Change is inevitable and as Stephanie Puryear-Helling puts it, “Sometimes, we don’t get to decide when or how that change occurs.” Having a resilient attitude, especially in multifamily, is everything. Resilience is defined as “the ability to withstand or recover quickly from difficulties.” The benefits to resiliency are endless, especially as it gives you and your business the ability to adapt to change and any curveballs in a much more seamless way.
In personal and professional lives, we’ve seen 5 major trends that are impacting different organizations:
Leaders are experiencing the effects of these trends, from quiet quitting to a fluctuating economy all the way to copious amounts of new technology coming into the market. These influences and their effects are inevitably changing the way leaders manage their business.
Change, for any business, can create disruption. However, it can also be an opportunity for advancement and growth. There are three C’s to consider for resiliency in your property’s operations: culture, connection, and communication.
If your property has an emphasis on a strong organizational culture that places value on adaptability and innovation, your teams will be empowered to not only embrace change but also maintain alignment with the core values and mission of the property, even during turbulent times. Employee engagement can result in 22% more profitability for a business. It encourages proactive involvement, creative problem-solving, and versatility, all of which are extremely beneficial for navigating multifamily challenges.
As changes occur within the industry and in the market as a whole, maintaining connection in the workplace fosters unity and collaboration, enabling property managers, staff, and tenants to work together harmoniously. They can share insights and support one another when confronting property-related changes or issues. Leadership connections, such as mentorship, offer guidance and growth to property managers and staff, equipping them with the skills to manage property assets efficiently and adapt to evolving market conditions.
Communication, particularly open and transparent communication, plays a central role in property management's resilience. Open communication builds trust and reduces uncertainty among staff, crucial for maintaining operational efficiency. Additionally, establishing a feedback loop through active listening allows leaders to address their concerns, gather valuable insights, and make informed adjustments to property management strategies. Clear and consistent communication ensures that everyone involved with the property is aligned regarding property goals, strategies, and expectations, ultimately enhancing the property's resilience in a dynamic landscape.
You, as leaders, are setting the example for your team. If you talk the talk, you have to walk the walk. Setting the example for culture, communication and connection are imperative. But so is investing in your teams to grow professionally in those areas, too. The most valuable contribution you can make as a leader is leading others toward success.
Leadership development is one of the most important, yet overlooked areas of business. These statistics speak volumes:
Natural leaders make up 10% of the population. Despite that reality, everyone is capable of becoming a leader. While certain personality profiles and interpersonal styles might be more naturally suited toward leadership positions, many leadership skills can be learned and practiced.
This is where it comes down to how much you understand and invest in your team. Overall, there are four basic needs for those who follow a leader: trust, compassion, stability, and hope. Having or developing your own skills in these areas gives you the advantage of leading others with ease.
If you’re wondering where to start in advancing these skills and inviting a more resilient culture, ask yourself:
Again, you as a leader have to talk the talk and walk the walk. Part of being a leader is leading by example and embracing these ideas and philosophies as much as possible. If your staff sees your words and actions aligning for the greater good of everyone, they will surely follow suit and collectively grow as people and team members. While this kind of investment seems small or insignificant, it will have a massive impact on your operational success and excellence. Symbiotic and resilient staff results in a thriving business.
Learn more about Stephanie Puryear-Helling, Leadership and Change Management Coach of SPH Services at https://www.leadingpeopleandteamstosuccess.com/
If you’re interested in ResMan as a software provider for your daily operations, book a demo to see the product up close.