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Human Resources

What’s In a Name?

I just came from working out at my gym.  Although I really shouldn’t call it a gym because it’s one of those shiny places with new equipment, wallpaper, carpet and amazing equipment.   Midway through my workout, they announced a special add-on membership deal through the end of the month.  They closed with an invitation to see a Membership Engagement Associate.

Say what?

My first thought was, “Is my gym offering matchmaking services?”

Nope.  A Membership Engagement Associate is a sales person.  Their job is to sell—in an engaging way I’m sure—memberships.

That got me thinking about a discussion I had a while back with a site Leasing Consultant (aka sales person).  We had just hired a corporate leasing consultant and given her the title of “Corporate Leasing Specialist” (aka sales person).  This caused envy amongst the ranks.  In fact the site Leasing Consultant with whom I was having the conversation had just had his business cards reprinted with the title “Leasing Specialist” under his name.  He was pretty stoked about it.  It struck me at the time that this simple title change had a hugely motivating impact.

Fast forward to a few weeks ago:  During participant introductions in a training class I led, a leasing consultant proudly announced her title (it was far grander than Leasing Consultant) and her company name.  Her pride struck a chord.  I had seen similar pride in other employees from that organization in the past.  The company is a good one but in her mind it is bigger than life!  Her employer has done a great job of naming the position, training the staff that fills their sales positions and creating an amazing sense of team.  The result of this has been an ability to close more Leases (sell) at a higher rate than their competitors.

How cool is that?

I don’t think that just the title resulted in all that.  However, using a cool title as a starting point, the company has built an entire culture that values their sales people.  This sense of value and esteem is reflected in all aspects of their work.  They are able to represent themselves as elite professionals to their customers which is reflected in several ways:  1) the sales people have greater confidence in themselves, 2) the customers have greater confidence in the sales people and 3) the customers have greater confidence in the product being sold.  It is a self-fulfilling prophecy that has resulted in a greater ability to close the sale.

So from now on, please refer to me as an Organizational Behavior Modification Advisor.

Cheers!  Jim Baumgartner | Rent Soda

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Building on Your Strengths: Build Success

I have learned to hate reviews.  Not so much the receiving of them (although I have had some surprises in my time—and there really should be no surprises in a good review) but the preparing and reviewing of them.  All too often all of the energy is devoted towards highlighting weaknesses—or in an effort to warm things up a bit: “Areas for Improvement”.  There may be 17 ‘Excellents’ out of 20 categories but the majority of space will be devoted to the three categories that are not excellent.

Why can’t we be more like pro-football?

Why can’t we focus and further develop our strengths?  If you have someone naturally gifted in marketing, why would you ask them to devote their time to budgeting?  If you have an administrative guru, why would you be upset that their closing ratio is below the company average?  (Here I have to confess that the idea for this blog came while listening to my co-instructor, Michael Monroe Kiefer (www.powermindtraining.com), teaching a segment on Personality Styles, a profile assessment tool.  But more on that later.) 

Now I realize that we don’t have NFL-sized budgets; however, does it make sense to hire the right strength for the job, and then find other ‘right’ strengths for the jobs around them?

Often when we talk about someone’s strengths, they may look surprised and think, “Well, everyone does that.”  We tend to minimize the things that we love to do or find easy.  And yet, wouldn’t we be happier if we could spend all of our time doing the things we love?

How do you assess your strengths?

  1. Send an e-mail to your family, friends and coworkers asking what they perceive to be your strengths.  People tend to be more ‘real’ when they cannot see your reaction.  The benefit of asking people from different areas of your life is that they will give you a broader perspective on how you are perceived. When you get their responses you can take this information and cut and paste it into a single action plan. 
  2. Review your review.  Is there anything your supervisors have consistently said?  Do you see a pattern of strengths and weaknesses?  (Have you noticed that it is much easier to see other people’s strengths and weaknesses?)
  3. Take a personality profile assessment.  DiSC is one assessment that is inexpensive and can be done on-line in twenty minutes or so.  As I mentioned earlier, Michael Monroe Kiefer is a huge proponent of focusing on your strengths and offers a profiling analysis geared towards a better understanding of your customers and co-workers and is geared towards understanding how best to communicate with them.  You will discover that we have a lot of subconscious preferences. The results will help you understand your behavior as well as appreciate your coworkers’ differences.
  4. What activities entice you to come back?  Generally our strengths include those things that we are drawn to, get lost in or make you feel good.  (Conversely, your weaknesses are things that leave you feeling small and depleted.)   Think about the days when you come home charged up and excited.  What tasks were you performing that day?  Conversely, think about the days when you have come home wiped out and drained.

