In the fast-paced world of multifamily operations, rental housing industry professionals often find themselves at a crossroads between the pressing demands of transactional results and the deeper, more fulfilling journey of building trust-actional relationships.
“True engagement begins with a genuine understanding and respect for one another as human beings,” says Mike Brewer, former COO of The RADCO Companies. “It's the thoughtful effort to understand me beyond mere professional interactions that truly matters. When this deeper connection is established, my inclination to collaborate naturally follows.”
The roles, traditionally gauged by the immediacy of sales and the tangible outcomes of transactions, are evolving in a landscape where the rules of engagement are being rewritten. A trust-actional approach is strived for in this dynamic environment, recognizing that the true measure of success extends far beyond the confines of immediate sales figures. It lies in the strength of the relationships nurtured, the trust fostered and the long-term partnerships built within the multifamily housing industry. This approach, while challenging in its demand for patience and genuine engagement, promises not just fleeting victories but sustainable growth and mutual prosperity in an industry where relationships are the bedrock of success.
In the realm of multifamily operations, the paradigm has shifted from a conventional focus on transactions to a more profound emphasis on fostering enduring partnerships. Throughout 2023, it was noticed that success transcends the mere act of sales; it hinges on cultivating trust and deploying actionable strategies that extend far beyond the initial transaction, fostering relationships that stand as the cornerstone of sustainability. In this new year, the landscape will continue to change, and several thought leaders shared their viewpoints and important values when it comes to partnerships.
“Although protecting the interest of Buckingham is always priority number one, the interest of a quality vendor is a close second,” says Mark Chaplin, VP of Supply Chain, Buckingham Companies. “Vendors help maintain the health of daily operations, often acting as an extension of the PMC (property management company); therefore, integrity to provide consistent, quality work at a fair price every transaction is a must.”
Whether it is searching for a new supplier or continuing a partnership with a current supplier, multifamily strategies have shifted. The average amount of experience a multifamily veteran has is 15 years, according to a Multifamily Insiders poll. That is a lot of relationships, a lot of networking, a lot of trust and building credibility.
Revyse survey data from June 2023 shows that 46% of operators start their buying journey by reading peer reviews, and 100% of operators say that peer reviews influence their final purchasing decisions.
Daniel Paulino, VP of Marketing with Bozzuto says they no longer start pilot programs without a co-sponsorship that “defines the business problem we are looking to address, the KPIs we need to see to justify the ongoing investment, intended timelines and the methodology for how we will analyze the data at specific milestones throughout the pilot.” It’s important to have every stakeholder on board with the process because changing midway through is very difficult. Following the pilot’s completion, a review period is entered to analyze the results, trends and decide about the next steps.
Deconstructing Trust-actional
Trust involves multiple aspects of reliance, including consistency, commitment, honesty, transparency, dependability and support. Building trust requires time, consistent positive interactions and forgiveness when mistakes occur. Trust is a foundational element in all relationships, leading to stronger connections, deeper relationships and a sense of security in personal and professional settings. Benefits of building trust include repeat business opportunities, positive word-of-mouth referrals, collaborative ventures and long-term partnerships.
“Trust is the foundation of sustained success in selling to the multifamily industry, fostering enduring alliances and mutual growth,” Brewer says.
Actional implies an emphasis on taking action or conducting transactions. In a business or sales context, it refers to an approach that prioritizes action, execution or engagement in various activities related to deals, negotiations or interactions with clients or customers.
Some important relationship philosophies to consider include being transparent to gain insight into what the vendor’s currently offering as well as to let them know what the property manager is searching for with the relationship. Also important are the vendor’s reputation, which encompasses myriad subsections such as service or product quality, customer service and future financial stability; scalability; and the always important factor price.
A willingness to be helpful is also vital. “It signifies a readiness to support and adds significant value to our interaction,” says Brewer. “Focus on meaningful, infrequent interactions—let's make our time together count.”
Jennifer Carter is CEO & Founder of JMC Multifamily Advisor & Consulting.