Revolutionizing Home Experience: Drew & Jonathan's Trust-Building Innovations and Media Strategy

Blueprint 2024 | Drew and Jonathan have developed and expanded their home-focused brand over the last 10 plus years which now has a presence in 150 countries and over 10,000 products generating nearly $1 billion in sales. They are focused on content-driven sales tactics and technologies that enhance the home experience, which has been an underinvested area. This includes opportunities in commercial and multifamily real estate.

Drew , “The home should work for you” It doesn’t matter if you’re buying, selling, renting. These moments are already stressful for owners and renters. Residents should be able to live in a home they enjoy, feel safe and be comfortable. This should be our goal, or mission in multifamily through every interaction with every individual.

When it comes to venture capital experience, the brother’s focus on early stage companies with strong technologies that enhance the home experience. They partner with firms like Groundbreak Ventures and Hopewell to leverage their real estate expertise. They specifically focus on opportunities that are not just flashy and cool, but have a true concrete business plan which can solve a need.

The brothers fully share one of their company policies is a “No Asshole Policy” which they stick too. One can have a very cool product, and be serving a need, but if one doesn’t have a true genuine ability to build a partnership, the opportunity will not come to fruition. Their brand is built on trust and they will never comprise on integrity.

Couldn’t we all lean in and appreciate the core value the brothers live by? Our industry is very large, but small. When we continue to build partnerships with others in the industry we genuinely want to all work with amazing, transparent, trustworthy companies and teams.

Shifting to Marketing and Media

Lessons from Drew and Jonathan media experience include the need for clear messaging, creating engaging content, and staying open-minded to emerging technologies like AI and virtual shopping.

The brothers shared their companies marketing strategy includes and is built on relationships, its about the long term haul. Multifamily can truly understand and agree our industry is closely aligned in terms of a relationships and true partnerships where there is a two way street as well as the long term goal, not serving the need to reach a goal immediately.

Both Drew and Jonathan expressed the importance of maintaining clear business pillars and messaging to avoid confusion among consumers and investors. They highlight the media's role in promoting their message but note that negative events often receive more attention than positive ones. Engaging the audience requires innovative, entertaining content rather than traditional advertisements, adapting to various platforms. Real-time marketing moments are the moments that must be taken advantage of. Remember the Stanley Real-Time moment? The car was on fire, but the Stanley cup survived and went viral.

The two sides to media, specifically social media. Media can help drive the message that a brand wants, which is a positive however the downside of our current culture is people are still really excited about drama. If a service, experience or even product fails, the exposure can get more organic coverage in a perspective that is not positive. The effort should be focused on the roll out prior to releasing.

Consumers want to see and engage with brands that are more than just a “commercial” or an “endorsement” The Brothers share people don't want something long and drawn out. Brands must speak to their audience according to the media channel that fits best. Know your audience and speak their language without shoving a brand message down their throat. Brands must continue to relate their stories to the consumer and emote emotion and humanize the experience. “If you can find content that people want to share, or if you find in a commercial that people want to talk about it, you can't buy that kind of market.” Create these moments where the audience wants to engage; this requires innovation, real time moments and adapting to various platforms.

The Future: Social/Virtual Selling:

AI is a topic that continues to be talked about in every conversation, however no one knows how AI will shake out at this point. We are all continuously learning and watching it develop in from of our own eyes. Virtual selling, real time shopping is where Drew shares his biggest interest. Drew continues to bring the knowledge of other markets like Asia are already dipping their toes into this concept. We have yet to figure out the the intricacies, however when you think about the possibilities, when watching content on TV, how can we shop simultaneously. We currently do this in some capacity, but it is on a separate device where the future is watching content on TV and being able to scan from the TV to purchase directly.

Nobody likes change, change is hard. We must stay open minded, stay passionate, fine good partners, that you can trust and finally make sure there is real business model.

Elevating Multifamily Living: Hospitality Influence

Infusing hotel elegance into multifamily residences for a remarkable resident experience.

Validation which includes being seen, heard and taken care of is important for Gen Z, but in my opinion I think that statement really is what every human wants, not just a specific generation. We live in a world where everyone wants control of their own schedule to their own choices that hopefully make their every day life simpler; from purchases to experiences. Many ways to elevate a customers experience is the ability to give personalization through technology, but what if that is not the only way we elevate the customers experience?

The travel/hotel industry is one of the largest and most influential on earth, so much so they are ahead of the multifamily industry by miles when it comes to trends and the wants of consumers.

