MHN Executive Council: What Multifamily Pros Wish They Knew at the Start of Their Careers, Part 2
Tips for people entering the industry.
Knowing what you know now, what would you tell yourself at the start of your career? The MHN Executive Council shares more lessons they wish they knew–and what they would advise new people entering the industry. (And check out part 1!)
Authentic Relationships
Looking back, I wish I had known a few key truths about this industry. First, relationships will always outweigh transactions—the real power lies in the connections you build with owners, operators, suppliers, and peers. Second, marketing isn’t about selling features, it’s about storytelling—showing what life in a community truly feels like. Third, I’d tell anyone new to get involved with their local apartment association right away; it accelerates your network, credibility, and understanding of the business. Fourth, real estate offers limitless opportunities for growth, from operations to marketing to technology—there’s always a path to stretch yourself and love what you do. And finally, you don’t need to fit a mold. Some of my greatest successes have come from leaning into my authentic self—colorful heels, bold voice and all. —Stephanie Anderson, Senior Director, Grace Hill
Take Advantage of Trades
Like many professionals in property management, I fell into the industry by accident. When I started, I was unaware of national trade associations such as IREM, NAA and BOMA or local groups like REBNY in New York or PMA in metro Washington, D.C. Joining these groups turned my first “job” out of school into a “career” for the past thirty-five years. IREM not only trained me through earning designations like ARM® and CPM®, but more importantly, it introduced me to professional colleagues, many of whom I have now known for decades. Trade associations have opened access to numerous resources that have enabled me to enhance my job performance, creating value for my stakeholders. Taking leadership roles in these organizations burnished my reputation and aided my career. When I started my own commercial real estate firm 15 years ago, the network I had made through these trade associations was invaluable. Get involved. Teach. Mentor. Give back to the industry. You will not regret it. —K David Meit, Principal, Oculus Realty
Opportunity to Grow
When I was just starting out in real estate, I wish I had known that no previous experience is necessary—and that’s a good thing! This industry is one of the few that still truly invests in training and development. You’re taught the skills you need, and there’s real opportunity to grow if you’re willing to learn.
That said, property management can be challenging. I now tell newcomers: “To us, it’s a business. It’s a paycheck. To them, it’s a home.” That perspective is critical. People are deeply passionate about where they live—it’s personal, private, and emotional. Because of that, this industry can feel like a pressure cooker at times. You’re bound to get yelled at, not because you’ve done something wrong, but because emotions run high when someone’s home is involved.
What’s most important to learn early on is patience, candor and poise—especially when communicating with residents, vendors and your team. Property management is definitely one of those industries that, depending on the day, you may love to hate and hate to love. But if you stick with it, it can be incredibly rewarding. —Christine Gustafson, Vice President of Marketing & Public Relations, The Breeden Co.
Personal Touch
I thought that the “people” part of this business was no more than 50 percent of the success since there were product, pricing, etc. as other variables. I’ve come to learn that it’s closer to 90 percent of the success. In a lot of cases our apartments are just a commodity and the difference is in the personal touch part of the prospect’s interaction, not only initially, but throughout their stay with us.
Also, it’s a small world so take care with your interactions as you progress upward. It is amazing how many people’s lives we touch along the way and how years later people will remember how they were treated. After doing this for 35 years in multiple states in the Midwest and southeast I continue to run in to people I’ve worked with in prior years and they always remember how I treated them. —Dan Ford, Director of Asset and Property Management, The Clear Blue Company
Interested in joining the MHN Executive Council and sharing your insights? Email Jessica Fiur.
