily taught. It's like Newton's Law, "for every action there is an equal or opposite reaction." The decisions we make have consequences, and in some cases we believe they are progress when in fact they can have the opposite effect. Condition your teams, so they understand this theory and they will have reach new goals for the future.
First, we must do a better job of helping our leadership and management teams understand the financial aspects of our business. While some companies and regional managers do a good job, I believe we have overall failed to capitalize on key information which can make them more effective in reaching goals and objectives. Ask a room full of property managers what NOI means, how it is associated with a properties value, and how do you use it in calculations, and I guarantee you there will be some seasoned managers that struggle with the answer. Remember that increasing revenue or income is only part of measuring our success, and other factors must be considered when looking at NOI and the bottom line. As an example, in the situation discussed on the site a property was in a market that was doing well and able to increase rents with great occupancy. Occupancy was around 95%, and they were raising rents anywhere from $40 to $100. They were facing an additional increase of $18 per apartment while introducing a trash at the door pickup service. As a result, a group of around forty residents had presented a petition related to the increase and new service. Naturally, they were not "happy campers" and wanted to voice their opinion.
So, where does this take us? It takes us to the financial equations and what is called the equilibrium or balance point between income, occupancy, expenses, and what is tolerable based on perceived services from a resident standpoint. Naturally market conditions will also play a factor and need to be analyzed and monitored. Basically, where is the cost benefit of an action that has a potential to increase revenue and is not an expense burden? If my property decides to raise rent by $80 at renewal and the average turnover for the community has been 60%, where is it cost effective for me to drive higher rents versus the offset expenses related to turnover? Remember that raising rents by $80 per month will generate $960 in new revenue based on a twelve month lease. To justify or find the benefit to this approach I have to look at what my costs would be if the resident did not renew including painting, cleaning, carpet cleaning, maintenance services, marketing, vacancy loss, etc. Then there is the incidental costs which can include carpet replacement, appliance upgrades, etc., which might have to be considered. An example of this would be a resident that has lived in an apartment for four years and if they moved out possibly would require carpet replacement to adequately market the unit. If they renewed however, we might get another year or two out of the carpet. If turnover increases from the baseline and my cost to turn an apartment including hard and soft costs is $2,000 (current national average is over $3,000), now I am trying to justify an increase in revenue of $960 for a cost of $2,000.
Balancing this is not taught, and if it is not taught it is not used as beneficial information. Another key factor is the use today of lease rent optimizers. Some programs are revenue driven, some are occupancy driven. Not sure if any of them factor in turnover expenses, however, that will be a question I ask in an email I will get out tomorrow. If not, this is a situation that may have exposure to the bottom line. It may increase revenue or occupancy, but have a reverse impact on Net Operating Income and Cash Flow. Educating our teams at the sites on the impact and effect on the bottom line is easily taught. It's like Newton's Law, "for every action there is an equal or opposite reaction." The decisions we make have consequences, and in some cases we believe they are progress when in fact they can have the opposite effect. Condition your teams, so they understand this theory and they will have reach new goals for the future.
Saturday, September 24, 2011
Rewards
As many of you know, in addition to being a Divemaster and swimming with sharks, being a professional magician, and a property management executive, I provide keynote speaking and workshops. All of these things I do I have a passion for, and bring me extreme satisfaction. The rewards for finding and doing something you love cannot be measured in dollars, and not very often can a person say they have so many things they do well and enjoy so much.
This past week I was in Tampa teaching a workshop related to leadership, team building, as well as other topics. Today I put on a rubber suit and swam with nine foot sharks, did a little magic for some guests, and then came home thinking how lucky I am. Yes, finding a leadership role again in the corporate world is what has been my primary income, but for now I am using the cards I have been dealt with. After all what job that is legal other than the one I have can you go to work in a full rubber suit...and not worry you might get arrested for it.
Traveling around the country providing training and education has definitely helped pay the bills, and has rewards in so many other ways. You have heard me write how each time I speak before a group and share information with the intent of others exceeding and excelling, I always find value and "take-away's" which are additional rewards encouraging me always striving to do better. Whether it be a new way to add humor to a presentation or even a whole new way of presenting a topic, the benefits from interacting with my audience raise the question, "who is benefiting from what I am doing?" My intention is that both parties are the benefactor, otherwise we cannot evolve with the goal of excellence and therefore maintain our edge for the future.