Over the last several weeks, I have had the opportunity to dig deep into the Travel industry Trends and read more into the Student Housing Sector which is specific to Gen Z. Although both arenas mentioned prior are important, the biggest take away is, no matter the age or demographic, we all want the same type of experience.

Taking a page out of the Travel World Book on the trends they are seeing: perhaps we as Multifamily can put a new page in our book.

Travel Industry Trend #1

Contactless and mobile check-in: Let guests bypass the front desk and go straight to their rooms with a contactless check in which provides a digital room key on a guest’s smartphone instantly.

Multifamily Angle:

We have all experienced this every time we go to a conference, we can even check in on our app prior to approval, further more select the room and floor you wish to be located on. Have we thought about the opportunity to create an experience for residents? Don’t look at it like, I wont “see” my resident. The resident actually feels “seen” when their experience is how they prefer it. This doesn’t mean every resident wishes to choose this option, but what if the new resident did want this experience, but yet they had to stop into the office and it created a moment of friction? The benefit is residents are able to move in during a stressful time in their life smoothly.

Travel Industry Trend #2

Lobby grab-and-go: These self-service “markets” allow guests to quickly purchase F&B at a self-checkout, which saves on staffing costs and helps hotel outlets compete with supermarkets and quick-service restaurants. If you want to bring this awesome tech to your hotel, look no further than Impulsify.

Multifamily Angle:

Impulsify isn’t the only company, but they are certainly in the multifamily market already. Residents want convenience in every aspect of their life. Offering the opportunity for them to grab food or any other items: paper towels, cleaners etc creates the chance for residents to feel their home is more than just somewhere they are sleeping or living. This creates community and a chance for onsite team members or other residents to connect.

Travel Industry Trend #3

Personalization: Hotels collect a slew of data about guests, but hoteliers rarely use that data to personalize the guest experience. With new customer relationship management tools , hotels can pull data points out of the cloud and into the guest room to create a more tailored experience.

Multifamily Angle:

We are beginning to know more and more about our prospects and residents; really anyone who is searching for a new home. There is technology out there where information about someone is at your finger tips. What if communities purchased a 32 inch tv, set it up, personalized the screen with guest likes for when they moved in. Think about the experience we recieve when we walk into a hotel room. Our name may be on the screen or perhaps it even says your favorite show is available or better yet, what if each home had a In-room tablet messaging screen. Crave is just one example and they show in Hotels the data they have collected over 90% of guests will interact with their tablets, giving you an extremely high engagement communication channel. We have the opportunity to do the same.

Travel Industry Trend #4

Coffee culture enters hospitality: A growing segment of coffee connoisseurs literally will travel for coffee, or at least they expect a higher standard of coffee in the guest room.

Multifamily Angle:

Residents are seeking new experiences, whether through wellness, outdoor activities, or a specific interest like sports or music. Today’s resident isn’t just about the 4 walls they are renting, they are open minded, looking for something new and different. Create a coffee or tea bar inside your community center, have a connoisseur stop by for prospects or residents to join? Create an experience, everyone loves coffee or tea!

Travel Industry Trend #5

Rise of influencers: Popular social media profiles aren’t just racking up the “likes,” but also earning income by posting advertisements as marketing partners for hotels, airlines, and other travel brands. According to the travel industry: one of their personal favorite influencer apps is Cameo. If you haven't tried it, you're missing out, so they say. You can hire celebs like Snoop Dogg to make you personal videos - it's gold.

Multifamily Angle:

Out with craigslist and marketplace; in with influencers. The rise is not just for big businesses, we see it every day as each of us scrolls any form of social media. Once again residents and prospects are looking for validation, we want to know we are making a good choice and what we saw online is true. What is it truly like to live there, residents want to experience the vibe prior to signing the lease, Look into influencers locally that can help spread the word and experience your community has to offer.

Now those may be some new trends we can take advantage of, but when it comes to designing your community, a new lease up or even making small renovations; what are even small changes that can have a large impact?

Personally, my local community is building a new 4 story parking deck in a popular downtown area. They are seeking artists to submit their designs to be painted on the side of the deck. Ever thought of asking the community or perhaps a resident knows someone who would like to create a mural or art around your community? This even becomes a photographic opportunity which turns into a social media opportunity. Think; less big box, cookie cutter and more boutique; customized.

