MHN Executive Council: What Multifamily Pros Wish They Knew at the Start of Their Careers
If you could go back and advise your younger self, what would you say?
No one starts their career in multifamily knowing everything—you learn as you go! But if you could go back and advise your younger self, what would you say? This month, the MHN Executive Council shares what they wish they had known when they were starting in real estate.
Manage Risk
A critically important lesson is that managing downside risk is key to successful real estate investment and lending over multiple cycles. When you are just starting out, it’s easy to assume every project will go well, and therefore picking the highest upside return appears to be the best strategy when comparing real estate investments. Over time though, many investors learn that the highest pro forma yield doesn’t always result in the best actual yield. More simple strategies and projects provide better downside protection, and therefore better overall portfolio returns, when measured across multiple market types over a long-term view.
Timing is also an important factor to any deal, and you can’t always predict markets or unforeseen events (pandemics, natural disasters, geopolitical events, etc.). However, you can focus on projects with good upside potential and minimal downside risks, versus looking for home run type deals that could also be a total loss. In this process, things like replacement cost, relative liquidity of the asset, and location always matter, especially in different market cycles.
Another important lesson is that exercising clear and simple thinking and strategy is essential in real estate investing and lending. When markets are booming, the most creative and complex projects can produce great results. But when markets are more difficult, basic and necessary items are valued more (livable square feet, replacement cost, parking, monthly fees, etc.). The right balance is important for successful long-term investing. —Justin Land, CEO, Merchants Mortgage
Discover Fun
I started working in this industry 40 years ago and if I knew then what I know now it would have taken all the fun out of it. One of my favorite aspects of creating high-impact interiors for real estate developers is knowing that no two projects are the same and one size doesn’t fit all.
To design spaces where people feel comfortable and inspired, the work begins fresh each time with peeling back the unique generational, cultural, and geographic influences. When we discover the unique intersection of these dynamics, we can create perfect interiors backed by a crystal-clear understanding of the who, what, where and why. The discovery is as fun as creating and seeing the results, and makes it especially rewarding. —Mary Cook, President, Mary Cook Associates
Build Relationships
Over time, I realized that long-term relationships with multifamily owners are where the real value is. Most owners are more than willing to share their insights on the Chicago market—and those conversations have been some of the best learning experiences in my career. Their real-world experience has become a valuable resource, not just for me, but for the clients I represent. It’s helped me better understand how assets perform post-close, where value can be created and how to spot opportunities others miss. —Craig Martin, Managing Partner, Interra Realty
Balance Skills
Chatting about this question with associates here at The REMM Group, we realized one of the biggest things we wish we had known when starting out in real estate is just how much the industry balances technical expertise with people skills.
When you’re beginning, it’s easy to focus only on the nuts and bolts—financials, leasing, or maintenance. But what truly drives long-term success is mastering how you communicate, serve residents and lead teams.
Looking back, here are the lessons we’d share with newcomers:
- Start with a growth mindset. Entry-level leasing and assistant manager roles provide the foundation for future leadership.
- Never stop learning. Certifications and continuing education (IREM, CAA, NAA) help you stay ahead, but so does embracing new technology.
- Customer service comes first. Every positive resident interaction builds community and creates long-term value.
- Choose the right company. Employers that invest in mentorship, training, and internal promotion accelerate your growth.
- Integrity is everything. Professionalism and ethics earn trust from residents, clients, and colleagues.
If we had known earlier how essential these values are, we would have leaned into them even sooner. Multifamily is not just a career—it’s a chance to create thriving communities and grow alongside them. —Susan McPeak, Corporate Ambassador, The REMM Group
Focus on the People
When I first stepped into property management, I thought it was going to be mostly about apartments—the bricks, the paint colors, the leases. What I didn’t realize was that it’s never dull and it’s never just about the buildings. It’s about wearing more hats than you ever thought possible—and somehow learning to balance them all.
I wish I knew that property management would make me a marketer one day, designing campaigns to attract residents, and a financial analyst the next, pouring over budgets and variances that could make or break the community. I wish I knew how much of this career is really about people, people, people. Residents who bring their stories, their challenges, and their expectations. Team members who look to you for leadership, motivation, and guidance. Owners who want results. Every decision we make has a ripple effect on someone’s life. I wish I knew how much planning and organization matter. Property management is like playing chess while juggling—every move has to be three steps ahead, but you can’t drop the ball on today’s emergencies either.
And most of all, I wish I knew how personally rewarding it can be. You’re not just managing apartments—you’re creating homes, building communities and influencing careers. The impact goes far beyond the four walls of any unit.
If I could go back, I’d tell my younger self: Lean in. Be curious. Never stop learning. And know that the variety, the challenges, and the people will make this career one of the most dynamic and meaningful journeys you could ever choose. —Maria Pietroforte, President, Maria Pietroforte Consulting
Interested in joining the MHN Executive Council and sharing your insights? Email Jessica Fiur.
