Michael DiMella

Michael DiMella

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Michael DiMella

Managing Partner @Charlesgate | Empowering people to be better real estate investors and leaders | Posts on #realestateinvesting #leadership #entrepreneurship

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Michael DiMella

3y ago

Positive attitude is a lie.
Michael DiMella

Most people get the definition of #positiveattitude all wrong.

Even #chatgpt gets it all wrong:

"๐˜ˆ ๐˜ฑ๐˜ฐ๐˜ด๐˜ช๐˜ต๐˜ช๐˜ท๐˜ฆ ๐˜ข๐˜ต๐˜ต๐˜ช๐˜ต๐˜ถ๐˜ฅ๐˜ฆ ๐˜ช๐˜ด ๐˜ข ๐˜ฎ๐˜ช๐˜ฏ๐˜ฅ๐˜ด๐˜ฆ๐˜ต ๐˜ต๐˜ฉ๐˜ข๐˜ต ๐˜ช๐˜ด ๐˜ค๐˜ฉ๐˜ข๐˜ณ๐˜ข๐˜ค๐˜ต๐˜ฆ๐˜ณ๐˜ช๐˜ป๐˜ฆ๐˜ฅ ๐˜ฃ๐˜บ ๐˜ฐ๐˜ฑ๐˜ต๐˜ช๐˜ฎ๐˜ช๐˜ด๐˜ฎ, ๐˜ฉ๐˜ฐ๐˜ฑ๐˜ฆ๐˜ง๐˜ถ๐˜ญ๐˜ฏ๐˜ฆ๐˜ด๐˜ด, ๐˜ข๐˜ฏ๐˜ฅ ๐˜ข ๐˜ง๐˜ฐ๐˜ค๐˜ถ๐˜ด ๐˜ฐ๐˜ฏ ๐˜ต๐˜ฉ๐˜ฆ ๐˜จ๐˜ฐ๐˜ฐ๐˜ฅ ๐˜ช๐˜ฏ ๐˜ข๐˜ฏ๐˜บ ๐˜ด๐˜ช๐˜ต๐˜ถ๐˜ข๐˜ต๐˜ช๐˜ฐ๐˜ฏ. ๐˜๐˜ต ๐˜ช๐˜ฏ๐˜ท๐˜ฐ๐˜ญ๐˜ท๐˜ฆ๐˜ด ๐˜ญ๐˜ฐ๐˜ฐ๐˜ฌ๐˜ช๐˜ฏ๐˜จ ๐˜ง๐˜ฐ๐˜ณ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ด๐˜ช๐˜ญ๐˜ท๐˜ฆ๐˜ณ ๐˜ญ๐˜ช๐˜ฏ๐˜ช๐˜ฏ๐˜จ ๐˜ช๐˜ฏ ๐˜ฅ๐˜ช๐˜ง๐˜ง๐˜ช๐˜ค๐˜ถ๐˜ญ๐˜ต ๐˜ค๐˜ช๐˜ณ๐˜ค๐˜ถ๐˜ฎ๐˜ด๐˜ต๐˜ข๐˜ฏ๐˜ค๐˜ฆ๐˜ด ๐˜ข๐˜ฏ๐˜ฅ ๐˜ฃ๐˜ฆ๐˜ญ๐˜ช๐˜ฆ๐˜ท๐˜ช๐˜ฏ๐˜จ ๐˜ต๐˜ฉ๐˜ข๐˜ต ๐˜ต๐˜ฉ๐˜ช๐˜ฏ๐˜จ๐˜ด ๐˜ธ๐˜ช๐˜ญ๐˜ญ ๐˜ถ๐˜ญ๐˜ต๐˜ช๐˜ฎ๐˜ข๐˜ต๐˜ฆ๐˜ญ๐˜บ ๐˜ต๐˜ถ๐˜ณ๐˜ฏ ๐˜ฐ๐˜ถ๐˜ต ๐˜ธ๐˜ฆ๐˜ญ๐˜ญ."

๐–๐ซ๐จ๐ง๐ .

โŒ It's not focusing on the good in every situation.

โŒ It's not finding the "silver lining".

โŒ It's not smiling and assuming things will get better.

โŒ It's not being happy go lucky.

โŒ It's not ignoring the bad that inevitably occurs.

โŒ It's not acting hopeful and being grateful it's not worse.

โŒ It's not just believing things will turn out ok.

I got it wrong for too long believing the above. But I've changed my thinking.

Truth is, sometimes situations suck. Stuff goes wrong. You make a mistake. You have a terrible day. It happens to all of us.

You don't have to be happy to have a positive attitude.

Positivity isn't slapping on a happy face and being hopeful. Fake pollyanna positivity is actually toxic.

