MHN Executive Council: Multifamily Misconceptions (Part 2)
The "greedy landlord" and other false impressions.
Turns out there’s a lot outsiders get wrong about the multifamily industry! This month our excerpts clear the air. (And read part 1 here.)
Taking the Time
I think one misconception is the amount of time it really takes to establish yourself. Multifamily brokerage is the kind of business where you have the ability to interact with both buyers and sellers. When you first start out you might get lucky and call a seller at the right time that’s ready to sell or find a buyer that’s looking for a specific deal that your firm has listed, and they end up transacting. Some people outside of the multifamily world think it’s that easy, instead of seeing the steps it takes us to build our network and consistently call on owners that hopefully lead to proposals and eventually listings. While timing is definitely a factor in our business, successful deals are far more likely when supported by a structured business plan. —Harrison Pinkus, Managing Director, Interra Realty
Performance Driven
One of the biggest misconceptions about working in multifamily is that it’s simply rent collection and maintenance. The truth goes way beyond this.
Multifamily is a performance-driven business. At The REMM Group, we’re managing high-value assets where operational decisions directly affect NOI, long-term value, and investor confidence. Leasing strategy, expense control, capital planning, compliance and team performance all compound over time.
At the same time, we’re operating someone’s home. That requires empathy, responsiveness, and clear communication—often under pressure.
Multifamily isn’t passive. It’s disciplined, fast-moving, and operationally demanding. And culture isn’t a soft concept—it’s a performance driver. —Susan McPeak, Corporate Ambassador, The REMM Group
Looking Out for Retirement
‘The Greedy Landlord’—We hear it so much it’s basically a stereotype. People assume landlords are just squeezing residents for every dollar. And I can understand how it can seem that way, but here’s a reality most outsiders don’t understand.
I know a large multifamily developer whose brother calls him every week. His brother is a firefighter. And every week his brother asks the same question, “Hey, how’s my retirement looking?” What folks don’t realize is that much of multifamily investments are backed by pension funds, REITs and retirement accounts. The financial futures of firefighters, teachers, nurses and more, are dependent on these portfolios performing well. This isn’t just some Wolf of Wall Street money; this is a brother’s 401K.
Then there’s the other people to consider, the residents. The vast majority of developers genuinely care about the people that live, work and play in their properties. Operators are constantly balancing keeping rents low, maintaining safe and welcoming communities, investing in services and upgrades, all while materials and labor costs keep rising. The squeeze is real, and it hits operators just as hard as it hits residents. That’s honestly why technology matters so much in this space. It’s not just “tech for tech’s sake”, but because when times are lean and margins are tight, better tools mean better outcomes for everyone.
So, behind every ‘greedy landlord’ is usually just someone trying to take care of a lot of people at once: the resident, the investor and the firefighter. Greed was never the reason; the people always were. —Sandy Jack, Vice President of Strategic Relations, Multifamily at Vingcard/Nomadix
Hospitality Inspired
With the uptick in professionals in the hospitality sector migrating over to multifamily the idea of ‘hospitality driven’ design has become more commonplace. There’s a lot of merit to incorporating hospitality luxuries and amenities into residential spaces. However, living in a space is vastly different than staying in a space temporarily—and one that’s supported by comprehensive staffing to support those refinements.
Bartenders, baristas, servers, room service and concierge are just a few of the positions staffed at a hotel that aren’t on-site in the same way in a multifamily property. Simply cutting and pasting a hospitality approach just won’t work. ‘Hospitality inspired’ on the other hand, incorporates the temporal experience into a living environment that also supports the property’s unique brand and aesthetic. —Josh Kassing, SVP, Mary Cook Associates
Upward Mobility
One common misconception about working in multifamily is that the industry provides a quicker path from entry level to upper management. We see this misconception the most often from newcomers to the industry. What they don’t realize is that the multifamily industry over the last decade has been burdened with numerous legal mandates for local, state and federal issues, presenting owners and managers with the responsibility of more training and more licensing, which can impact career advancement. The path to upper management is based primarily on good customer service and leadership skills, but it also requires knowledge of technology and the latest tools used in property management. Since this is an intense and fast-moving field, it is difficult to outline a specific timeline for entry level staff to be promoted. As a result, almost all our turnover occurs in this position, because some team members assume the advancement path is faster and easier. Property managers can become frustrated with the hours and the requirement to work on weekends. However, those who stick with our industry as a career path generally are identified at around two years into the entry role as doing a strong, reliable job, then they become a candidate for upward movement. —Diana Pittro, Executive Vice President, RMK Management
Interested in joining the MHN Executive Council and sharing your insights? Email Jessica Fiur.
