Enter your email address for weekly access to top multifamily blogs!

Coach Jim's Winning Game Plan

Learn from long-time industry vet, Jim Kjolhede, on the best practices to ensure your teams' winning record.

OpTech 2017 – Here’s What I’m Looking Forward To

      While some may have trepidation about heading to Mandalay Bay this week for OpTech 2017 (I do share some of that hesitation), I am excited to jump on AA Wednesday morning and put my 2.7mm miles to work.Even though the world is a tough and wild place right now, it is important for me to reconnect with some of favorite people in the world and discuss my favorite thing, this crazy multifamily industry we are all part of.   This year’s event already looks to be one for the record books with cutting edge content on just where the future of the apartment industry is heading. Industry executives will tackle everything from the Internet of Things and Smart Homes to true-to-life stories about the impact of Hurricane Harvey and Maria and even more new marketing practices. And for this multifamily loving guy, I simple can’t wait!   Here are the top four sessions you can be sure I won’t miss!    Wednesday, October 25th 2:30-3:45pm Corporate SocialResponsibility Town Hall   Moderated by Dennis Smillie, president, Multifamily Solutions, Esther Bonardi, Vice President of Marketing for Yardi; Mark Delisi, Sr. Director of Corporate Responsibility for AvalonBay Communities and Jennifer Piccotti, Chief Operating Officer for Managinc will get into the nitty gritty of what it means to actually walk the CSR talk. A lot of companies claim to be socially responsible but I will venture to guess this group of industry execs will really make us think about how we can all d......
Continue reading
1551 Hits

Budget Season: Tips to Make This Challenging Time Less Painful

Budget season is among everyone’s favorite. It’s right up there with tax day, cleaning out the garage and having toenails pulled.  Much thought goes into creating a budget – not to mention a lot of back-and-forth from everyone who is a part of the process – but the information is often obsolete the moment it’s finalized. The spreadsheet might look tidy, an accurate spending forecast for the year to come, but things change quickly. Budget-breakers, such as unforeseen repairs, unexpected increases in vendor costs or the need to upgrade to a more sophisticated software platform can throw the original budget into disarray. Seeing that the process of constructing and modifying a budget can be painful, here are a few concepts that can help alleviate the process: Be timelier: Many companies want the first draft of the budget to go to the asset management team in September, which doesn’t take into account four more months of revenue when attempting to predict up to 16 months out. Seeing that many are not approved until December or early into the next year, constructing a budget too early can paint an inaccurate picture. Delegate some of the hours elsewhere: This is not advising companies to skimp altogether on constructing a budget. But seeing that the information can become outdated the moment it is printed, perhaps it’s best to shift some of those hours to other tasks. When I was at AIMCO, our COO estimated that 100,000 hours were expended per year on budget preparation on the 385,000 u......
Continue reading
1731 Hits

Employee Incentives: What to do if they don’t work?

This is a tough one. Why don’t all employees just want to work hard and see their property and company succeed? Company success and resident customer service would be through the roof if all employees were engaged and empowered to perform. Unfortunately, as we all know, this simply isn’t the case. There are plenty of employees who do the bare minimum, following what I call the “good enough” mantra.  Those are the employees that we want to work for the competition! It is common practice within our industry – and, really, many industries – to offer work incentives to elicit high performance. From pay incentives and awards to extra time off and other perks, employers are offering various ways to empower their team members to outperform. Most of the time, this is all you need to ensure your teams are producing results and leasing apartments. But what happens when incentives aren’t working? Yes, the typical response is to simply let that person go, and I would argue that most of the time that probably is the best bet. However, I believe there are ways to re-engage some employees to get them back into empowered performance. Before letting a really good employee go, consider the following steps: Re-Assess: Ask yourself, how often to do you truly conduct employee assessment? I am not talking about employee reviews, but actually assessing their skill set and how it relates to their current job functions and responsibilities. Is it possible the underperforming employee is doing so because the job doesn’t m......
Continue reading
1548 Hits