What Google and Intel Know about real estate investing is that a certain cross section of skills is necessary to optimally run a business. Using a fine point pen, these two global, multi-billion dollar companies have identified the necessary core competencies they desire and they know exactly the type of people they wish to hire. I believe that property management companies hiring people with these same skills could see exponential increases in productivity.
Google and Intel have scholarship competitions to encourage young people in science, engineering and computer science. Do you know a burgeoning scientist? Google and Intel are searching the globe for talented young minds to change the world.
Yet while ideals are important, the people they seek must have certain cognitive and social skills to fit into their respective organizations. Hermits need not apply.
In recent years the applicants at Intel's Science Research Fair attained a balance of 50/50 men and women. For the first time ever this year's competition had three women finalist.
What does this have to do with real estate investing? There are specific attributes these companies look for in new hires. Both companies hire people from around the world representing every time zone and dozens of countries.
What are the knowledge, skills and abilities Google and Intel are seeking in their future scientists and engineers that we can apply to property management? They are:
Extraction - taking a problem and presenting it in a way that allows people to work towards a solution.
Working with Data - skill in collecting relevant information from the ocean of information noise around us.
Social interaction- teamwork. Skill a and b (above) has value only when shared, thus, having the ability to work with others is essential. Teamwork - worldwide, is a necessary component for working on projects and problems when team members are spread across the globe.
These same skills; extraction, working with data and teamwork, are necessary for operating a successful property management business.
The connection between the talents sought by Google and Intel and property management is that being a successful real estate investor requires the successful implementation of sound property management that includes certain cognitive abilities and teamwork.
Hiring property management talent with abilities in extraction, working with data and teamwork is a solid footing for growing a great organization.
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Multifamily Insight is dedicated to assisting current and future multifamily property owners, operators and investors in executing specific tasks that allow multifamily assets to operate at their highest level of efficiency. We discuss real world issues in multifamily property management and acquisitions. This blog is intended to be informational only and does not provide legal, financial or accounting advice. Seek professional counsel. For more information, visit: www.MultifamilyInsight.com