Apartment Executives Discuss New, Emerging Risks
The C-suite and onsite teams continue to face unprecedented levels of challenges as fallout from the pandemic, say panelists at the National Apartment Association’s Apartmentalize Conference in Chicago.
CHICAGO—There’s no let up to the risks brought on by the pandemic-driven operational challenges apartment executives are facing today and in the unforeseeable future.
“No industry has had to navigate the pandemic like the multifamily industry has,” Julie Brawn-Whitesides, CPM, Executive Vice President, ConAm Management Corp., said. “No industry has faced as much government interference as our industry has faced.”
She was among the panelists for the session “New and Emerging Risks: Are You Prepared?” held Thursday at National Apartment Association’s Apartmentalize Conference in Chicago that included Tracy Bowers, CPM, Executive Managing Director, Property Management, RangeWater Real Estate; and Jason Whittington, Vice President – Business Solutions, Gene B. Glick Company.
“[The eviction moratorium] has really changed the landscape for us, and our teams,” said Brawn-Whitesides, whose company is based in Southern California. “They are dealing with these residents on a daily basis and have to be even more thoughtful in their actions and allow behaviors that they had never allowed before.”
She said that government unemployment benefits have driven wages higher as incentive to get people to join the workforce. ConAm changed its performance bonus plan to offer quarterly bonuses so that its “hardest-working staff doesn’t have to wait until the end of the year to get rewarded.”
Adjusting ‘Work’ Hours
Bowers said her company adjusted its staff hours to allow some positions to work when they were able rather than relying on traditional shifts. It’s had to be mindful of workers who had to take time to care for the spouse, family or at-home teaching and other odd scheduling routines.
It enabled team members to take as much virtual training as they wanted and ensured that employees would have cellphone allowances because so many have to rely on their phones to their jobs done.
Time for a ‘Pep Rally’
Whittington said Gene B. Glick has placed a lot of emphasis on maintaining a healthy work culture. It hosts “Pep Rally Fridays” where it invites some of its popular industry speakers to deliver uplifting messages. Each month it chooses an office-cultural focus to drive home to its employees.
Brawn-Whitesides and the other panelists have placed greater importance in staff communications.
“The corporate side knows all about what’s going on in the company, but the onsite team is dealing with their individual situations and does not always have the time to read all the messages we send to them. The important thing is to ‘explain the why’ in our messaging.”
Bowers said her communities continue to have “daily huddles” to keep everyone on the same page, but those are now extending to the corporate side, and some from the corporate office are now participating in some onsite huddles to strengthen communications efforts.
Future Risks in Store
As for future risks, Whittington said he sees more concern for employer liability coming.
Brawn-Whitesides said supply-chain issues and materials costs will continue to create cost and execution challenges. “When lumber prices did what they did a few months ago, that was a deal-breaker for a lot of investors,” she said.