Presidium’s John Griggs joins MHN’s Denile Doyle to talk about how the smallest neglects have the biggest impact on renewals.
Is a broken window costing you your best residents? For owners and operators, an underperforming property can negatively impact renewals, resident engagement and even on-site teams.
My guest for this episode of Management Diaries is John Griggs, co-founder & co-CEO of Presidium. We talk about how operators can identify problems early and get properties back on track, without your residents losing faith in you.
Before co-founding Presidium, Griggs was a California attorney with an owner’s mindset. He was practicing law and buying small multifamily properties in Arizona on the side. From there, he and his partner moved to larger investments in Texas, then to raising the capital for Presidium.
Griggs believes in a hands-on approach to operations, stressing how even the small issues, like a broken window or a candy wrapper on the ground, can signal neglect. As he puts it, “It’s just this atmosphere of: ‘We’re not fixing the little things.’”
He points to early warning signs that need attention, which can be physical signs such as poor upkeep or deeper issues such as decreasing renewal rates and consistent negative feedback. Griggs says it’s critical for leadership and on-site staff to be present and to pay attention to what residents are saying.
Here are a few highlights from this episode:
- Early warning signs and red flags operators should watch out for (3:12)
- Applying the broken-window theory to property maintenance (8:25)
- Focusing your communication before, during and after renovations (13:45)
- The best course of action for leaders to guide a struggling property back on track (21:18)
- What separates multifamily from other industries (25:08)