The rewards of life cannot and should not be with only a financial purpose, but with a purpose of living and inner peace. For I believe to be successful in business, you first have to be successful within yourself. To be an effective and successful leader and coach, it takes inner success and self-development to keep up with an ever changing world. It takes the unselfish act of wanting to share information with others, versus keeping it for your benefit only to be used for individual gain. For the rewards of watching others maximize their potential and benefit from the small part I have played, give me the drive to do what I do and reach for new heights in my career. For you see leadership is not about getting people to just follow you, but to do it with a purpose and a light that shines on their path to success as well.
Where are your rewards? What do you see as your purpose? And one of the most important questions is, "how will you get there and who will you take with you so the journey is not alone?"
This past week I was in Tampa teaching a workshop related to leadership, team building, as well as other topics. Today I put on a rubber suit and swam with nine foot sharks, did a little magic for some guests, and then came home thinking how lucky I am. Yes, finding a leadership role again in the corporate world is what has been my primary income, but for now I am using the cards I have been dealt with. After all what job that is legal other than the one I have can you go to work in a full rubber suit...and not worry you might get arrested for it.
Traveling around the country providing training and education has definitely helped pay the bills, and has rewards in so many other ways. You have heard me write how each time I speak before a group and share information with the intent of others exceeding and excelling, I always find value and "take-away's" which are additional rewards encouraging me always striving to do better. Whether it be a new way to add humor to a presentation or even a whole new way of presenting a topic, the benefits from interacting with my audience raise the question, "who is benefiting from what I am doing?" My intention is that both parties are the benefactor, otherwise we cannot evolve with the goal of excellence and therefore maintain our edge for the future.
The rewards of life cannot and should not be with only a financial purpose, but with a purpose of living and inner peace. For I believe to be successful in business, you first have to be successful within yourself. To be an effective and successful leader and coach, it takes inner success and self-development to keep up with an ever changing world. It takes the unselfish act of wanting to share information with others, versus keeping it for your benefit only to be used for individual gain. For the rewards of watching others maximize their potential and benefit from the small part I have played, give me the drive to do what I do and reach for new heights in my career. For you see leadership is not about getting people to just follow you, but to do it with a purpose and a light that shines on their path to success as well.
Where are your rewards? What do you see as your purpose? And one of the most important questions is, "how will you get there and who will you take with you so the journey is not alone?"
Tuesday, September 13, 2011
Service with a smile!
Service is something we provide, and something our residents and prospects expect. It means going above and beyond and not meeting their expectations, but exceeding them. Keeping your team motivated so they continue to give great service has and always will be a challenge. I have said it time and time again, I believe if we treat our employees as number one...they will in turn treat our residents and prospects as number one. So how do we keep them at the top of their game and "in" the game so they score a touchdown every time they come in contact with someone? I am confident there are some tried and true ways we can facilitate great service, while keeping our team motivated.
1. Communication - Open, honest, and straight forward! Communication is the key to success and one of the keys in maintaining a motivational environment. This includes constant and honest feedback, making sure the team not only knows the goals but the reason behind them, and understanding what mediums to communicate specific messages and how you communicate may depend on who it is you are communication with. Share the good, the bad, and sometimes the ugly (or also called the challenging).
2. Keeping their eye on the target and goal - While we as supervisors and leaders need to focus on goals an objectives, we must never forget we should also insure our teams can see the target as well. Sharing budgets, goals related to leasing and resident retention help your team understand expectations and hit the target. Remember it is impossible for a team or someone to hit a target if they can't hit it. It is also important that the target be understood as achievable. As an example if the goal is to lease thirty apartments in a month, team members may see this as a high number. However, if we say to them this only means one lease every other day with two leasing specialists in the office it now sounds like an achievable number. One technique I like using is a goal board where not just the current goal is visible, but the progress of reaching that goal is visible as well. If the goal is thirty leases, I number from one to thirty on the board. The first person to get a lease in that goal period signs their name through that number showing twenty-nine left to go. It not only helps them track the progress, it also instills a competitive spirit among the team.
3. Finding variety in what they are doing - Keeping team members motivated is difficult, especially during soft market conditions and challenging times. Finding creative ways to inspire your team are critical to success and keeping good people at your sites. Contests can be good, however, sometimes it can be the prize attained and the competitiveness that are more important. I also like seeing competition between properties in a region where the entire teams are rewarded if the goals are met, taking into consideration maybe more than one site is a winner if multiple locations meet their goals. I remember one time telling a site team I would dress up in a banana costume and be a human directional on the main street for an entire day if a goal was met for occupancy and collections. I set the goal high (who wants to dress up in a banana costume in Florida on a hot summer day), and to my surprise it encouraged the team to dig down and not only meet the goal but to exceed it. By the way, the sign I had to display in the costume was, "We have apartments with appeal!"