Another small change, is simple and cost effective: greenery. Adding plants throughout the community and in the new residents home will bring a warm welcoming feeling.

Lastly, we have all heard more community spaces is what many are looking for. All types of generations crave community and interaction with others. Create spaces like general work tables, podcast rooms, crafting rooms, art rooms are just a few that bring people together with common interests.

The key to remember is to look outside our industry, take risks, try something new, don’t follow the crowd. Become the leader in the space! Take the opportunity to stand out above and beyond your competition. Residents have choices and every day those choices are placed in front of them whether that is subconsciously or they are directly on the search for their wants and needs. Don’t get left behind, stand in front of the customers and be listening to their desires.

Out with Centralization and In with Frictionless!

I recently expressed my frustration around an experience outside of the industry, (You can check out my LinkedIn Post) and it really got me thinking about the customer experience.

As an industry we should move away from the idea of "centralization" and we should be focused on the term: Frictionless. What does that mean for both onsite and residents as both sides of the business are important.

Let's first break down the term: Customer friction refers to any obstacle hindering customers from completing their journey, such as prolonged wait times, shipping fees, or complex service inquiries. This challenge extends beyond just the service industry and can also affect marketing and sales departments. For instance, if a customer encounters issues downloading an ebook, it can lead to frustration and potential loss to competitors.

According to Gartner, 96% of customers facing significant friction with a company are more likely to lose loyalty, reduce future purchases, and spread negative feedback to deter potential customers. This statistic alone moved me to think about resident renewals and reviews within multifamily. On a positive note, IBM research indicates that satisfied customers sharing their customer experience on social media have a greater impact on brand image than paid advertising. Once again, we as an industry do know that customers that do share their experience can have a domino affect for future prospects.

Satisfied customers not only share their experiences and offer recommendations but are also willing to pay more for excellent service. Companies that deliver seamless customer service can command a price premium of up to 16% on their products and services. Furthermore, 43% of consumers are willing to pay extra for convenience, while 42% are prepared to pay for a warm, welcoming experience.

Friction in customer interactions can lead to dissatisfaction and reduced loyalty. Positive customer service experiences, meeting high expectations, can lead to satisfied customers sharing their experiences positively. Satisfied customers are willing to pay more for excellent service, with companies able to charge a premium of up to 16%. Additionally, customers value convenience and a welcoming experience, being willing to pay extra for these aspects.

Taking this concept back into our industry, Lindsey Martinez from Tourus shared some wonderful feedback, What stands out to her from her own experience "I want to get the information I need and then make my decision on my own based on what you provide me." 100%! We polled teams about why they use a chatbot and 48% said it was to save time answering questions - not scheduling appointments or reducing costs. Answering questions! If we flip it on its head, what % of renters go to the property website to just get the information they need and then make their decision? Probably a similar amount, even that's a challenging experience with so many different CTAs on websites

She further highlights a struggle which I believe is something we have not been successful at implementing which is to meet renters where they are, we MUST build tech that meets the teams where they are. If a renter wants to text, email, call, WhatsApp, the team also needs to be able to accommodate that easily!

If a prospect inquires via email, we should be responding the way they inquiry. For me, personally my voicemail says, I do not check my voicemail, please text or email me. I surely want all the information and questions answered before I talk to someone. I would rather go back and forth 100 times via text or email prior to picking up the phone. This leads to training our teams differently than we have in the past. Allowing them to meet the prospect and even resident on how they want to be communicated with. (Personalization)

Done right, communicating via text and email can be very successful as the journey is not made harder for the prospect. Kristi Fickert from Realync shares something that really resonated with me which is why I think we need to change from Centralization to Frictionless. “The business (and many multifamily orgs) are continuing to do business in a way that is best for them (strategically, logistically or even analytically), not in a way that is best for the actual customer.”

Steven Krutsch shares, “The millennial in me hates to talk on the phone. There are so many times I do business with someone because they have a journey for me to accomplish what I need without ever picking up the phone. Since more millennials and Gen Z are now our target demographic we need to adapt to this way of doing business.”

As leaders we must stop, think about the learning, training and expectations of what we are expecting of the onsite teams. We shouldn’t make them go back to a computer, use their personal phone, call someone and then email them all while trying to tour prospects or assist residents. The key to a seamless customer experience is eliminating these obstacles. By identifying and removing roadblocks, businesses can ensure a smooth customer journey.

The Power of the 3 C's: Communication builds Connection and Community!