๐–๐ก๐š๐ญ ๐š ๐ฉ๐จ๐ฌ๐ข๐ญ๐ข๐ฏ๐ž ๐š๐ญ๐ญ๐ข๐ญ๐ฎ๐๐ž ๐ซ๐ž๐š๐ฅ๐ฅ๐ฒ ๐ข๐ฌ. ๐Ÿ‘‡

Being positive means being smart enough to identify issues, being empathetic to know you may be wrong, being responsible and admitting mistakes, and being confident you can solve any problems and overcome any challenges.

Positivity is resilience.

Positivity is fundamentally about being a problem solver - deep confidence that you are a problem solver and a willingness to take action to solve problems.

Especially this time of year, as we all are setting goals and plans for 2023 at CHARLESGATE, here's what I remind myself:

More than just being hopeful and happy, be confident that when you get punched in the face (and you will), you can fix problems and overcome challenges.

Set big goals, work your plan, and be positive. ๐Ÿ’ช

#positivemindset #problemsolving #goals #systems #growthmindset

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Michael DiMella

4y ago

Adapting in a Recession
Michael DiMella

Preparing for what may be ahead of us, I've been thinking about how we adapted and adjusted to previous downturns, in 2008, and during covid in 2020.


And I quickly thought about one of my favorite buildings we've leased up and now manage, which came online during the initial surge of Covid in spring/summer 2020, when most of the multifamily and leasing market was getting crushed.

One Chestnut Place is a gorgeous hi-rise in Quincy Center (Quincy's tallest building).

But with so much uncertainty and 140 apartments to lease-up, we had to get creative and pivot quickly.


Here's a snapshot of what we did:

โžก๏ธ We went from hard-hat and model unit tours to live virtual presentations with our leasing team. We created a brand-new leasing playbook that we still use today.


โžก๏ธ We completely revamped the property website, messaging, and advertising, on the fly.


โžก๏ธ We shot videos of all available layouts and of the views to make renting remotely as easy as possible.


โžก๏ธ We stayed in constant communication with both the developer and general contractor to ensure safety protocols were being met and all of our timelines and goals were aligned.

We bucked all trends and market forces to achieve 50% pre-leased before occupancy and over 75% leased within 3 months of opening! And had strong continued leasing momentum to fill the building on target with initial pro formas (planned before covid).

This was a bright, shining example of adaptability and great teamwork (including a fantastic developer who made it their mission to deliver an incredible product) - and was a major success for new development marketing & lease-up in the midst of the coronavirus pandemic 2020.

More importantly, it was another confidence booster that we at CHARLESGATE can handle just about anything the market can throw at us.

Our experience throughout the long great recession aftermath post 2008, and through the shock recession (and rapid recovery) of covid, has given us many lessons that we practice in our business today and serve us well in good times and tough times.

That critical experience is very difficult to get unless you've lived it. It wasn't easy either time, but I'm glad we did, and can now use that experience to better guide and advise clients over the next couple of years as the economy slows again.

โ“Has your property management or new development marketing and sales partner survived and thrived through previous economic down-cycles?

Might be time to lean on someone who has.

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Michael DiMella

4y ago

The most important trait to advance your career faster.
Michael DiMella

Want to succeed in your career much faster?

Be coachable. ๐Ÿ…

My entire life I grew up playing hockey. I was pretty good but was not even close to the most skilled.

Yet I ended up with the opportunity to play college hockey at a Division 1 level.

Not many people get that opportunity. And it only happened because I was coachable.

My coaches could trust me to listen, take feedback, and implement it. Again and again.

I got better, and they knew could trust me in the important moments.

That created the opportunities I needed to play hockey at the highest levels in college.

In sports or in business, it's the same.

Being coachable will dramatically increase your chances of success, and is one of the very best things you can learn to accelerate your career.

There are two common challenges that I've seen limit people's coachability:

1. ๐ƒ๐จ๐ง'๐ญ ๐ฅ๐ž๐ญ ๐ฒ๐จ๐ฎ๐ซ ๐ž๐ ๐จ ๐ ๐ž๐ญ ๐ข๐ง ๐ญ๐ก๐ž ๐ฐ๐š๐ฒ. 

Don't be a know-it-all. Drop your defenses and listen. Your willingness to improve must be bigger than your ego. Be open-minded and foster a growth mindset. Instead of pushing back against feedback, know it's meant to make you better. It is much more powerful to be curious and willing to learn than to be threatened by what you don't know.

2. ๐ƒ๐จ๐ง'๐ญ ๐›๐ž ๐ญ๐จ๐จ ๐ฌ๐ž๐ง๐ฌ๐ข๐ญ๐ข๐ฏ๐ž. 

