Some people are born to disrupt things. Like self-proclaimed "serial entrepreneur" Georgianna Oliver.
Oliver has introduced several innovations to the multifamily housing industry in the past decade, including Package Concierge, one of the earliest automated package-locker systems for apartment properties. She also created AptBudget, a Web-based budgeting solution, and EverGreen Solutions, a technology-focused consultancy that helped owner–operators manage major technology implementations or moves from one property management system to another. (The latter two products have since been acquired by RealPage.)
What’s behind Oliver’s seemingly magical creativity? She quotes Eleanor Roosevelt, for one: "You gain strength, courage, and confidence by every experience in which you really stop to look fear in the face. You must do the thing which you think you cannot do."
Oliver also credits several lessons she's gleaned over the years, which she recommends to others seeking to run a successful multifamily company:
- Cultivate relationships. There's no such thing as a free lunch. Look for the right people to build relationships with, starting with anyone who's in charge of ancillary products or services and senior-level IT people. They're going to listen because they're looking for great ideas. Don’t forget to identify ways for them to save or make money.
- Network to find the right person to pitch to. Be professional. Look at the target market from their perspective and tell them what’s in it for them. They'll either tell you quickly why what you're offering doesn't work or embrace your idea and give you critical feedback and advice on what to do next.
- Never show up unprepared. Don’t expect someone else to do the work for you.
- Get a good suitcase. In the housing industry, you have to travel. You can't build a business in one market.
- Don’t sit on an idea too long. You have to move as soon as possible, at record speed; there's always someone else out there who'll find a way to compete with you.
- Protect your creation. Build a product you can patent, and then build a moat around it.
- Know when to cut your losses. Confirm your suspicions if you think one of your business partners or employees doesn’t have the same standards for quality or accountability you do. Sever ties with them the moment it becomes apparent they don't support your work ethic and philosophy, so that you don't become trapped in the wrong partnership.
- Dig in, and don't give up. Grit makes people successful. You should always be thinking about closing and ways to improve. Instead of calling twice, call eight times.
- Take the risks you're most afraid of. The things you think you can't do, you must do. You'll make mistakes, sure, but you'll learn from them. You'll realize what you can do and adjust for what you can’t do. And the next time, you'll do it even better. Solve a problem the best you can, and maybe, in the process, you'll find something else you can make a lot more money doing.
- Collaborate with others. An entrepreneur is a problem solver. And you can’t solve a problem with all the same type of people in the room. You need to surround yourself with various people with different strengths, ideas, and talents—creative sales and marketing teams, developers, and accountants. Include someone who knows how to raise money. Rely on others who can complement your skill set, such as really bright programmers. And be sure to target creative marketers and salespeople who can promote your product. Remember, ideas are a dime a dozen. It’s all about having the team to execute your vision.
- Don’t obsess over the cost of learning. Try not to worry about the hundreds of thousands of dollars that may go into missteps. Don't dwell on lost time and money or hold on to regrets. Overcoming the natural tendency to do so is a great way to grow both personally and professionally.
- Find a sponsor. The price of admission to multifamily is extremely high. If you want to be listened to, you have to take your idea to a large REIT to help fund it. Make sure to find someone who believes in you and who'll pave the path with relationships and perhaps help provide a shortcut.
Entrepreneurs like Oliver are disrupting outdated practices in the apartment industry to meet the ever-growing demand for new housing.
“So many things in our industry are legacy systems with operations built around them,” Oliver says. “If you have an idea, you're disrupting those cultures. But because companies want to be smart and move quickly and be competitive, they'll listen to entrepreneurs. If you have a great idea, they'll listen.”
Companies are always looking for new and innovative ways to save money in staffing or other expenses, or to make money in a way that hasn’t been discovered yet.
Oliver’s idea of disrupting legacy systems is addressed in the 2017 Multifamily Executive Concept Community, which employs new development processes and practices designed to promote efficiency and productivity in housing. Read more about the project at www.multifamilyexecutive.com/mfe-concept-community.