The Three C's are the fundamental pillars which are intertwined and crucial for building strong networks. According to Lia Nicole Smith of Satisfacts Research, the 2023 Biennial Online Renters Study showcased effective communication and inclusivity matters in creating a sense of community. She shares, “If Renters feel that information is not transparent or inclusive, or they perceptive a lack of effort to involve residents, it can negatively impact their sense of community. ”

Despite having a variety of technological options available for communication with residents, it seems that technology alone is not sufficient. While software that enables staff to email and text, and AI that can assist in communication content, nothing can replace human to human communication. Only onsite team members possess the necessary knowledge about what is happening on the property. Therefore, as an industry, we must focus not only on how and what we are communicating, but also why we are saying it. It's important for everyone to understand the reasoning behind the message when speaking with residents, prospects, and colleagues. Understanding the "why" in communication is crucial for providing context, inspiring action, building comprehension, and cultivating positive relationships. It contributes to effective and meaningful communication.

• Communication: Is the foundation

• It involves sharing information, thoughts, ideas, and feelings clearly and openly. Good communication skills help in conveying messages accurately, avoiding misunderstandings, and promoting understanding between individuals or groups. Effective communication isn't merely about transmitting words; it's about ensuring that the intended message is understood. Whether verbal or non-verbal, clear communication is essential for building trust, resolving conflicts, and fostering healthy relationships.

• When it comes to Onsite team members and residents, open and honest communication forms the basis of trust. Statistics from 2023 Satisfacts Biennial Online Renter Study shows 71.1% of residents prefer text message, 72% overall prefer Email, and 60.8% prefer a phone call. Truly there is not a reason you can be over communicating with residents. We should be focused on sharing more than “rent is due” to our residents. Other opportunities to build communication updates and progress on capital ex projects, monthly aspects which Maintenance is focused on, landscaping maintenance & improvements, amenity updates. Look for the projects or investments being made around the community in which are not usually communicated.

• Connection: The Thread That Unites

• Communication lays the groundwork, but connection is the emotional bond that emerges from it. Communication leads to connection. It's the bridge that links individuals. A genuine connection transcends mere acquaintance; it's about truly engaging with others, listening attentively, and empathizing with their experiences. It cultivates a sense of belonging and support, enriching our lives with companionship, emotional sustenance, and shared experiences.

• What does connection look like for a community? Onsite team members should be focused on creating experiences, not events.,“WOW” moments even on a one to one bases not just for the entire community at once. This can be accomplished by getting to know each resident and celebrating the moments. Things like: et’s birthday, residents birthday, celebrating a monumental moment for a resident, or even doing something unexpected.

• Community: The Tapestry of Togetherness

• As connections solidify, residents form the intricate threads of a community. A community is a group of people who share common goals, interests, or values. Effective communication and strong connections among its members are vital for the community to thrive. A healthy community provides support, collaboration, and a sense of belonging for its residents.

• Do your residents feel their home is a community? The data speaks loudly. From SatisFacts & ApartmentRatings most recent Biennial Online Renter Study shows residents expectations are not being met. Sense of community remains the #1 driver for perception of value in our latest. The gap between expectation (3.93) and reality (3.34) highlights an area for improvement within the multifamily industry. We must go beyond what "we" feel creates a sense of community, and look to what the residents want and need. We are in the business of hospitality and we must focus on serving the resident.

The interplay between these three elements forms the backbone of society. A breakdown in communication disrupts connection; severed connections weaken communities. Conversely, strengthening communication fosters deeper connections, which in turn fortify communities. In our pursuit of a harmonious and thriving community, recognizing the importance of the 3 C's is paramount. So let's embrace the power of Communication, foster meaningful Connections, and contribute positively to our Communities, weaving a vibrant tapestry of understanding, support, and togetherness.

Beyond the Sale: How Trust-Actional Strategies Foster Enduring Partnerships in Multifamily Operations

In the fast-paced world of multifamily operations, as suppliers, we often find ourselves at a crossroads between the pressing demands of transactional results and the deeper, more fulfilling journey of building trust-actional relationships. Our roles, traditionally gauged by the immediacy of sales and the tangible outcomes of transactions, are evolving in a landscape where the rules of engagement are being rewritten. In this dynamic environment, we strive to embody a trust-actional approach, recognizing that the true measure of our success extends far beyond the confines of immediate sales figures. It lies in the strength of the relationships we nurture, the trust we foster, and the long-term partnerships we build with multifamily operators and property management companies. This approach, while challenging in its demand for patience and genuine engagement, promises not just fleeting victories but sustainable growth and mutual prosperity in an industry where relationships are the bedrock of success.