Feedback can be hard to hear sometimes. But you can't take it personally. Nobody is perfect and everybody needs feedback to learn and grow. Feedback doesn't mean you're a bad person or that you're not good at your job. The person giving feedback is someone who cares enough to invest their time trying to help you. Feedback is a gift that fewer people will be willing to give you if they fear all it would do is upset you.

๐˜ฑ๐˜ด. ๐˜›๐˜ฉ๐˜ฆ ๐˜ฎ๐˜ฐ๐˜ณ๐˜ฆ ๐˜บ๐˜ฐ๐˜ถ ๐˜ข๐˜ด๐˜ฌ ๐˜ง๐˜ฐ๐˜ณ ๐˜ง๐˜ฆ๐˜ฆ๐˜ฅ๐˜ฃ๐˜ข๐˜ค๐˜ฌ ๐˜ข๐˜ฏ๐˜ฅ ๐˜ญ๐˜ช๐˜ด๐˜ต๐˜ฆ๐˜ฏ, ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฎ๐˜ฐ๐˜ณ๐˜ฆ ๐˜ค๐˜ฉ๐˜ข๐˜ฏ๐˜ค๐˜ฆ๐˜ด ๐˜บ๐˜ฐ๐˜ถ'๐˜ญ๐˜ญ ๐˜จ๐˜ฆ๐˜ต ๐˜ต๐˜ฐ ๐˜ด๐˜ฉ๐˜ฐ๐˜ธ ๐˜ต๐˜ฉ๐˜ข๐˜ต ๐˜บ๐˜ฐ๐˜ถ'๐˜ณ๐˜ฆ ๐˜ค๐˜ฐ๐˜ข๐˜ค๐˜ฉ๐˜ข๐˜ฃ๐˜ญ๐˜ฆ ๐˜ข๐˜ฏ๐˜ฅ ๐˜ฉ๐˜ข๐˜ท๐˜ฆ ๐˜ข ๐˜จ๐˜ณ๐˜ฐ๐˜ธ๐˜ต๐˜ฉ ๐˜ฎ๐˜ช๐˜ฏ๐˜ฅ๐˜ด๐˜ฆ๐˜ต. ๐˜›๐˜ฉ๐˜ข๐˜ต ๐˜ธ๐˜ช๐˜ญ๐˜ญ ๐˜ข๐˜ค๐˜ค๐˜ฆ๐˜ญ๐˜ฆ๐˜ณ๐˜ข๐˜ต๐˜ฆ ๐˜บ๐˜ฐ๐˜ถ๐˜ณ ๐˜ค๐˜ข๐˜ณ๐˜ฆ๐˜ฆ๐˜ณ.

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Michael DiMella

4y ago

Does the FED have it all wrong?
Michael DiMella

Does the FED have it all wrong?

I'm growing increasingly concerned by Jerome Powell's recent comments about corrections being needed in the employment market and in the housing market.

He seems to imply that deep corrections are needed, but I'm not sure he and the FED are relying on the right data or the right reading of the economy based on the fundamental changes happenning in real time.

The easy supply of money for nearly 15 years has certainly added to the pressure on asset prices in the recent past; and reducing the supply of money (raising rates) some degree is clearly necessary to ease excess pressure and reign in inflation.

But...there's more going on than just the supply of money.

Pandemic supply chain issues, changing preferences in the supply of labor (gig economy and creator economy growing), and the systemic lack of housing production due to legacy (bad) zoning have just as much if not more impact.

People are exiting the labor market. We should encourage more immigration to compensate.

We're not building enough homes. We need to move away from local control over zoning to better plan and build housing regionally.

These are fundamental structural changes happening in the preference for people in the labor market, and there are often too many roadblocks to production in the housing market. We also know that the Fed is over-reliant on poor sampling for housing market data (which leads to a poor understanding of real housing market price and rent motion overall).

I get it. Inflation is a serious problem. A wage-price spiral can be devastating. Asset bubbles are dangerous.

But the FED got caught behind. And now raising rates too far, too fast will overcompensate, shut down demand too far, and create excessive hardship for people unnecessarily (lost jobs, etc). It will also shut down the building of new homes which is necessary to avoid a repeat cycle.

I'm hoping the FED is looking deeper into the underlying factors at play and giving hard thought as to what they can actually moderate through monetary policy.

What are you seeing out there? Comment below! ๐Ÿ‘‡

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Michael DiMella

4y ago

The students are coming! The students are coming! ๐Ÿ‘ฉโ€๐ŸŽ“

En masse, over 150,000 students are now descending on Boston. Today.

Over 60% of them are living in "off-campus", private housing. And today is the day to move in.

It's truly a sight to behold. ๐Ÿ‘€

Boston Moving Day is upon us.

