Updater

By Emily Hassett

Published Jul 14, 2023

Updated Dec 26, 2023

We recently had the pleasure of hosting an exciting webinar featuring a stellar lineup of industry experts. Our guests included Devin Lusk from American Landmark Apartments, Trevor Park from Rent Dynamics, Zach Sloan from Rentgrata, and Jake Johnson from Updater. Devin handpicked which vendors would join this discussion, noting, “There’s a reason these partners are on the call. It’s because of who they are and how we maintain our relationships.”

Together, they shared invaluable insights on the intricate art of cultivating and fostering partnerships in the multifamily industry. Let’s dive into the key learnings and takeaways from their discussion:

1. Build meaningful relationships:

When it comes to multifamily partnerships, meaningful relationships are key. The webinar shed light on the power of loyalty and respect in fostering these connections. Devin, in particular, emphasized the significance of introductions and relationships stating, “Every partner I choose to work with has respected my time and honesty and has been honest in return.” She also highlighted the importance of treating each other’s time with respect and being honest in all interactions. 

Pro Example: Devin shared her experience of a vendor exploiting her name and company without permission in order to secure business from others. This dishonest behavior damaged the relationship beyond repair. Genuine connections based on honesty and respect lay the foundation for fruitful partnerships. 

Pro Tip: During the discussion, Jennifer, an attendee from HappyCo, emphasized that loyalty and a human-centric approach are equally important in cultivating strong relationships with residents as they are with vendors. Trust and loyalty play a pivotal role in forming a triangular dynamic between the vendor, resident, and operator.

2. Look for creativity in partner outreach:

To stand out from the competition, it’s essential to get creative with your outreach efforts. Don’t limit yourself to traditional methods like LinkedIn. Understand the decision-making process of potential partners and tailor your approach accordingly. Personalization is key. 

Pro Example: Trevor shared how he connected with Devin over their shared love for pickles and has facilitated introductions to other vendors based on this common interest. 

Pro Tip: Personalization and thinking outside the box can make a significant impact. And, let’s be honest, who can resist the charm of a good pickle (or pickleback)?

3. The power of continuous courting (or as we like to call it, ABC – always be courting):

The concept of courting, usually associated with romantic relationships, also applies to business partnerships (it is multifamily matchmaking after all!). 

Pro Example: Devin discusses expanding their partnership with Updater, and how impressed she’s been with Updater’s unwavering focus on her entire team’s needs. Taking the time to understand her specific requirements and ensure that presentations are tailored to the right audience are key. 

Pro Tip: Our very own Director of Strategic Sales, Jake, stressed the importance of taking the time to get to know each other, rather than rushing into a commitment. Building a strong foundation and understanding each other’s personalities and needs are vital for long-term relationships.

4. Discover “love languages”

Effective communication and collaboration is the secret ingredient for success in partnerships. Just as understanding someone’s love language can strengthen a personal relationship, uncovering your professional partner’s unique “love language” can greatly enhance your collaborative endeavors.

Pro Example: Our host, Sydney Webber, highlights the power of social media to gain insights into the likes and dislikes of potential partners. Even when face-to-face interaction may not be possible, social media can prove just as influential in building relationships.

Pro Tip: Tell your partner how your team operates and your preferred approach to working with vendors. This will ensure you get the most out of each interaction.

5. Seek thoughtful partners:

Thoughtful gestures can have a significant influence on relationship-building and leave a lasting impact. Look for those who engage in meaningful conversations, share valuable industry insights, and provide helpful resources. Thoughtful gestures, such as personalized gifts and acts of kindness, can also have a significant influence on relationship-building and leave a lasting impact. 

Pro Examples:

• Jaime, one of the attendees, recounted a story about a former boss who understood his clients’ affinity for cigars. To show his appreciation, the boss gifted them custom-made cigar trays. These thoughtful gestures not only left a lasting impression but also fortified partnerships.
• Scott, another attendee, mentioned an intriguing suggestion from a panelist of a past session he attended. They recommended adopting a turtle in one’s name as a creative way to grab attention. Funny enough, within a month, the panelist had three turtles named after them, illustrating the effectiveness of unconventional approaches.
• Devin, our panelist, shared an experience where Rent Dynamics went the extra mile to make her day. They presented her with a custom-made case that included two glasses, a designated spot for pickles, and another for Jameson to create picklebacks. 

Pro Tip: Consider individual preferences and go beyond expectations to forge meaningful connections and strengthen partnerships. 

When it comes to matchmaking in multifamily, it requires a combination of effective communication, respect, and creativity. Building and nurturing relationships based on trust and understanding are vital. Remember that partnerships are not just transactions; they are about the people and the value they bring. 

If you’ve had a great experience with Updater, or any of the fantastic software partners in the multifamily industry, consider leaving a review on Revyse. Revyse was recently launched with a goal to make discovering, buying, and managing multifamily software easier for everyone.

If you missed this event or would like to watch it again, click below to view the full recording.

Now, get out there and start handing out roses – you may just find your perfect match!

Emily Hassett

Emily is a Senior Marketing Manager at Updater leading all real estate marketing initiatives. Outside of work, you can find Emily traveling, trying new coffee shops and restaurants, or petting every dog she walks by.