Adding value to multifamily assets is a great way to realize your investment goals. In addition to the physical value add, it’s important to add mental value to your teams.
There are many ways to increase the value of your teams. The possibilities are endless if you just take a few moments to reflect on what inspired you. Inspired people perform at higher levels. If I look back at the companies where I’ve worked, I see the differences which made some more successful than others. All you have to do is look at the leaders and compare their style and the culture they created.
As an example, one company embraced what I call the Musketeer’s philosophy. Everything is done “all for one and one for all”. Everyone operated with a team mentality, which means helping others even when we were buried ourselves. The leaders of the company had your best interest at heart 100% of the time. Very rarely did you have to seek out volunteers to help with a project or a problem. More importantly, people pitched in without being asked. Leaders took the time to stay in touch with what was going on at each property and with each staff member. As a result, performance increased dramatically across the board. When a company’s priorities are training, open communication, recognition, and appreciation success knows no limits.
In addition, other activities included annual meetings where everything was done as a group. It was important to the leaders of the company no one felt left out or not included. Another recognition program was praise cards. These mini cards were mailed or hand delivered to team members acknowledging their contribution, regardless of how large or small. There were little white mailboxes on each property manager’s desk. When a small envelope would arrive, the manager would raise the red flag on the mailbox and put the card inside. This would be followed by a quick “rah rah” session and the card recipient would open the card and then place on the office bulletin board.
Likewise, the leaders of the company sent hand written birthday cards to each team member. This may not sound like much, but getting a hand written card in the mail from the leadership will brighten anyone’s day.
How much more are you willing to give if the people above you were there to support you? Leaders have an obligation, in my opinion, to take the time to share their wisdom and knowledge. I can’t think of a better way to show someone how valuable they are to the company.
You can share your years of experience in many ways. For example, weekly staff conference calls. These don’t have to always be about the “bad” that’s going on. Schedule some time during these calls to help resolve problems, listen to their ideas, and use your past experiences to help them forge ahead with resolutions. Likewise, make the time to send “shout outs” to those who had successes since the last call.
Annual company meetings may be taking on a different look as more and more turn to virtual venues. These can be just as engaging as the “live and in person” meetings you’ve had before. If you can’t be there in person, you can certainly “send” the meeting to them! Everything you had planned on giving out you can simply box up (wrapped to make it fun), and at the beginning of the meeting have everyone open their “goodie” box together.
We all can recognize talent, but do you spend quality one on one time with the members of your team? It’s even more important you spend quality time with someone who may be struggling to grasp a concept or process. Keep in mind you struggled at some point and know how frustrating this can be. So make the time to get to know each member of your team. It’s important you understand how each person learns and grasps concepts. Once you figure this out, imparting your knowledge and training your teams will be much easier and less stressful for everyone.
Your time is valuable, think of how much it would mean to your teams if you spent some of it mentoring and encouraging them!
The results? High morale, little to no turnover, reduced expenses, higher performance, and most importantly an increase self worth of each and every team member, including you!
To sum it up, the Musketeer philosophy embodies an all inclusive management style. Bottom line – everyone matters and you need to make the time to let your teams know their contributions are just as valuable as they are.
Need ideas to get you going? Whether it’s team engagement, motivation, or training, reach out and I’ll help you add value to your teams. You can reach me at cmoyers@provisionspmc.com.
