How would you define resilience? How can this quality help with your career in property management? Join us as we talk with industry expert Ed Buckley from Avenue 5, whose career has spanned over 25 years, and see how his resilient attitude helped him on his path to success.
Our Special Guest: Ed Buckley from Avenue5 Residential
Ed Buckley is currently working as the Vice President of Operations at Avenue5 Residential. Ed began his multifamily industry career in 1998 and has overseen performance for lease-up, stabilized, mixed-use, and LIHTC properties. Prior to joining Avenue5, Ed served in portfolio leadership roles for Equity Residential, Concord Management, Integral Property Management, US Residential Group, and Greystar. He holds certified apartment portfolio supervisor (CAPS) and housing credit certified professional (HCCP) designations.
How do you build a lifelong successful property management career? One key element is resilience. What do you think of when you hear that word? This episode takes a deep dive into resilience and why it’s so important.
Key Questions/Topics Covered
What has kept you resilient throughout your property management career?
There will always be another issue, another mountain to climb as far as managing properties goes. We need to remember that we are managing people’s homes. There is a quote that I love that I saw hung up somewhere: “Residents don’t live where we work; we work where they live.” You have to be resilient and meet any challenge because people rely on us for where they live!
Tips for maintaining a positive attitude
It sounds a bit cliché – but I always try to treat people the way I would want to be treated. No matter what, understand that everyone is always going through something. When something goes wrong, I can cuss with the best of them, but I try not to make it personal and remember that we need to work through the situation and solve it.
Covid and resilience
I am amazed by both the resilience and creativity that I saw and experienced during the pandemic. For example, I took part in a weekly phone call attended by property managers and vendors from all over the U.S.. Competitors right there on the same call, all brainstorming together on how to meet the unprecedented challenges we were all facing. Vendors there not to sell but to show how they could support the industry. Truly amazing to see us all come together during this time.
That was on a national level. Back at home, it was hard to transition to a new office way of life: plexiglass everywhere and masks. For me, it was a challenge to switch to virtual leasing. Regardless, changes needed to be made, and we did.
Overcoming challenging situations
I am known as the cleanup guy. As many of you know, in third-party management, you always have 30 days to lose a property. So coming into a property that has low occupancy and is hemorrhaging money is always a challenge. There is no magic wand that is going to get you immediate results. However, it starts with making the right decisions from day one. You can’t change the past; just move forward. I recently did this very thing and am happy to say a year and a half later, both occupancy and profitability are up, and we are moving ahead in a great direction.
Finish The Race
Resilience needs to be who we are, not just what we do at work. For example, participating in races and marathons has been a big part of my life. Last February, I fell at home and immediately knew I had done major damage to my knee. The MRI showed that I had ruptured the quadricep tendon in my knee, and I would require surgery. This could have been the end of my running career. But two days post-op, I signed up for The Peachtree Road Race. I took it day by day, but this goal was non-negotiable. I completed the race! I may have had to make modifications, but I got it done! That is what resilience means to means to me!
What one actionable tip could you share that has served you well as an educator?
If it doesn’t challenge you, it doesn’t change you.Ed Buckley
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