The multi-family housing industry has become the perfect canvas for entrepreneurial vendors to paint on. Once an industry technologically ignored by most program developers, it has now gained the magnetic focus of many.
New programs regarding advanced automated accounting, lead tracking, analytics, automated rent collection, automated leasing tools, social media management, video marketing, on-line learning, automated bill approval/pay systems, revenue management, lease expiration management, automated marketing updating, on-line resident screening, etc. are now readily available in an infinite inventory.
These programs are endlessly presented to the top corporate decision makers and appear as new shiny toys promising to increase revenue, decrease expenses and expedite management efforts. And in fact, most could probably do just that. Unfortunately, many companies are unable to prioritize their needs, understand the demands of implementation and follow through on utilizing the implemented tools effectively. But, they continue to buy and implement new shiny toys, becoming hoarders of under utilized programs.
Much like the popular television reality TV show, "Buried Alive", industry leaders continue to buy. The major difference is that the items purchased are typically stored at the property level. Again, much like the television series, just as the family members dealing with their loved ones obsession for collecting grow frustrated, depressed and overwhelmed - so do our property level employees.
Learning new programs require a time investment. This length of time is often dictated by the technological savvy of the property staff. Additionally, one must typically calculate in both a financial and customer dedication loss due to errors made during the learning curve. Most unfortunately we have to add in a decreased employee productivity factor. Typically, learning the program falls on the shoulders of the community manager, causing them to take their eye off of the business at hand temporarily. Once having mastered the program, they then have to take their eye off of the business at hand yet again, to teach their team members the program. Once everyone has conquered the skill set and are functioning at optimum level (3 - 6 months), the next new shiny toy is announced. And the frustrating game of chasing our implementation tail repeats.
As a trainer, I relate to the extremely justified levels of frustration and hopelessness that the property teams experience. Without receiving additional help, adequate continued training/support or approval for overtime - these individuals are expected to maintain their productivity level while conquering this monumental often self educating implementation task.
At the corporate level, I am even more frustrated. As I interview the initial decision makers, I often find that they are not consistently reviewing the reporting tools, and if they are, they are requesting the property level people to run/scan/email the reports to them. ARE YOU KIDDING ME? Do you have your assistant spoon feed you your damn coffee in the morning? You wanted the technology, learn your log in, remember your password and retrieve your own reports! The community people should not be distracted in their continued frustrated efforts to try to make you and your company successful while in a state of program implementation overload.
So, the questions is Cutting Edge or just Cutting? Is your goal to pave the way for your competitors while cutting your staffs focus on the business at hand? If it is cutting edge, it is not just the program you must invest in. You must invest in substantial training and implementation man power in order to not distract your existing property management team's focus from the important business at hand. And probably the hardest sacrifice, are you as a corporate executive ready to give up a huge chunk of time to be trained and consistently utilize the reporting tools that your investment provides?
My advice, stop the insanity of program hoarding, there will always be more shiny toys to look at tomorrow. Take the time to identify the top two areas calling for improvement within your company. Then start your research on programs that can help to improve those areas. Make a commitment to your employees to implement no more than two programs a year. And above all, do not make the implementation fall on the property based employees! Invest in an implementation/training team.
Always keep your property team focused on the business at hand. Remember, the reports you receive are a reflection of their focus. Often, if the numbers are low, it is because we have distracted our teams focus.
As my mother always said, "The Fish Stinks From The Head Down"!
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