4. Share the successes and feedback - Too often we are quick to tell teams and team members when goals are not met or when results not attained. On the other hand, we don't always share success and positive feedback. Positive feedback can come from our observations, financial reports, goals met, communication from vendors and residents, and even a ratings site (which I will not mention). If I am visiting on a site visit and see a leasing specialist doing a great job with a prospect or resident, I will go out of my way to let them know my observations. If I review service request follow up and see consistent high marks or favorable remarks, I will do the same with the service staff. Acknowledgement of success is in my opinion equally if not more important than quickly responding to unfavorable performance.
5. Asking for their input and ideas - The real definition of a team means soliciting ideas, input, and suggestions from team members...ALL team members. Getting everyone involved is important and lets all members know their importance as a team unit. I have also received some exceptional marketing and leasing suggestions from service, and great ideas can some from those you don't expect. Remember, a leader is not a title...it is a person. I have had some great leaders as grounds people and porters, just as I have as managers.
6. Lead by example...get involved yourself - I am not afraid to do anything I expect other team members to do. I recently had a service manager I worked with call me and tell me his respect for me was amplified by the fact I would jump in and do things no other regional he had worked with with do. When we experienced a hurricane and flood in central Florida, I was there in waders helping out. If I was in the office I would answer the phone and lease an apartment just as quickly as anyone. As Bryan said, "I admired you because you were there next to us in support, beside us to encourage and understand, and in front of us to lead the way and show us the path to success." That my friends, is why I do what I do. Thanks Bryan, your call that day made my day and my respect for you will always be true as I see you as a leader as well.
Until next time. Keep leading, keep leasing, and keep the faith.
1. Communication - Open, honest, and straight forward! Communication is the key to success and one of the keys in maintaining a motivational environment. This includes constant and honest feedback, making sure the team not only knows the goals but the reason behind them, and understanding what mediums to communicate specific messages and how you communicate may depend on who it is you are communication with. Share the good, the bad, and sometimes the ugly (or also called the challenging).
2. Keeping their eye on the target and goal - While we as supervisors and leaders need to focus on goals an objectives, we must never forget we should also insure our teams can see the target as well. Sharing budgets, goals related to leasing and resident retention help your team understand expectations and hit the target. Remember it is impossible for a team or someone to hit a target if they can't hit it. It is also important that the target be understood as achievable. As an example if the goal is to lease thirty apartments in a month, team members may see this as a high number. However, if we say to them this only means one lease every other day with two leasing specialists in the office it now sounds like an achievable number. One technique I like using is a goal board where not just the current goal is visible, but the progress of reaching that goal is visible as well. If the goal is thirty leases, I number from one to thirty on the board. The first person to get a lease in that goal period signs their name through that number showing twenty-nine left to go. It not only helps them track the progress, it also instills a competitive spirit among the team.
3. Finding variety in what they are doing - Keeping team members motivated is difficult, especially during soft market conditions and challenging times. Finding creative ways to inspire your team are critical to success and keeping good people at your sites. Contests can be good, however, sometimes it can be the prize attained and the competitiveness that are more important. I also like seeing competition between properties in a region where the entire teams are rewarded if the goals are met, taking into consideration maybe more than one site is a winner if multiple locations meet their goals. I remember one time telling a site team I would dress up in a banana costume and be a human directional on the main street for an entire day if a goal was met for occupancy and collections. I set the goal high (who wants to dress up in a banana costume in Florida on a hot summer day), and to my surprise it encouraged the team to dig down and not only meet the goal but to exceed it. By the way, the sign I had to display in the costume was, "We have apartments with appeal!"
4. Share the successes and feedback - Too often we are quick to tell teams and team members when goals are not met or when results not attained. On the other hand, we don't always share success and positive feedback. Positive feedback can come from our observations, financial reports, goals met, communication from vendors and residents, and even a ratings site (which I will not mention). If I am visiting on a site visit and see a leasing specialist doing a great job with a prospect or resident, I will go out of my way to let them know my observations. If I review service request follow up and see consistent high marks or favorable remarks, I will do the same with the service staff. Acknowledgement of success is in my opinion equally if not more important than quickly responding to unfavorable performance.
5. Asking for their input and ideas - The real definition of a team means soliciting ideas, input, and suggestions from team members...ALL team members. Getting everyone involved is important and lets all members know their importance as a team unit. I have also received some exceptional marketing and leasing suggestions from service, and great ideas can some from those you don't expect. Remember, a leader is not a title...it is a person. I have had some great leaders as grounds people and porters, just as I have as managers.
