Michael DiMella
/mdimella
Managing Partner @Charlesgate | Empowering people to be better real estate investors and leaders | Posts on #realestateinvesting #leadership #entrepreneurship
Michael DiMella
3y ago
Most people get the definition of #positiveattitude all wrong.
Even #chatgpt gets it all wrong:
"๐ ๐ฑ๐ฐ๐ด๐ช๐ต๐ช๐ท๐ฆ ๐ข๐ต๐ต๐ช๐ต๐ถ๐ฅ๐ฆ ๐ช๐ด ๐ข ๐ฎ๐ช๐ฏ๐ฅ๐ด๐ฆ๐ต ๐ต๐ฉ๐ข๐ต ๐ช๐ด ๐ค๐ฉ๐ข๐ณ๐ข๐ค๐ต๐ฆ๐ณ๐ช๐ป๐ฆ๐ฅ ๐ฃ๐บ ๐ฐ๐ฑ๐ต๐ช๐ฎ๐ช๐ด๐ฎ, ๐ฉ๐ฐ๐ฑ๐ฆ๐ง๐ถ๐ญ๐ฏ๐ฆ๐ด๐ด, ๐ข๐ฏ๐ฅ ๐ข ๐ง๐ฐ๐ค๐ถ๐ด ๐ฐ๐ฏ ๐ต๐ฉ๐ฆ ๐จ๐ฐ๐ฐ๐ฅ ๐ช๐ฏ ๐ข๐ฏ๐บ ๐ด๐ช๐ต๐ถ๐ข๐ต๐ช๐ฐ๐ฏ. ๐๐ต ๐ช๐ฏ๐ท๐ฐ๐ญ๐ท๐ฆ๐ด ๐ญ๐ฐ๐ฐ๐ฌ๐ช๐ฏ๐จ ๐ง๐ฐ๐ณ ๐ต๐ฉ๐ฆ ๐ด๐ช๐ญ๐ท๐ฆ๐ณ ๐ญ๐ช๐ฏ๐ช๐ฏ๐จ ๐ช๐ฏ ๐ฅ๐ช๐ง๐ง๐ช๐ค๐ถ๐ญ๐ต ๐ค๐ช๐ณ๐ค๐ถ๐ฎ๐ด๐ต๐ข๐ฏ๐ค๐ฆ๐ด ๐ข๐ฏ๐ฅ ๐ฃ๐ฆ๐ญ๐ช๐ฆ๐ท๐ช๐ฏ๐จ ๐ต๐ฉ๐ข๐ต ๐ต๐ฉ๐ช๐ฏ๐จ๐ด ๐ธ๐ช๐ญ๐ญ ๐ถ๐ญ๐ต๐ช๐ฎ๐ข๐ต๐ฆ๐ญ๐บ ๐ต๐ถ๐ณ๐ฏ ๐ฐ๐ถ๐ต ๐ธ๐ฆ๐ญ๐ญ."
๐๐ซ๐จ๐ง๐ .
โ It's not focusing on the good in every situation.
โ It's not finding the "silver lining".
โ It's not smiling and assuming things will get better.
โ It's not being happy go lucky.
โ It's not ignoring the bad that inevitably occurs.
โ It's not acting hopeful and being grateful it's not worse.
โ 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.
๐๐ก๐๐ญ ๐ ๐ฉ๐จ๐ฌ๐ข๐ญ๐ข๐ฏ๐ ๐๐ญ๐ญ๐ข๐ญ๐ฎ๐๐ ๐ซ๐๐๐ฅ๐ฅ๐ฒ ๐ข๐ฌ. ๐
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. ๐ช
#positivemindset #problemsolving #goals #systems #growthmindset
Michael DiMella
4y ago
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:
โก๏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.
โก๏ธ We completely revamped the property website, messaging, and advertising, on the fly.
โก๏ธ We shot videos of all available layouts and of the views to make renting remotely as easy as possible.
โก๏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.
โHas 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.
Michael DiMella
4y ago
I love this quote ๐
โI am not a product of my circumstances. I am a product of my decisions.โ
โ Stephen R. Covey
It speaks directly to one of our Core Values at CHARLESGATE:
๐ฐ๐
๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐ ๐๐ ๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐๐ & ๐๐๐ ๐๐๐๐๐๐๐.
That means we...
๐ have the confidence to adapt and solve problems
๐ are accountable to results, not tasks
๐ have recommendations ready before asking for help
๐ dig deeper to identify root causes of problems & better solutions
๐ creatively find ways to turn challenges into opportunities
๐ create systems to avoid constraints in the future
๐ don't make excuses
#culture #resultsdriven #CHARLESGATE
Michael DiMella
4y ago
The students are coming! The students are coming! ๐ฉโ๐
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. ๐
Boston Moving Day is upon us.
If you've not experienced #BostonMovingDay, you owe it to yourself to visit Boston on September 1st.
(๐ข๐ค๐ต๐ถ๐ข๐ญ๐ญ๐บ, ๐ฏ๐ฐ, ๐ฅ๐ฆ๐ง๐ช๐ฏ๐ช๐ต๐ฆ๐ญ๐บ ๐ฅ๐ฐ๐ฏ'๐ต)
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 ๐ฉ๐ถ๐บ๐ป๐ถ๐ต ๐ด๐ถ๐ฝ๐ฐ๐ต๐ฎ ๐ซ๐จ๐
Fun. :)
โกโก ps. I just want to drop a huge ๐๐๐๐๐ ๐๐๐ and ๐๐๐๐ ๐๐๐๐ 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.
#bostonrealestate #propertymanagement #bostonapartments #leasing #studenthousing #multifamily
Michael DiMella
4y ago
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?)