If you've not experienced #BostonMovingDay, you owe it to yourself to visit Boston on September 1st.

(๐˜ข๐˜ค๐˜ต๐˜ถ๐˜ข๐˜ญ๐˜ญ๐˜บ, ๐˜ฏ๐˜ฐ, ๐˜ฅ๐˜ฆ๐˜ง๐˜ช๐˜ฏ๐˜ช๐˜ต๐˜ฆ๐˜ญ๐˜บ ๐˜ฅ๐˜ฐ๐˜ฏ'๐˜ต)

It's epically wild. Crazy. Insane.

Some neighborhoods have it worse than others. In #Allston, today is known as "Allston Christmas" because of the piles of used furniture left on the streets by outgoing tenants.

When nearly a quarter of a city's population is made up of college students, and a huge chunk of them not able to be served by college dorms, the private market needed to step up. In a big way. (but that's a story for another post).

And because of this critical mass of student turnover each year, much of the rest of Boston's non-institutional apartment stock has evolved to align with this September 1st leasing cycle.

The best part...same-day turnovers and simultaneous move-outs and move-ins are the norm.

It's been that way for decades.

So now it's not just student moving day, it's ๐‘ฉ๐‘ถ๐‘บ๐‘ป๐‘ถ๐‘ต ๐‘ด๐‘ถ๐‘ฝ๐‘ฐ๐‘ต๐‘ฎ ๐‘ซ๐‘จ๐’€

Fun. :)

โžกโžก ps. I just want to drop a huge ๐“๐‡๐€๐๐Š ๐˜๐Ž๐” and ๐–๐„๐‹๐‹ ๐ƒ๐Ž๐๐„ to my team at CHARLESGATE who are managing an incredible amount of turnovers throughout #Boston today and through the weekend. It takes an unbelievable amount of planning, early mornings, late nights, and handling a lot of stress. As usual, my team has stepped up in a huge way, and I'm so proud of the teamwork and passion for delivering the best experience possible for residents under the most challenging circumstances.

Todd Mikelonis

Jared Clement

Andrea Martel

#bostonrealestate #propertymanagement #bostonapartments #leasing #studenthousing #multifamily

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Michael DiMella

4y ago

I love sailing.

It's always a learning experience.

It's one of the classic "simple to learn how, but incredibly difficult to do well" activities.

Every time I sail I learn something new. I get 1% better.

But I was just thinking about how making a sailboat go fast is also a lot like business.

On a sailboat, sailors don't create the wind or the conditions they face.

Sailors can only head into the wind and trim the sails well to capture and channel the wind.

As the sails capture the wind, the boat gains momentum and moves faster - and that's when something magic can happen. 

The momentum of the boat creates more โ€œapparent windโ€, enabling the boat to sail even faster.

Some boats can even sail faster than the true wind.

This is just like business.

You can't always control external conditions or create opportunities, but when your team is all pulling in the same direction, set on aligned goals, and channeling a common vision, the magic happens.

Your team becomes more than the sum of its parts when the "sails" are trimmed right.

Obstacles are more easily overcome and you create more opportunities by virtue of your own momentum.

Channel the wind right and create your own apparent wind. Magic.

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Michael DiMella

4y ago

This Is The Best Book Iโ€™ve Ever Read On Management (and its not even close)
Michael DiMella

There are plenty of books about management, leadership, coaching.

And I've read many of them.

Especially as we've been scaling up at CHARLESGATE, adding team members, and filling in management ranks, I've been reading and thinking a lot about what we need to do to build a strong core of managers across the company.

The BEST (and it's not even close) book on management I've found is "When They Win, You Win" by Russ Laraway.

Some of the highlights:

  • His Big 3 of Direction, Coaching, Career simplifies management to its core with a few simple, actionable frameworks to get aligned results from your team

  • He builds confidence that anyone can be a good manager (not just "natural leaders"): Substance>Style

  • The four-part Direction framework creates a long-term purpose to inspire your team and short-term goals & prioritization, aligned with company goals to drive your team to meaningful results

  • He focuses on ruthless prioritization as a key to helping your team eliminate what's not important and focus on what is to move the business forward and actually achieve goals

  • He simplifies coaching to its core to give clear feedback by coaching people empathetically how to continue doing what is working or improve what they can do better (with specific methods to do so)

  • He provides practical ways to foster strong engagement from your team by showing that you care about them as people (like the unique career conversations and career action plan framework)

This isn't esoteric theory. It's a straightforward, clear roadmap to become a great manager. If you are at all interested in your own growth as a manager or that of your team, I can't recommend this book enough.

(And if you've read it, do you agree? Any other books or training for managers you would recommend?)