1. Find a job you love. My parents were in the industry and the topic at the dinner table was always apartments. They showed me the importance of figuring out where you (and all employees) fit in an organization. We want our associates to really like what they do. If they’re not happy, they’re encouraged to do something else, even if that means leaving our company.
2. It’s all about honesty and integrity. I was taught to always tell the truth. My father always said you cannot get in trouble by telling the truth because you will not be caught in a lie.
3. Education is essential. Having a mother who was an RN and a father who was a medical doctor (prior to their involvement with the apartment industry), education was always a priority. The most beneficial thing about industry education and designation courses is not the education topic itself but all of the people you meet. You learn through osmosis.
4. Treat residents fairly. You could have a very happy, long-term resident who leaves on a sour note if they move out and do not get their full security deposit back. Instead of burning bridges, give the resident their full deposit, write off a few dollars to “goodwill” and if you’re fortunate, they will reciprocate with future referrals.
5. Get involved in your local association. It can do wonders for your career, especially when you are getting your feet wet in the industry. The networking opportunities are priceless.
6. Hire carefully. I look for honesty first and foremost, followed by a passion to be part of a team. Basic math and people skills also are important. Finally, you want to make sure the person you are interviewing understands the job and the company culture.
7. Be loyal to the suppliers and contractors who have been loyal to you. It’s not worth changing companies just to save a few dollars. There is one pest control company my parents have used since 1975 and they are still with us today.
8. Spend the extra money on the front end. When it comes to maintenance, it’s worth the investment to use high-quality parts with a longer operational life. I have seen some cheap plumbing parts that saved the owner $2, but they had bad fittings that created thousands of dollars of damage to the units down the road.
9. Pay attention to operations. We demand that all bills be paid on time, which enables us to see an accurate picture of current operations. Vendors know we have a good track record for paying bills and seek us out.
10. Some things never change. While social media and online advertising were not part of the picture when my parents were working in the industry, the foundation of a successful multifamily housing company—a good product and great employees—has remained the same.
If you would like to be considered for a future End Points column, please contact Lauren Boston at 703/797-0678.