In the realm of multifamily operations, the paradigm has shifted from a conventional focus on transactions to a more profound emphasis on fostering enduring partnerships. Throughout 2023 we started to see success transcends the mere act of sales; it hinges on cultivating trust and deploying actionable strategies that extend far beyond the initial transaction, fostering relationships that stand as the cornerstone of sustainable. In this new year, the landscape will continue to change and several thought leaders shared their viewpoint and important values when it comes to partnering with suppliers.

Whether it is searching for a new supplier or continuing a partnership with a current supplier, Multifamily strategies have shifted. About 4 out of 5 people in Multifamily say their journey started by “I fell Into this industry and have never left.” The average amount of experience a Multifamily veteran has is 15 years. That is a lot of relationships, a lot of networking, a lot of trust and building credibility. Which is why we look to our trusted colleagues for leading and guiding our decisions with high trust!  44% say they look to past experience with vendors, 41% from subject matter experts in the industry or third party. Revyse survey data from June 2023 shows that 46% of operators START their buying journey by reading peer reviews, and 100% of operators say that peer reviews influence their final purchasing decisions.  Ben Steward, the CRO and Co-founder of Revyse has seen the buying of product and services begin to shift in 2023. “Educational thought leadership content, founder brands, peer-to-peer conversations and transparent reviews all lend themselves to trustworthy content - long before any sniff of a transaction."

The value of a trust-actional approach in selling to the multifamily industry is multifaceted and pivotal for long-term success. Trust opens the door to a discussion and opportunity, one must still have the service and product show value. You need both. In the realm of selling products and services to multifamily operators and property management companies, the distinction between a trust-actional and a transactional approach is crucial. Gavin Dickson, a National Sales Manager for TrustHab shares his perspective. “As suppliers in the multifamily industry, we're constantly balancing the need for immediate transactional results with the pursuit of trust-actional relationships. Our success isn't just in the numbers; it's in the lasting partnerships and trust we build with our clients. This approach goes beyond short-term gains, promising sustainable growth and deeper connections in an industry where relationships are key." This distinction significantly impacts how suppliers are perceived and how successful they are in establishing long-term partnerships.

Deconstructing the term Trust-actional: 

Trust involves multiple aspects of reliance, including consistency, commitment, honesty, transparency, dependability, and support. Building trust requires time, consistent positive interactions, and forgiveness when mistakes occur. Trust is a foundational element in all relationships, leading to stronger connections, deeper relationships, and a sense of security in personal and professional settings. Benefits of building trust include repeat business opportunities, positive word-of-mouth referrals, collaborative ventures, and long-term partnerships.

Actional implies an emphasis on taking action or conducting transactions. In a business or sales context, it refers to an approach that prioritizes action, execution, or engagement in various activities related to deals, negotiations, or interactions with clients or customers.

Without even fully knowing we as humans approach purchases personally and professionally through a trust-actional lense. There are 4 key areas that round out the idea of trust-actional selling. Relationship-Oriented: prioritizes building a relationship with the multifamily operator or property management company. It involves understanding their long-term goals, challenges, and how the suppliers offerings can align with and support these objectives. Deep Engagement: selling is characterized by ongoing dialogue, tailored solutions, and a consultative style. It’s about becoming a trusted advisor rather than just a supplier. Sustainable Partnerships: By focusing on the client's success, vendors can establish long-term partnerships, leading to repeat business and referrals. Value-Based Selling: This emphasizes the value and ROI of the products or services, moving the conversation away from price and towards how the offering can positively impact the client’s business.

We checked in with a select few Property Management thought Leaders and asked them some insightful questions regarding this term: Tust-actional.

Regarding Trust and Relationship Value: On a scale of 1 to 10, how important is the relationship and trust factor with a supplier in your decision-making process? Why?

Mike Brewer, Former, COO of Radco Companies

True engagement begins with a genuine understanding and respect for one another as human beings. Before considering any pitch or proposal, it's imperative for me to feel a sense of sincere care and connection from a partner. The traditional Socratic approach, which often leads to predictable solutions, does not resonate with me. Likewise, grand gestures such as invitations to the Masters or the Porsche Driving Experience, though impressive, don't necessarily foster the depth of relationship I seek. The thoughtful effort to understand me beyond mere professional interactions truly matters. When this deeper connection is established, my inclination to collaborate naturally follows.