6. Lead by example...get involved yourself - I am not afraid to do anything I expect other team members to do. I recently had a service manager I worked with call me and tell me his respect for me was amplified by the fact I would jump in and do things no other regional he had worked with with do. When we experienced a hurricane and flood in central Florida, I was there in waders helping out. If I was in the office I would answer the phone and lease an apartment just as quickly as anyone. As Bryan said, "I admired you because you were there next to us in support, beside us to encourage and understand, and in front of us to lead the way and show us the path to success." That my friends, is why I do what I do. Thanks Bryan, your call that day made my day and my respect for you will always be true as I see you as a leader as well.
Until next time. Keep leading, keep leasing, and keep the faith.
Wednesday, September 7, 2011
The Four F's
Most of my writing has been related to encouraging others to exceed and excel through practices and principles. I have shared information about marketing, leadership, communication, team building, training, and a host of topics. I have a passion for sharing information and for wanting to be the best we can be. I get excited when someone contacts me about a posting and it energizes them to another level. That my friends, is what it is all about. Now I want to discuss what I call the Four F's of Success. I believe there are four key areas which in conjunction with other principles (leadership, communication, knowledge, determination, etc.), are keys to success not just professionally but also personally. It is about who we are...and not what we are!
The first "F" is Family. I have been blessed with a loving and caring family and I am so grateful. Now family can be blood relation, married relation, or can be those that are close to you who are treated as family. Family members are those that believe in you, and you believe in! Family members are people you trust and confide in, and someone you can open up to. I believe to be successful you need people like this who are there beside you to believe in you, behind you to encourage and push you, and in front of you if necessary to help filter the path and shed new light on your travels. Sometimes they are the bearer of truth, even when we cannot see it. It is difficult for us to be objective and see who we really are, and maybe don't want to see who we are. Family can bring a bond that is supportive, enlightening, and a love that digs into our core and sole like nothing else.
The second "F" is Faith. While I am a religious person and believe in a higher being, faith can play a part in different ways. It can mean your faith from a religious standpoint, just as it can mean the faith you have in yourself and others. Believing in yourself is critical to success, especially picking yourself up after something in your life has broken you down. Believing and having faith in my abilities is important to what I am, but more importantly as to who I am. A leader must have faith in others, for without empowerment there is not encouragement. We build faith through our knowledge and experiences, often learning along the way how to build the foundation of success. Personal faith and religious faith can be intertwined, and often is with most successful people in business. I almost added people in government to that sentence, only to think about things like "thou shall not lie, thou shall not steal, thou shall not commit adultery, etc," which rules out most of our government officials. Believing in God, believing in oneself, and believing in others is all part of having the faith necessary to be successful not only in what we do...but how we do it.
The next "F" is Friendship, which also ties into respect. Friends can be at different levels and mean different things to different people. You can have close friends, distant friends, friends that are acquaintances, and friends that are like family. Sometimes your family can also be your friend, as an example with my wife who is also my best friend. True friends like family are not afraid to tell you like it is, and be there for you in both good times and challenging times. A true friend will take your call at two in the morning, and also be one who is not afraid to call you at that same time should they need comfort and advice. A true friend will not sugar coat something for your benefit, and is someone you may not always agree with but respect. You can have friends at work or those that work with you, however, I would much rather have "respect" than friendship from those who are business associates. It does not mean they are not still friends in some ways, but it has a different processing and status related to friendship where respect is the focal point and intended result.
The last "F" is Fun. I know too many business executives that live, breath, and eat their jobs...and it shows. They are so tied up with power and success, they forget how to live life and how important others are to their success and happiness. Most of the time I find that these individuals are missing in the three previous F's (Family, Faith, and Friendship), and therefore cannot maximize this element. I remember my Dad telling me, "If you do not enjoy what you are doing, do something else. For your lack of enjoyment will transfer to those working with you and for you, and it will burden your ability to be as successful as you can be." I hear the wise words of my father resonating in my head often, and unfortunately find it too late to thank him for what at one time I did not understand...and now cherish. Fun is taking life to the maximum! It is finding things you are passionate about and enjoy and doing them. It is sharing your passions with others, and about getting inner satisfaction. As an example, "I am a property manager and leader." While this is something I do professionally, it is also something I enjoy and have a passion for. Even though doing what I do takes long hours, sometimes extended travel from my family, facing significant and new challenges, and sometimes when you do your job you are the least liked, it is rewarding in some of those same ways. For the diversity of my profession means I never have two days exactly the same, I am constantly learning from the experiences I am faced with, I am stronger from the challenges I face, and the reward from knowing I am fair and consistent in my dealings (my ethics) no matter what others will think because I am at peace with myself gives me joy. It also means having a life outside of work, finding out what brings you happiness. Everyone that knows me understands my passion for diving and magic. Being a professional magician and having the ability to provide wonder and amazement is fun and exciting. Being a diver allows me time to hear nothing but my bubbles for hours at a time. No cell phone, no pager, no computer, no telephone, just my bubbles and nature to bring me to a peaceful state.
