Is your definition of success today different than it was before? If not, it probably should be. When you think about the phenomenal changes the multifamily industry has experienced since 2020, it’s only reasonable that the way we measure success has changed as well. Traditionally, the multifamily industry has looked to the following criteria as some of the top ways to measure success:
- Occupancy growth
- Strong closing and renewals
- Growing revenue
- Reduced expenses
- Minimizing resident turnover
- Minimizing staff turnover
- Completed capital projects
- Safety compliance/Risk management
- Minimal staff downtime
- Training deadlines met
Conversely, according to a recent study conducted by Strayer University, individuals in the workforce measured their own personal success very differently. The study revealed participants use the following ways to measure success:
- 90% believe happiness is a bigger indicator of success than power, possessions, or prestige
- 67% define success as “good relationships with family and friends”
- 60% believe being successful is loving what you do for a living
- 20% stated that monetary wealth determines success
Clearly, there is a disconnect between how companies and supervisors measure success versus how we measure it in our own lives, which can be very frustrating and demoralizing. When you find yourself feeling discouraged, remember what you have accomplished! Check out these 9 top ways to measure success:
- You’re no longer the center of the universe – you can feel empathy.
- You stay positive despite the difficulties of reality.
- You understand that failure isn’t forever – just because you failed, you are not a failure!
- You remember to keep things in perspective.
- You ask for help when you need it.
- You realize that life is not a zero-sum game – you don’t lose when someone else wins.
- You can celebrate the achievements of others with sincere enthusiasm.
- You can tell the difference between drama and excitement.
- You no longer care what other people think – you no longer have something to prove.
- You accept the things you can’t change and change the things you can.
Remind yourself that your success is your own and is determined internally. You don’t have to look for outside accolades to prove yourself; look inward for validation and allow your measure of success to flow with today’s reality!