Change happens, but many of us try to control the course of change by clinging to the tried and true. On the other hand, what opportunities and innovation are we missing out on if we don’t embrace change? After all, the greatest breakthroughs of modern history – the light bulb, the telephone, the iPod – were motivated by seemingly wild ideas.
To help property managers prepare for the future, AppFolio, a leading provider of property management technology solutions, has partnered with IREM for a virtual event that will open your mind to what’s possible in property management. Over the course of three days you’ll learn to identify the hurdles preventing you from adopting the change and innovation that leads to success.
Sometimes all it takes to clear our minds of the dust impeding creative thinking is time out. Taking time away from the duties and responsibilities weighing us down and connecting with experts who’ve taken a look into the future, can help define a clear vision and provide fresh insight. Sharing your new perspectives with fellow real estate professionals can unlock the full potential of your business, and your team.
The speakers and session leaders selected to participate are the industry experts shaping the future of property management. Each of them offers perspective on the real estate industry, from the impact of artificial intelligence, to identifying trends that will change the way we manage the built environment, to staying ahead of customer expectations. And once you experience keynote speaker Jeremy Gutsche, you’ll want to explore all the sessions.
Do you have questions about virtual leasing? The impact of COVID-19? These topics will be discussed, through a futurist lens. Sessions are organized for participants to come and go as they wish, with opportunities for virtual networking and Q&A.
While studies show that innovation is high on the list of business priorities, implementing strategic change is hampered by organizational obstacles. With limited time and competing departmental goals, initiatives that have the potential to propel your business to greater success are often sidelined by immediate concerns. We’ve all been there. The time is now to discard the habits and rituals preventing us from breaking old molds and exploring new paths.
Bring an open mind and an empty wallet because this event is free. Register now.
Source: “The Changing Shape of Property Management“
Archives for July 2020
Real Estate Coalition Letter on Rental Assistance – July 2020
NAR joined a coalition of real estate industry groups to seek relief for multifamily properties. Since the pandemic unemployment assistance ran out, property owners are seeing more and more tenants struggle to make their rent obligations.
NAR strongly urges Congress to support rental assistance to ensure families that are financially struggling as a result of the pandemic do not lose their homes. This assistance should be provided directly to housing providers to make their rent payments. This assistance will ensure that rental housing remains sustainable, and property owners are able to fulfill their financial obligations including mortgage payments, insurance, utilities, and taxes.
Download PDF here.
Source: “Real Estate Coalition Letter on Rental Assistance – July 2020“
Confronting Your Unconscious Bias
If you are human, you are biased. “It is physically impossible for the human brain to function without bias,” says Valerie Alexander, an author and speaker covering workplace topics.
In her session, “Outsmarting Unconscious Bias,” at the REvive! From Crisis Coast 2 Coast virtual conference Thursday, the former CEO of a tech startup discussed how people’s innate prejudice can affect real estate transactions and dealings with colleagues and contribute to illegal discrimination across the industry.
All of us, she emphasizes, have an automatic default to a biased reaction to the unexpected. We default to our own norm. Your norm is not neutral, universal, or the baseline. Your baseline is not the norm that everyone has to go with.
“Your norm is how you were raised and also based on government policies and media images we’ve been fed all our lives,” Alexander says. “We have the power to adjust our normal.”
Due to evolution, when you encounter someone who’s not in your tribe, your brain starts to produce cortisol because of stress. No one in our lifetime can change that reaction. But we can change who we see in our tribe, she says. It takes effort. You can begin to see everyone in the human race as in your tribe, she states. You can work on yourself, and eventually not have that cortisol reaction.
For instance, when you encounter someone unexpectedly, it’s a moment of shock, she says. For example, if you are meeting with someone you assumed was a dishwasher and they say they are a doctor, the cortisol begins hitting your bloodstream. “That’s OK. But then use that response to adjust your expectations and change your definition of the norm so you aren’t taken by surprise the next time,” she says.
Here are some steps Alexander offered that real estate organizations and brokerages can use to help promote inclusion in their own offices and equal treatment of all prospects and clients:
- Amplify the voices of those who aren’t being heard. This can start with not letting people get interrupted in meetings. Direct the conversation back to them so they can be heard.
- Mentor people who don’t look like you. Make sure you are mentoring everyone equitably. Women are often mentored with a focus on boosting confidence and presenting themselves better, while the mentors of white men highlight the skills valuable to climbing the ladder. But leaders need to mentor everyone to promote business skills and acumen.
- Stress clear policies that apply to everyone. Discuss policies fully with all members of your team. Agents should assure clients that they will present all the homes in their price range that fit their criteria.
- Expand your network. Brokers should aim to bring in agents of all backgrounds. Office diversity is an important business goal.
- Connect with those not in your tribe. When you go to a banquet and sit down, do you connect with everyone at the table or only a few? Do you talk to the person clearing the table or the person who parked your car?
To access a range of resources to help you recommit to upholding fair housing laws, including a recent video to help REALTORS® avoid implicit bias in business interactions, visit nar.realtor/fairhousing.
Source: “Confronting Your Unconscious Bias“
CMBS Relief Legislation Introduced
On Wednesday, July 29, Representatives Taylor (R-TX), Lawson (D-FL), and Barr (R-KY) introduced H.R. 7809(link is external), the “Helping Open Properties Endeavor (HOPE) Act,” which provides economic support for the commercial real estate market in response to the COVID-19 pandemic. NAR sent the sponsors a letter of support and thanks. The HOPE Act creates a federally-backed commercial lending facility to assist commercial mortgage-backed securities (CMBS) borrowers which have been negatively impacted by the pandemic. The delinquency rate for CMBS borrowers in June hit 10.32%, nearing the all-time high set in 2012 during the recession. The hotel and retail sectors have been hit especially hard, with delinquency rates of over 24% and 18%, respectively.
The HOPE Act assists these businesses by providing financial assistance for commercial mortgages. Guaranteed by the Department of the Treasury, the HOPE Preferred Equity lending facility will prevent commercial foreclosures and ensure that those businesses will survive to rehire their employees and assist in the country’s economic recovery.
Read NAR’s Letter of Support(link is external)
H.R. 7809, the HOPE Act
Source: “CMBS Relief Legislation Introduced“
