Cultivating a Culture of Leasing Excellence

Leasing Performance Excellence: The Keystone of Success

In the competitive world of multifamily leasing, the distinction between a thriving organization and a stagnant one often lies in the performances of their teams. High-performing teams are not assembled by coincidence; they are the product of a strategic commitment to a culture of leasing excellence that inspires, promotes, and rewards excellence.

So, how do we cultivate a culture where excellence isn’t just encouraged but is the norm?

Historically, we endure intense pressure to hire and retain top talent, especially these recent years where the younger talent pool and gig economy affected the way people perceive career choices. We’ve all been there, feeling the crunch to fill positions quickly to ease the burden on our teams and keep the operations at our leasing offices running smoothly. As a response, we tend to follow the impulse to hire a ‘warm body’ — a placeholder to simply fill a vacancy — especially when the alternative is a mountain of unattended responsibilities. However, this approach can undermine not only our aspirations for excellence but also the team’s dynamics and the company’s future.

Leadership Commitment

Leaders must navigate the pressures of hiring and retaining exceptional leasing talent, resisting the urge to hastily fill vacancies which can compromise team dynamics and the pursuit of excellence. Upholding high standards, even amidst staffing challenges, is non-negotiable. This begins with leadership embodying a culture of leasing excellence—clearly defining expectations, equipping teams with resources, and exemplifying excellence in their conduct.

Metrics, Development, and Feedback

Performance excellence in leasing transcends mere metrics; it’s a concrete manifestation of strategic coaching, accountability, and leadership. It’s said that what gets measured gets managed. Establishing well-defined Key Performance Indicators (KPIs) that resonate with the organization’s goals is just the starting point. Effective leasing-driven coaching involves tailored guidance that recognizes individual team member’s strengths and areas for growth, ensuring that each member can contribute optimally to the team’s success.

Leaders play a pivotal role in fostering a culture where accountability is not viewed as punitive but as an essential framework for recognizing achievements and areas needing improvement. On-going performance reviews allow for timely feedback and adjustments. Real-time visibility into the leasing team’s activities is crucial. It ensures that the team not only meets but exceeds performance expectations, aligning individual successes with the company’s broader vision. By utilizing skills training tools and resources, robust data analytics and performance management, leaders gain insights into daily operations, enabling them to make informed decisions that drive the team forward.

The Challenge of Time and Information

Where can they find the time to focus on the leasing team’s performance on a constant basis?

It takes significant time to gather, review, and analyze the information necessary to oversee leasing performance. It’s one thing to have management systems in place; it’s another to actually allocate the time needed to make sense of the data these systems provide to gauge true performance. It’s not uncommon for leaders to feel overwhelmed by the volume of data, struggling to extract actionable insights from it.

Agility, Adaptability, and Support

Time management, availability and effective use of data are critical for leaders to strategize and implement high-level solutions. Supporting a team’s agility and adaptability in a fast-paced industry ensures that excellence remains a constant amidst change.

Conclusion

In conclusion, a steadfast dedication to leasing performance excellence is fundamental for enduring success in multifamily. Leaders must champion this cause, knowing that any compromise on excellence risks the very foundations of their organization’s future.

Geri Bettencourt, MBA | Co-Founder and Executive Vice President