Jennifer Wiley Career Background
What is your biggest career achievement?
- On October 14, 2019, Greenbrier’s controller gave her two-week’s notice. An accounting consultant was brought in the following day and was intended to fill the void she would leave until a replacement was found. Advertisements were put online that GMC was looking for a new, seasoned controller that could help move the company into the future and could accommodate all of the growth that we were about to undergo. Then, on October 24, I was notified that I would actually be assuming the position – at least in the interim – and would have exactly one day of training with the outgoing controller. I was first excited for the opportunity and then immediately convinced that I was not the right person for this position. While I have my MBA, I did not emphasize in accounting or finance, and I only had about two months of experience being an accounting assistant. The last day of the accounting period was the 25th, and I’d be on my own for month end, financial reporting, and generally leading the accounting department. I was feeling overwhelmed, incapable, and completely terrified.
When I came into the office on October 25, I spent every second with the outgoing controller absorbing as much information as I could; then, at the end of the day, the baton was passed and all of her duties were now mine. I spent the next week stumbling through month end processes and leaning heavily on the rest of the accounting team to help me get through the week. I went home every night and dreamt about financial reporting, all the things I couldn’t accomplish that day, and one specific property’s NOI line. Despite struggling through that first week, I felt more confident at the end of each day, and I started to feel like I could actually manage this position.
When we rolled over into November, I remember feeling slightly relieved. The first week of the month would be the time that I’d shine. In my two months as an accounting assistant, I had learned the basics of variance reporting and making reclasses and accruals in our management software database. I had no experience actually putting together the financial packages that were sent to the owners, but I knew if I could do one thing, it was making sure that our income and expenses were reported accurately. As I began my financial review, I started to realize that I was moving through each review with real poise and self-assuredness. I started to take ownership of this position, and I was questioning myself less and less daily. When there were errors, I was catching them and resolving them. Much to my surprise, I was leading my team, delegating tasks, and felt like I was succeeding in a job that I originally thought I’d fail in.
Until the 15th when our third-party managed financial packages were due to the owners, I still dreamt of variance reports, T12s, and that same property’s NOI line. But, more importantly, I came into work with a confidence I didn’t know that I could have. At the end of the day on November 15, 2019 at 7:59 PM, I sent out the final financial package due and felt like I conquered the world. From that moment on, I knew that I was made for this.
My biggest achievement in this industry is not one specific moment but rather the culmination of several in the realization that I can do anything I set my mind to. I’ll never stop pushing myself and seeking to learn more to accomplish more than I ever thought that I could. This now permanent promotion has given me a whole new perspective that I never would have had without an abrupt change to my reality and my career. I couldn’t be more thankful.
What is your ultimate career goal within the rental housing industry?
- If you'd have told me when I was hired in 2011 as a part-time leasing consultant that I'd be the controller for the company in 2020, I would have never believed you. So, asking me today what I'll be doing in 2030 or beyond is extremely difficult. Every day that I've worked, I've come in and given my best effort. I continually challenge myself to be better than I was yesterday, and I want to keep learning and excelling. As a result, I think that has given me the opportunity to advance in the company as much as I have to date.
That being said, I will not accept that I am 28 years old and have reached my ceiling. Just because I hold one of the top leadership positions within my company does not mean that I will stop pushing and challenging myself to be better; I will never become content. I am always changing, learning, and growing personally, so I want to be able to push for the same growth within my organization. I want to assist moving my company forward into the future and growing it into a much larger organization. What that process looks like, ultimately, I'm not sure; however, I'd love to be an instrumental part of the maturation of Greenbrier and see it reach its full potential, possibly even being its Chief Financial Officer. One thing is definitely for sure, though; I will enjoy the ride to get there…with my foot firmly pressed on the gas.
What's one rental housing trend you have your eye on?
- There is currently a bill awaiting approval in Virginia (House Bill 6) that would allow "source of income" to be a protected class, meaning that a property owner could not discriminate against a housing choice voucher holder due to their income source. Initial reactions from most reasonable people would be to support this legislation. What kind of person would support any form of discrimination, right? After digging deeper, however, you have to ask why a property owner or landlord would refuse to take guaranteed rent. We are in the business of housing people, and property owners love collecting rent. The problem is not with where the rent comes from. The real issue lies with the local housing authorities. These organizations often lack the resources to effectively manage assistance programs due to an inefficient and overly bureaucratic system.
HB6 would force all landlords to sign a Housing Assistance Program (HAP) contract. Those that already accept vouchers know the challenges associated with these contracts. It can take weeks to move new residents in due to required property inspections which results in income loss, payment amounts are frequently changed without notification to the landlord even though the HAP contract requires it, and assistance payments are frequently stopped due to issues reported by residents to the housing authority without notification to the management company (also required in the HAP contract). There are many other examples of situations in which housing authorities violate the terms of the HAP contract, but landlords have no recourse and simply have to accept them as part of their agreement to sign it. This results in additional financial risk for property owners, and is the reason for some to avoid working with housing authorities altogether. The real solution is to fix the broken system, instead of putting a bandage on it and calling it healed.
HB6 in Virginia is just one example of a trend making it’s way around the country. Whether it is Seattle, New York, or Richmond, lawmakers are presenting - and passing - legislation that negatively affects the multifamily housing industry. The best way for us and other rental housing organizations to respond, is to get involved and communicate with our lawmakers directly. In many cases they don’t understand the full implications of the bills they vote for, and they won’t unless we take the initiative to give our perspective. Our local, state, and national apartment associations educate us on the issues that affect our industry positively and negatively. We have opportunities to get in front of lawmakers at events like Lobby Day and Advocate, as well as various email campaigns. The more industry professionals realize the importance of advocacy, the stronger the influence we will have in helping to shape the future of our industry. I, for one, am planning to do my part!