Work Smarter, Not Harder

As the industry endures staffing challenges, search for efficiencies that can even become amenities.

By GEOFF GREEN, Cornerstone Income Properties

In an industry where change is constant, has there even been a more transformative time in the multifamily housing industry than what we’ve faced since the outbreak of COVID-19? As we’ve become accustomed to the “new normal” over almost the last two years, some common themes have developed. For example, health, sanitation and social distancing protocols are now a way of life. Also, in our industry, the pandemic has caused us to ask more of our employees than ever before. Onsite teams ¬are having to work harder than ever before to ensure that things run smoothly for residents and for property owners.

There are many reasons for that, but one of them is that so many tasks that we are used to accomplishing quickly and easily can now take much longer to complete. Critical parts and supplies are frequently on back order. Sometimes we have to seek other ways to find what we used to be able to simply order and have available the next day. Rent collection has sometimes become a time-consuming adventure that most of us could write a small novel about. Supplier partners and contractors are often at the mercy of the supply chain issues that cause our projects to have to be pushed back. These are just a few of the many examples of roadblocks we have commonly run into during the pandemic.

As we navigate this transformational period, one thing is constant: our teams only have a certain number of hours in the day. With all of these increased demands on our time, it can often feel like we slowly sinking in quicksand. The thing about quicksand is that the more we struggle with it, the faster we sink. It takes a lot to keep an apartment community running like a well-oiled machine. Even the best among us have their limitations and, eventually, we all hit a wall. This means that at some point, we all have to face one fundamental fact: sometimes working harder isn’t the solution.

Sometimes the only way out of a problem is to work smarter.

In today’s environment, what exactly does this mean? The answer will be different for every community. Each apartment community has its own unique needs and challenges, but there are certainly some helpful tactics we can all consider adopting to help make our lives easier moving forward.

Understand Your Bottlenecks

No matter how busy we get, in a fast-changing industry, it is very important to regularly take stock of exactly what our bottlenecks are – in other words, the issues we face that consume more of our time than they should.

We all want to spend our time where we are most effective and where we impact our communities the most, but just about every apartment community is going to have one thing or another that is simply a thorn in everyone’s side. Have a strategy session with your team to discuss some of the tasks you wish you didn’t have to sink so much of your time into. Sitting down with your team regularly to identify areas where your teams spend a great deal of their time on tasks that offer little results can help us begin to choose ways to be more efficient. It’s also a fun team building activity and a chance to learn more about the strengths and weaknesses of your staff.

Consider Working with Specialists

Remember that the bottlenecks you identify in your strategy sessions are essentially problems that are taking more of your time than they should and, therefore, they are problems that you may not be able to solve efficiently or effectively. Luckily, there are many, many supplier partners in our industry that specialize in solving problems we struggle with, and there are more are springing up all the time. Consider building a team of supplier partners around you to help you address bottlenecks that you don’t have time to manage.

Some examples of bottlenecks might seem routine. Consider the administration of your residents’ renters insurance plans. We all know people who have pinched pennies during the pandemic. Maybe your community is dealing with a lot of cancellation notices as people shop for the best deals and the administrative burden is taking your time away from more productive tasks. In that case, consider vendors who manage that process for you or perhaps even consider switching to a company offering a master insurance policy that is easier for you to work with.

Another example could be that as more people are working from home, your maintenance team is spending more time picking up after pets. There are companies out there that offer a variety of solutions to help you manage issues like this, too.

Other bottlenecks can be more serious. Perhaps you’ve got residents who are still struggling financially and ask you for payment plans for their rent every month. As much as you want to help people remain in their homes, you know that it’s so time consuming to keep up with payment arrangements. In that case, consider partnering with a company that manages resident payment plans for you. Creating flexibility in how people pay you can be a real amenity for your residents.

Maybe your community is still experiencing delinquency problems and you’re spending tons and tons of time trying to collect rent. In that case, there are services you can consider partnering with that report resident payment history to one or more major credit bureaus. Programs like this are both an incentive and an amenity for residents who pay timely because it can significantly boost credit scores.

You may surprise yourself if you investigate the available solutions for the bottlenecks you’ve identified. Some of the services out there are available at no cost or minimal cost to the property owner. With some creative thinking, you can surround yourself with a team of supplier partners that can help you focus on the tasks that impact your community most. And, as you develop your team, you can even wind up building an ecosystem of resident amenities that create value for your community while making your life easier.

Network With Supplier Partners

Our nation’s supply chain woes have been making headlines for months now. It’s a real problem, and no one can be quite sure when it’s going to get any better. Taking some time to network can make all the difference. Having relationships with multiple companies and being on a first name basis with your account representatives can go a long way to help you make sure you have what you need to keep your business running smoothly. A phone call to introduce yourself or to check in on someone you may not have seen in person for a while might only take you a few minutes, but it may very well save you hours of chasing down that crucial part you need.

As our industry continues to transform, try to keep your time limitations in mind. The examples presented here are just a few of the ways that we can choose to work smarter, not harder. Your community is unique and will have its own challenges to overcome. With good planning, you can make sure you’re positioning your team to stay focused on the things that most help you to be successful without overworking anyone or causing staff to burn themselves out.

Geoff Green is the broker/owner of Cornerstone Income Properties, a boutique firm specializing in distressed assets. To learn more about Cornerstone Income Properties, visit them online at https://cornerstoneincomeproperties.com.