by: Shad Bookout
Power. Power comes from control, and control is not always easy to obtain. A championship cyclist has no issues with simply riding a bike. But to power to the front of the race, they must take control. Their success comes from using their strength, mixed with the tools that surround them — namely their bicycles. Though the use of gears, they are able to climb seemingly insurmountable hills and speed through nearly endless valleys at breathtaking speed. Proper use of gears can help you go from fast to slow, from weakness to strength, and from lost within the pack to becoming a champion. So, in the multifamily world, what gear are you using?
The power to stand out in your community is available to you. It does not matter if you are a new or established apartment brand. To achieve the power you seek, you first need to examine the tools around you. Are you offering the same things everyone else is? Are your residents (both past and future) demanding more from your community? What makes you different than everyone else? The easiest gear to use is the one that is already there. Find out what you are good at and be better than everyone else. Own it and be the best. Use this as the first gear in achieving market success.
As you continue to race forward, the time comes to change gears and power up the hill. That becomes much easier when you surround yourself with a great team. Even beyond the group you have working within your office, the partnerships you create in the marketplace are vital. Using their knowledge and resources creates a force multiplier to help propel your brand forward. They can help you bring in new unique selling points and help you differentiate yourself from your competitors. They can help you solve problems that seem relentless, and they can offer you new perspective on your place in the market. When you bring your partners forward rather than leaving them as just another budget line-item, you begin to develop a team to help achieve the next gear.
But the biggest gear is the one that is the least utilized in the multifamily industry: our residents. It is the people who live amongst us, as well as those who have left us, that have the greatest power to help us succeed. What resources do those who call your community home are available to help carry you to the finish line? Among your residents, who are the leaders in their businesses and communities? Who are the entrepreneurs who are at the cutting edge of the world surrounding you? Who are the influencers that you can ask to become brand ambassadors to add greater value to your community? People want to be able to brag to peers about where they live. This is the power that can take an apartment community from good to great.
What are the gears your multifamily brand is using to win the race? Let us know in the comments.