Mark Chaplin, VP of Supply Chain of Buckingham

(Rated a 10) Very Important. It is imperative to have reciprocal trust between vendor and customer. Although protecting the interest of Buckingham (PMC) is always priority number one, the interest of a quality vendor is a close second. Vendors help maintain the health of daily operations, often acting as an extension of the PMC; therefore, integrity to provide consistent, quality work at a fair price every transaction is a must. Conversely, the vendor must feel that the PMC supports their long-term strategic goals and not viewed as a short-term, low-cost transaction. The greater the alignment, the better the trust and ability to realize success.

Feedback and Improvement Focus: How do you typically provide feedback to your suppliers about their products or services? What role does this feedback play in your ongoing relationship and decision to continue working with them?

Drew Williams, Regional Manager Radco Companies

Very directly. No sugar coating and straight, no chaser. To expect perfection is to expect failure, however, when errors or lack of synchronicity are achieved, own it, learn from it, elevate, and try again. I’ll give more than a second chance if I know we’re both in path to grow and prosper. What role does this feedback play in your ongoing relationship and decision to continue working with them? It’s critical; do-or-die. If I can’t have an open narrative and dialogue, I’ll never achieve trust. And if I never achieve trust, then we both should move on.

Daniel Paulino, VP of Marketing, Bozzuto

We no longer commence new pilots without a co-developed research plan that defines the business problem we are looking to address, the KPIs we need to see to justify the ongoing investment, intended timelines, and the methodology for how we will analyze the data at specific milestones throughout the pilot. It is critical to get internal buy-in from all stakeholders and also external buy-in and approval from the vendor. Without this documentation, the evaluation of the merits of the technology become subjective and open to interpretation by many individuals who will inevitably not agree. Agreeing up front BEFORE the pilot launches makes it a very easy go/no-go decision at the end of the pilot period. This process becomes the feedback and there are ongoing, regular check-ins so that the vendor has transparency into the metrics we are seeing. At the end of the pilot period, we then prepare a comprehensive review of the analytical methodology, trends, results, and our decision to either move forward with a larger scale rollout or not.

Evolving Needs and Trends: In the past three years, how have your priorities or criteria changed when it comes to selecting suppliers for software, products, and services? What new elements are you considering now that weren’t as important before?

Mark Chaplin, VP of Supply Chain of Buckingham

Centralization. Buckingham (PMC) now has a centralized supply chain team that is focused on processes, policies, and procedures to optimize and leverage all aspects of the supply chain process. This centralized supply chain approach includes both process and technology advances in strategic sourcing, global contracting, tactical purchasing (PR/PO), vendor management, and inventory management to name a few. Aligning centrally creates major efficiency gains including cost savings, risk reduction, governance and control, automation, product and service compliance, and vendor performance. One true north.

Mike Brewer, Former COO of Radco Companies

I've adopted a more deliberate and thoughtful pace in my approach. We are cautious and discerning, not easily swayed by market trends and hype. A trend I find less appealing is the strategy of some venture capitalists, whom I refer to as 'King Maker VCs.' Their primary focus on increasing unit count often leads to the forced implementation of technology solutions in the multifamily space. I am more accustomed to approaching and engaging our existing partners to prioritize understanding how their developmental roadmap aligns with ours, particularly regarding timelines. Just yesterday, I had a significant conversation with one of our partners. In this discussion, I shared our need to seek a specific solution that could alter our business relationship. My objective was twofold: firstly, to gain insight into their plans for augmenting their existing offerings, and secondly, to ensure they were fully informed about our intentions. This openness is designed to foster collaborative problem-solving or, at the very least, to provide them with ample understanding should we need to transition away from their services.

Key Value Drivers: What are the top three attributes or factors you look for in a supplier that make them stand out as a potential long-term partner for your PMC?

