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TC AM 008 - Big NYC News + Property Manager Burnout
Pop culture opinions and property managers needing to do it all.
Welcome to the fresh faces in the development and multifamily worlds who found us last week! Join other smart, curious folks by subscribing below.
Good Morning 👋 – Chris here.
Welcome to the Transforming Cities A.M. Edition.
A simple Saturday read in under 5 minutes.
Tuesday's Transforming Cities Live
We're just 3 days away from our next live event! With almost 225 RSVPs so far, I'm excited to chat with Dakota Courville of ITEX.
We'll be swimming into a few areas of his expertise: sub-market growth, affordability (what is "affordability" today?), and how consumer demand impacts multifamily marketing.
Join us for a great conversation and Q&A from you on March 29 at 11AM MST.
Beyond this coming Tuesday, we have a big April coming up! More great guests and insightful conversations.
I ❤️ NY ... Redesigned
Did you catch the news? This week, New York City dropped an update to a decades-long cultural design icon.
The iconic "I ❤️ NY" logo designed by Milton Glaser has received a modern update by a team of designers in honor of New York's reopening after the COVID-19 pandemic. The new design, called "We ❤️ NY," features a heart symbol with a modified appearance to symbolize an "unbreakable bond" between the city and its people.
The team of designers who worked on the update included Emily Oberman, who had previously worked for Glaser, and Abbott Miller. They aimed to preserve the original spirit of Glaser's logo while updating it for modern digital formats.
The update was part of "The New York State Forward Campaign" and intended to encourage tourism and support local businesses. The new design will appear on merchandise such as tote bags, t-shirts, and, you guessed it, face masks.
To me, it's a hard ask to redesign a classic. Plus, not everything can become a modern sans-serif replacement.
What do you think? Yay or nay? And what might this teach us from a marketing standpoint at the corporate and property levels?
Property Manager Burnouts 🔥
I had a call this week about the state of property management for many teams and, more specifically, the depths of expectation bestowed upon the management role. More often than not, they need to:
Have design skills
Be a people person
Know email marketing tactics
Have web development knowledge
Understand every platform's ad nuances
Be able to run into a flooding apartment unit
Manage phone calls, text messages, and close sales
When managing an apartment property, it's crucial to have a diverse set of skills - clearly.
From managing tenant relations to marketing the property to maintaining the physical space, many responsibilities fall under the purview of an apartment property manager.
But, also clearly, expecting a single individual to excel at all of these tasks is unrealistic and can lead to burnout and frustration for both the manager and the tenants. We're seeing it all over the industry.
I often shake my head when we (Authentic, our agency) get replies to our email nurture campaigns from renter prospects wondering why the leasing team has yet to be back in touch.
The renter is so proactive that they are replying to campaigns and inquiring what the next steps are because the contact information given in an email yields a dead end.
On the one hand, it's frustrating for my team, but on the other, I understand why those emails can go unanswered.
A property manager needs to be a people person. They should have strong interpersonal skills and communicate effectively with tenants, contractors, and other stakeholders that crisscross a property (or a group of properties).
What that means is being able to diffuse tense situations, listen actively, and respond to feedback constructively.
But when I hear about property managers jumping in for design needs, building email marketing campaigns, and developing websites, I cringe.
While it's possible for a property manager to have an eye for design, it's unlikely that they will be able to match the expertise of a professional designer. And that's OK. It was never intended to be their job!
After the call this week, it was set in stone for me that these "super-managers" are few and far between.
It's essential to recognize the value of specialization and collaboration by building a team of experts in property management, design, marketing, and sales.
Smaller teams can especially lean into strategic partners without burning out their own teams. And in the end, property owners can ensure that their properties are well-managed and that tenants are satisfied with their living experiences.
Until these lines in the sand are realized and adhered to, we'll continue to see burned-out teams, lackluster tactical brand experiences, and owners left wondering why things can feel like a mess.
What do you think? Have you experienced something like this first-hand or through a previous role?
I'm curious. Please drop me a note!
That's all for this Saturday.
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