Play to your strengths | Compensate for weaknesses

If you find yourself in a situation where your job requires you to devote time to an area of weakness, create a personal development plan to improve these areas.  (How do you determine if something is an area of weakness?  Tasks that you ignore, delay, procrastinate, try to hide or are uncomfortable discussing are areas of weakness.)  Where possible, delegate any areas of weakness (e.g. budgeting, scheduling, ordering or reviewing financial line items) to someone on your team better suited to the task.  Bring your team in on the exercise.  Explain that everyone on the team has strengths and weaknesses and that you want to assign tasks based on what each person does best.  P. Alex Linley and Susan Harrington discuss this concept in an article in The Psychologist

“By exploring each individual’s pattern of strengths, the emphasis becomes one of optimising what people are best at, while recognising and managing those situations that they may not handle naturally well, and addressing these through appropriate job allocation, complementary partnering, or strengths-based team working, rather than trying perennially to ‘address their weaknesses’ and rectify the fact that people may have been put in the wrong job to begin with.” 

By discussing it as a team, you can brainstorm optimal task assignments and create employee buy-in at the same time.

Building a new team?  Even better!  Take this opportunity to hire for your weaknesses.  All too often we hire people like us.  Resist that temptation and hire a team to balance you out.  Their strengths will supercharge your career! 

That doesn’t mean we totally ignore our weaknesses however.  Linley and Harrington add:

Overall, a strengths-based formula for organisational success would be to play to your strengths (through identifying them and finding a role that is congruent with them), develop your competencies (through ensuring that you are at least minimally effective in critical areas of the job), and manage your weaknesses (through job redesign, complementary partnering, or strengths-based team working).

We tend to spend a lot of time and energy dwelling on our weaknesses.  As in most investments (and shouldn’t our development head up the list of our own investments) apply the 80-20 rule.  Spend 80% of your time making use of your key strengths and 20% of your time developing your weaknesses.

So stop spending so much energy on your weaknesses.  Play to your strengths and focus on what you love.  Life will be much better!

Cheers!  Jim Baumgartner | Rent Soda

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Motivating Your Employees in a Stressful Economy: Seven Tips to Building Team

It is ironic that a lot of positive things have come out of the downturn in the economy.  We have focused more on cutting costs, built stronger relationships through social media, increased customer service initiatives and strengthened our skills.  However, one of the negative outcomes has been a tendency to take staff for granted.  There has been a trend towards seeing employees as a commodity that can be cut—in quantity as well as compensation.

Cutting employee costs is an understandable reaction to an economic downturn.  However, will this serve us best in the long run?  This trend creates two areas of concern:

  1. Disgruntled employees feel abused and unappreciated.  They pass this attitude on to our customers.  In a competitive climate, is this the front-line environment we want to create?
  2. Demographic trends indicate that we will be facing a shortage of talented experts in the future.  As the employment market starts to loosen up, our top talent may be easily wooed away to other jobs promising greater appreciation and rewards—both monetary and emotional.

How do we keep our team motivated and happy to be working with us?  We do not have extra cash budgeted—but it’s not always about the pay.  In fact, most of the time that is not the most motivating factor in retaining excellent employees and motivating them to excellence.

A few tips to help you motivate your team:

  1. “Please” and “thank you”.  Take time to remember the manners your mama taught you!  Being thoughtful, courteous and polite goes a long way.
  2. Set aside time to listen to your team members:
    1. Concerns – what is working; what is not?  Your front-line team has insights you could only dream about.  This is a great opportunity to gather expert advice.
    2. Ideas – Whenever you are feeling stuck, sit down with your team.  You will be amazed at the ideas they will give you.
    3. Give clear direction and expectations—as an employee, one of the most frustrating experiences is not receiving clear work direction.  Have you outlined the company’s goals and each team member’s contribution to that effort?  I once had a supervisor who gave conflicting work expectations.  Continually changing directions made my efforts feel futile and hampered progress.  I felt like a puppy unsure of whether to come or go.  I ended up going.
    4. Firm but fair—favoritism will kill a positive environment.  Employees find great comfort in knowing exactly how you will react and that your response will be consistent.
    5. Share the good jobs – don’t just delegate the ‘icky’ stuff.
    6. Bring your team in on decisions.
      1. Brainstorming and ideation—holding a brainstorming meeting allows for a free flow of ideas.  You will be amazed at some of the revolutionary concepts that emerge.  This also makes each team member feel like they are part of the creation process.
      2. Meetings—openly discuss concerns and issues in meetings. Invite feedback and team member contribution.  Take the time to listen and consider input.
      3. Creates ownership—When you have involved team members in the process from ideation to decision, they feel as though they have a stake in the successful outcome of that decision.
      4. Publicly praise—did one of your team members do something very, very right?  Praise in front of peers and the big boss.  This praise will go a long way. When we were inexperienced supervisors we thought we had to find and own all the kudos we could!  However, in reality a superstar team reflects a superstar boss. 

Celebrate your staff!  Taking the time to tune in to them will pay dividends:  increased sales, improved retention and a positive working environment.  And you might even find that going to work is more fun!

Cheers!  Jim Baumgartner | Rent Soda

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TOP 5 RENT SODA Blogs – Thanks for Reading!