Mark Chaplin, VP of Supply Chain of Buckingham

Reputation: A vendor’s reputation encompasses many factors: quality, performance, reliability, financial security, and customer service to name a handful. Typically, the vendor’s reputation speaks for itself in the industry and is no trade secret; therefore, market feedback typically draws attention to those vendors that Buckingham (PMC) seeks out. Initially these factors can be seen in the bidding/ request for proposal (RFP) process, which gives confidence in the vendor selection process and ultimately the day-to-day operations. Scalability: The vendor’s ability to offer a robust array of products and services in a broad geography is a major factor to leverage business operations. As Buckingham (PMC) grows and emerges in new markets, it is imperative that a vendor has the capability and flexibility to scale seamlessly. Vendor operations in multiple states that offer a diverse portfolio of products and services helps secure a long vendor partnership and meet the minimum requirements to be a qualified vendor. Price: Price will always be a deciding factor on vendor selection and partnership; however, Buckingham (PMC) will always consider the Total Cost of Ownership (TCO). TCO does not always mean the lowest price offered, but rather the alignment of value and price equally. Long term vendor relationships are built on TCO, which translates into the best overall value to price ration for the overall effectiveness of the entire organization.

Mike Brewer, Former COO of Radco Companies

Prioritize Being Helpful: I deeply appreciate the question, 'How can I be of help to you?' It signifies a readiness to support and adds significant value to our interaction. Focus on Meaningful, Infrequent Interactions: Let's make our time together count. Share updates from your life, and allow me to share mine. Take the time to understand what brings me joy and challenges I face. In these moments, exercise empathy and emotional intelligence. It goes a long way with me. Embrace an Avuncular Approach: Approach interactions with a warm, uncle-like demeanor, fostering a sense of familiarity and trust. Commit to the Long-Term Perspective: Consider the example of Mike Whaling, who patiently built a relationship with me over nearly five years. His dedication and long-term strategy have made him my first choice for all website-related needs for over a decade.

As we start the 2024 year building relationships with a trusted foundation is crucial in cultivating long-term partnerships. By adopting this approach, suppliers can establish a strong reputation within the industry, resulting in increased recommendations and credibility. Understanding the unique challenges faced by multifamily operators enables suppliers to offer tailored solutions that enhance client satisfaction. Trust helps to minimize price sensitivity, as clients acknowledge the added value of the products or services, thereby creating upselling and cross-selling opportunities. Regular interaction encourages a feedback loop, allowing vendors to refine and improve their offerings continuously. In summary, while transactional selling might generate quick sales, a trust-actional approach is more conducive to building sustainable, mutually beneficial relationship. Trust is the foundation of sustained success in selling to the multifamily industry, fostering enduring alliances and mutual growth.

Co-Written with Gavin Dickson, TrustHab

Striking a balance between technology and being genuine

Merriam -Webster determines 2024 word of the year - AUTHENTIC!

With no surprise, are people looking and craving authenticity within this world where we keep leveraging technology. However, with the use of more technology in the next year, how do we strike a balance between leveraging technology and maintaining authenticity? How do we give residents what they want from a technology experience but still create moments and experiences where residents feel onsite team members are authentic and not robots.

We must be mindful in our approach and prioritize genuine human connections all still while making effective use of technological tools. Here are some strategies to achieve this balance:

1. Purposeful Technology Use: Use technology intentionally and mindfully. Rather than letting technology dominate interactions, use it as a tool to enhance communication and connections. Don’t skip the opportunities to connect with residents during events or when they stop in the office! Be you!

2. Emphasize Personal Connection: In digital communication, strive to convey emotions, empathy, and authenticity. When we utilize video calls or personalized emails to add a human touch to your interactions, even in a tech-driven environment.

3. Transparent Communication: Be transparent and honest in your digital communication. Avoid automated or overly scripted responses. Authenticity shines through when you communicate openly and genuinely, reflecting your true intentions and personality.

4. Balanced Social Media Presence: While using social media platforms, maintain a balance between showcasing your authentic self and curated content. Share genuine stories, experiences, and thoughts rather than solely focusing on creating a perfect image.

5. Value Real-Life Interactions: Prioritize face-to-face interactions and real-life connections whenever possible. Engage in meaningful conversations, actively listen, and show genuine interest in others during in-person meetings or gatherings.

Striking a balance between technology and authenticity requires a conscious effort to use technology as a tool to enhance, rather than replace, genuine human connections. By being mindful of your digital interactions and prioritizing authenticity in your communication, you can maintain meaningful relationships in a tech-driven world.

Most importantly, be YOU! I have always strived to remind all of my employees, I hired them for who they are, not for them to be a robot or to read a script! I as a mentor connected with them due to the fact of them being themselves and bringing their own personality to the work environment. I would continue to echo these statements for everyone! Embrace who you are, and be authentic! People can relate to you more and feel your genuine self when you’re authentic.