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

Multifamily Blogs

This is some blog description about this site

Structural Integrity; The Apartment Developer's Dilemma

Many of the topics that we discuss in this blog are related to three basic themes;


1.       The Industry is broken and in need of a major overhaul.

2.       As our product becomes increasingly complex, the skill set of the developer has diminished.

3.       It is within our power to reclaim the glory of our profession.


For those of us dedicated to the betterment of the profession, one of the major challenges that we face is that our firm’s lack integrity. Now by that I don’t mean that they are liars. Nor do I mean that they are out polluting our rivers and streams, etc. I use ‘integrity’ in a broader and more exact sense. Integrity is achieved when each of our members is working in concert with the whole. In other words, when our highest ideas and values can be witnessed in even the simplest of our work and projects, there is integrity.


Let’s begin with the following principles; Each of us is made up of three primary components; the physical, the intellectual and the spiritual. We, as individuals, operate more happily and effectively when those three aspects act in unison. Put another way, when our actions operate in concert with our values, we achieve harmony. There are also three primary aspects of our lives; work effort, personal effort and sleep. If we live in accordance with our values in only two of the three, then our quality of life and greatness of achievement will be lessened.


So how can I say that our firms have lost integrity?


The answer is simple; when you read your firm’s Mission Statement (this is the place where we exclaim to the world, exactly what it is, that we as an organization believe);


1.       Does it reflect the complexity of our goals and responsibilities as developers?

2.       Does your firm act in accordance with those values in everything that it does?


If the answer to those two questions is ‘yes,’ then you are extremely lucky. If on the other hand, your Mission Statement says something along the lines of ‘maximizing shareholder value,’ then you more than likely work at one of the other 95% of the firms out there, which are in need of a major overhaul. Now of course profitability and fiscal responsibility are key ingredients in a firm’s perpetuation, but they are neither comprehensive, nor inspirational. There is no call to greatness in maximizing shareholder value.


Because our work affects so many aspects of society, we cannot be just one thing- as the maximization of shareholder value would suggest. Our projects inform how millions of people work, play, drive, worship, etc. and therefore our responsibilities are greater than simply sending the most money to insurance company executives in Connecticut. Our Mission Statements must be equally complex.


Now as individuals working at firm’s there is another level of complexity in the search for integrity. Are your values compatible with those of the firm in which you work? It all has to gel together for there to be harmony. Otherwise it is just a paycheck.


So why do I keep harping on these tangentially related topics? I do so because we are at a unique fork in the road with the profession real estate development. We can use these catastrophic times to wait and complain and eventually resume our previous path, or we reflect upon our failings and resolve to change them. I vote for the latter.

So how would you change our industry?

Rate this blog entry:

Comment Below

  1. Posting comment as a guest. Sign up or login to your account.
Attachments (0 / 3)
Share Your Location
Managing an apartment community is rarely straightforward, but your job can get a lot more complicated during the holiday season with changing weather, increased deliveries, and overnight guests. This blog will cover a list of the top five winter property management tips to help you make sure your staff and residents have the best experience possible this holiday season. And don't forget to download the free resident holiday email template!    1. Send a holiday newsletter to residents ...
What is multifamily PPC (pay per click)? How does it work? What is a conversion? Multifamily PPC is a very complex and often misunderstood component of a successful apartment marketing strategy. But let’s skip past all the humdrum, and answer the questions you really want to ask, but rarely do.   I’ve heard it’s cheap. Is that true? The nature of multifamily PPC is that you can spend as much as you want. So if you’re looking to go low-budget, that’s technically possible. The real question i...
How many Netflix movies or shows have you binged that would have never been on your radar if it weren’t for the personalized recommendations that show up every time you log in? Or, what about Amazon and the recommendations they serve you every time you visit their website based on a previous order? The point is, that other verticals can help influence the multifamily industry and how we market, lease, and engage with prospective and current residents. So, what sparked this idea? In case you miss...