The great thing about good content, it continues to be GOOD CONTENT. We are always striving for good blogs for our loyal readers!

As the small type on the picture states:

You can never learn less, you can only learn more. – Fuller R. Buckminster

In case you missed out on some of the best, here’s a recap of what the past 6 months had to offer in the way of RENT SODA blogs:

TOP 5 RENT SODA blog posts:

5.) How To Be Successful In the Apartment Industry: Participate, Participate, Participate!

4.) What Kind of Job are YOU Looking For? Anything Less Than the Best is a Felony!

3.) Apartment Jobs: From Resume to Job Offer: How to get the CALL! – not surprising that this blog post received so much traffic, given the current job market.

2.) Apartment Marketing: Print Advertising for Dummies – this blog won the BLOG OF THE MONTH on MultiFamily Insider’s! The post was picked up and published in the March edition of the Houston Apartment Association’s Abode print magazine.

And the #1 MOST read RENT SODA blog is:

1.) TOP 10 TIPS to Get the Most out of your Craigslist Apartment Ads – We received over 2500 hits on this article in less than 3 weeks, over 400+ hits on the first day alone.

Thank you for reading, and please check back often! Recommend our blog to your friends and co-workers, association, peers, etc. We are ALWAYS working on more great content for you!

Don’t GET IT? RENT SODA! GET IT!

-Daisy Nguyen in Minneapolis, Minnesota MN

CEO/President

RENTSODA-small

Offering Apartment Marketing, Apartment Business & Operations Consulting & Apartment Industry Training

Web: RentSoda.com Email: Daisy {at} RentSoda(.)com

Become a fan of RENTSODA on facebook.  Connect with RENTSODA on LinkedIn!

Follow RENTSODA on Twitter!

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Leasing Agent Compensation?…First a word about VACANCY!

As a consultant to the apartment industry, I am asked a LOT, “What’s fair leasing agent compensation? Is their a leasing commission structure you would recommend?”

There is no easy or short answer to this question, so let’s take a round about way of discuss it, and then my next article will zoom RIGHT into what I recommend.

I find it a little backwards when people want to know what OTHER properties or OTHER management companies are doing when it comes to leasing agent compensation. I never say it out loud, but I’m always thinking, “What’s it worth to YOU?” (as owner/manager) AND, “What’s it worth to THEM?” (your leasing agent/leasing specialist)  What do I mean by that?

FIRST, let’s first talk about the REAL problem – VACANCY.

I don’t have a vacancy problem!

Well, then, you shouldn’t worry about leasing agent compensation then!

OK, OK. Let’s talk about vacancy…

TO make it easy, let’s say we’re talking about ABC Apartments. They have 100 units. Their average rents are $1000.00/unit.

Prior to the rental market taking a downward turn, ABC Apartments has been running along great, apartments never took very long to lease, and they had been at 97% occupancy for many years.

Fast forward to today, they are at 88% physical occupancy, which means they are at 12% vacancy. All of the sudden, they are struggling with just staying ahead of the renewals and turnover. Increasing the occupancy in the midst of the resident turnover looks very daunting.

Let’s do the math.

At 97% occupancy, the vacancy loss is:

(Average Rents) x (# of Vacant Units)

$1000.00 x 3 vacant units = $3000.00 of vacancy loss monthly. This is what they are used to operating at. Annually (x12), this amounts to $36,000.00 of annual vacancy loss.

TODAY, at 88% occupancy, the vacancy loss is:

$1000.00 x 12 vacant units = $12,000.00 of vacancy loss monthly. Annually (x12), this amounts to $144,000.00.

The different in vacancy loss monthly is $9000.00! ($12,000 – $3000) And annually, the difference is $108,000.00! ($144,000 – $36,000)

How much does the $108,000.00 mean to the site? The Owner/Investors? The manager? Now that we have things in perspective, it brings up a WHOLE bunch of other questions, like:

  1. Do you have the right staff in place? If your maintenance guy is doing showings – you may have a problem.
  2. Do you have a plan in place for resident retention? If you have vacancy problems, you HAVE to have a plan in place to close the back door to your vacancy problem.
  3. Is your staff properly trained? Not just in customer service, but in closing on leases?
  4. Is your staff properly motivated and positioned to succeed? (This question leads into the real TOPIC: What’s a fair Leasing Agent compensation package?

Do you have other questions? Other considerations? Leave me a comment in the COMMENTS section!

My next blog article, will discuss different leasing compensation programs, and how to pick what works best for you, your site, and your staff.

Don’t GET IT? RENT SODA! GET IT!

-Daisy Nguyen in Minneapolis, Minnesota MN

CEO/President

RENTSODA-small

Business, Operations & Marketing Consulting to the Apartment Industry

Web: RentSoda.com Email: Daisy {at} RentSoda(.)com

Become a fan of RENTSODA on facebook.  Connect with RENTSODA on LinkedIn!

Follow RENTSODA on Twitter!

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