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10 Things I’ve Learned as a Multifamily Industry Newcomer

10 Things I’ve Learned as a Multifamily Industry Newcomer

10 Things I’ve Learned as a Multifamily Industry Newcomer

As some of you know, I made the switch from the auto industry to multifamily back in November. Over the past few months, I’ve been soaking up everything there is to know about the industry and my newfound passion keeps growing.

 

I wanted to share a few tidbits I’ve picked up along the way, just in case there are any newcomers out there like me (and in case you need a smile or two):

 

#10 - If you are a vendor, you are owned by either RealPage or Yardi.*

(*Exaggeration...kind of.)  

 

#9 - If you can’t find a property manager, call the property across the street.  

 

# 8 - There is a trade show every day of the year somewhere in the country for the multifamily industry. (Frequent flyer clubs, here you come!)

 

# 7 - Everyone loves a good name drop. Any mention of Michael Kors will generally buy you at least 3 minutes in a conversation. (Note: Does not work well with men.)

 

# 6 - I learned this one early: “Business Development” in multifamily means construction, not the folks who manage partner relationships (like it does in technology companies). Trying to sell them leasing and retention software isn’t the best approach.

 

# 5 - When a property management company rep asks, “Do you integrate with my PMS?,” it has nothing to do with that certain time of the month. (The first time I got this question, I thought she was joking...and promptly explained how it might help with cramps. Not my finest moment.)

 

# 4 - If you exhibit at one of the 365 multifamily trade shows mentioned earlier, your first challenge will be coming up with a worthy booth giveaway. Two words: designer handbag. They'll come running (in heels) from aisles away.

 

# 3 - I’ve heard some of the best stories I can’t repeat from leasing agents.  

 

# 2 - Themed parties ARE actually cool!  

 

# 1 - And the No. 1 thing I’ve learned? Not only is this industry bursting with extremely hardworking individuals getting things done—no job description could do you justice—but the way you accept new folks is heartfelt. So many busy people have spent time with me to help me learn the ropes. For that, I can only say THANK YOU.

 

If you can think of a few more, I would love to hear them.  Leave them in the comments below.  

 
This comment was minimized by the moderator on the site

Another lesson is to NEVER, EVER burn bridges in the industry. Everyone knows everyone -- and at some point -- you might be working with that person again --- or trying to sell them product.

  Leigh Curry
This comment was minimized by the moderator on the site

You are right. I have had a few people tell me that. I'm not one to really burn bridges but its good to put it out there to remind folks how important it is in every industry. That was also true in automotive. These are big industries but word travels fast (especially when its negative).

Thanks for commenting Leigh! I appreciate the contribution. I'll be cheering your business on!

  Ryan Lucia
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It's our pleasure to meet "outsiders" like you too Ryan! You are a kind, enthusiastic individual!

  Lisa Widick
This comment was minimized by the moderator on the site

Thank you Lisa! I appreciate the kind words. That Brainstorming Conference was so important to my growth. That conference built relationships for me that have lasted to this day. It was such a great conference. Hate I won't be able to make it this year.

  Ryan Lucia
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today's leasing agent is tomorrow's RM, is the next day's VP.
Few in an organization can make a "yes" decision- almost all of them can kill a deal with a "no"
A new solution is tomorrow's commodity

  Paul Mitchell
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Paul,

Great point! It is very difficult to scale a company in this industry because so many people from different levels can kill a deal. I wish you well!

Thanks for your comment!

  Ryan Lucia
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Thank's for sharing. Looks like you have learned the most important things early on!
A few more to add:
-The best stories can be told by those who work on Senior Housing communities and you didn't think they could get any better!
-Always treat everyone with respect, you never know when you are talking to the owner sitting on the leasing office couch with his or her dog!

  Patty Crawford
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Patty, lol....I can only imagine what stories come out of a senior community. I am just now calling on senior housing so I'm sure I'll get a few of those stories along the way. Regardless of work or personal I always treat everyone with respect. I believe thats a rule for a successful life. Treat others as you like to be treated.

Thank you for tips! I look forward to getting to know you.

  Ryan Lucia
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Welcome to the industry, sir. Love that AIM picture.

  Bill Szczytko
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Thanks bill!

  Ryan Lucia

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