Being the best and always striving to exceed and excel takes many qualities and traits. It takes knowledge, drive, determination, ethics, abilities, passion, and a strong inner core to be successful in business as with in life. It is these four "F's" I believe are the building blocks to that strong inner core, which can be the foundation to your success...no matter what you do.
The first "F" is Family. I have been blessed with a loving and caring family and I am so grateful. Now family can be blood relation, married relation, or can be those that are close to you who are treated as family. Family members are those that believe in you, and you believe in! Family members are people you trust and confide in, and someone you can open up to. I believe to be successful you need people like this who are there beside you to believe in you, behind you to encourage and push you, and in front of you if necessary to help filter the path and shed new light on your travels. Sometimes they are the bearer of truth, even when we cannot see it. It is difficult for us to be objective and see who we really are, and maybe don't want to see who we are. Family can bring a bond that is supportive, enlightening, and a love that digs into our core and sole like nothing else.
The second "F" is Faith. While I am a religious person and believe in a higher being, faith can play a part in different ways. It can mean your faith from a religious standpoint, just as it can mean the faith you have in yourself and others. Believing in yourself is critical to success, especially picking yourself up after something in your life has broken you down. Believing and having faith in my abilities is important to what I am, but more importantly as to who I am. A leader must have faith in others, for without empowerment there is not encouragement. We build faith through our knowledge and experiences, often learning along the way how to build the foundation of success. Personal faith and religious faith can be intertwined, and often is with most successful people in business. I almost added people in government to that sentence, only to think about things like "thou shall not lie, thou shall not steal, thou shall not commit adultery, etc," which rules out most of our government officials. Believing in God, believing in oneself, and believing in others is all part of having the faith necessary to be successful not only in what we do...but how we do it.
The next "F" is Friendship, which also ties into respect. Friends can be at different levels and mean different things to different people. You can have close friends, distant friends, friends that are acquaintances, and friends that are like family. Sometimes your family can also be your friend, as an example with my wife who is also my best friend. True friends like family are not afraid to tell you like it is, and be there for you in both good times and challenging times. A true friend will take your call at two in the morning, and also be one who is not afraid to call you at that same time should they need comfort and advice. A true friend will not sugar coat something for your benefit, and is someone you may not always agree with but respect. You can have friends at work or those that work with you, however, I would much rather have "respect" than friendship from those who are business associates. It does not mean they are not still friends in some ways, but it has a different processing and status related to friendship where respect is the focal point and intended result.
The last "F" is Fun. I know too many business executives that live, breath, and eat their jobs...and it shows. They are so tied up with power and success, they forget how to live life and how important others are to their success and happiness. Most of the time I find that these individuals are missing in the three previous F's (Family, Faith, and Friendship), and therefore cannot maximize this element. I remember my Dad telling me, "If you do not enjoy what you are doing, do something else. For your lack of enjoyment will transfer to those working with you and for you, and it will burden your ability to be as successful as you can be." I hear the wise words of my father resonating in my head often, and unfortunately find it too late to thank him for what at one time I did not understand...and now cherish. Fun is taking life to the maximum! It is finding things you are passionate about and enjoy and doing them. It is sharing your passions with others, and about getting inner satisfaction. As an example, "I am a property manager and leader." While this is something I do professionally, it is also something I enjoy and have a passion for. Even though doing what I do takes long hours, sometimes extended travel from my family, facing significant and new challenges, and sometimes when you do your job you are the least liked, it is rewarding in some of those same ways. For the diversity of my profession means I never have two days exactly the same, I am constantly learning from the experiences I am faced with, I am stronger from the challenges I face, and the reward from knowing I am fair and consistent in my dealings (my ethics) no matter what others will think because I am at peace with myself gives me joy. It also means having a life outside of work, finding out what brings you happiness. Everyone that knows me understands my passion for diving and magic. Being a professional magician and having the ability to provide wonder and amazement is fun and exciting. Being a diver allows me time to hear nothing but my bubbles for hours at a time. No cell phone, no pager, no computer, no telephone, just my bubbles and nature to bring me to a peaceful state.
Being the best and always striving to exceed and excel takes many qualities and traits. It takes knowledge, drive, determination, ethics, abilities, passion, and a strong inner core to be successful in business as with in life. It is these four "F's" I believe are the building blocks to that strong inner core, which can be the foundation to your success...no matter what you do.
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