As I mentioned previously, finding a great operator is essential to enjoying success, regardless of economic realities. Operating, managing and leading multi-family real estate investments for 30 years, I’ve come to know a few things about keeping a great operation going.
Other real estate professionals from around the country, also feeling the real estate pinch, ask me how I survive in the real estate business in Michigan; what my secret is. My response? Overcome the war by winning the daily battles. Put another way: sweat the small stuff.
We are in the era of the great operator. The person or persons who run your operation(s) is much more important to your business than ever. Tech upgrades no longer help you stand apart. High-speed Internet, unless it’s Google Fiber,, cable TV, flat-screens – they’re everywhere. The customer experience and interaction, set by the operator, is once again the rarest and most unique of commodities. You distinguish yourself today through service, service, service, not bells and whistles and smoke and mirrors.
Everything else is truly secondary. A great operator can make a mediocre asset perform in outstanding fashion. On the flip side, a mediocre operator can ruin a great asset. At the end of the day, the battle is no longer between properties and amenities, it’s about the whos, whats, whens and hows of the operator, and the best operator/operation always wins.
At Dover Realty Advisors, we survive by doing what great operators do – rolling up our sleeves every day, going to work wanting to be the best, never resting on yesterday’s successes, knowing how and when to react, and understanding that change is sometimes necessary. I also work hard to find the right people and instill these same values in them. More on that next time.