Mitchell Lovell Career Background
What is your biggest career achievement?
- In March of 2020 I was relocating from managing Flats on 5th (a rehab project at a high rise in Louisville) to managing Riverfront Towers (luxury Highrise in downtown Detroit). I had previously worked at Riverfront, so I was well aware of the intense pace and demand of the property. Nevertheless, I was excited for the opportunity in what would be the greatest challenge of my career thus far.
My first day at Riverfront Towers, proved to be an historical event. Within hours of my first day on site, Gov. Gretchen Whitmer had announced a shelter in place order in response the newfound threat from Covid-19. On top of this I was entering a property that was already severely understaffed, had $5million dollars in capital improvements scheduled for the year, and was underperforming and under delivering to its stakeholders.
Most of my prior positions I had always personally supervised nearly every goal and project that the property had. Due to the circumstances and the needs of the property it became clear very quickly that I would need to make changes in my management and leadership style. I was lucky in that I had a very capable marketing manager and maintenance supervisor already in place. During this time, I learned to let others take the reins on projects and. By giving trust to employees and consistently coaching and following up on their progress, we were able to build an environment where all team members took ownership over their assignments and projects. We created strategic plans that considered the strengths, and professional goals of every employee and implemented them in the way that would most benefit the property and its goals. This led to a much more satisfied team reducing Year over Year turnover from 2019 by more than 70%.
Like many other properties during this period, we certainly had our fair share of pivots. Countless issues arose. Urban housing markets were in a hard decline as a response to the covid pandemic. We constantly had to change our business practices in response to CDC guidelines. Overall during this period nearly all properties in Detroit saw declines in rent and occupancy. With our goal being improvement, we made it our number one priority to stay ahead of the curve quickly rolling out alternative ways to tour apartments. 3d tours, video walkthroughs, and no contact tours were quickly in place before many of our competitors. The leasing team was relentless in their pursuit to fill the vacant apartments homes. This led to an increase in occupancy from 85% to 97%. Resident retention improved from 45% to 70%. Financial health also improved with NOI increasing by 14%.
At a time where circumstance had set us up for failure, we stood together as a team and rejected the excuses. We strived for improvement every day. We fostered in a culture of excellence and success. Through the hard work and positive attitudes of the team we found success where so many others struggled. During this time, I grew so much as a leader and as a person, as did many of the team members. 2020 will always be memorable year for me, but unlike so many others, I look back at 2020 with pride of our achievements in the face of adversity.
Given your past experiences, what event/ project or moment would you revisit and how would you go about it differently based on your current frame of mind?
- In the spring of 2021, I was a property manager at Riverfront Towers, a 550 unit gated high rise in downtown Detroit. While the property was very demanding and required long hours, we were having success and consistently surpassing performance goals. At this time my director approached me and offered me an opportunity to have regional level oversight for 504-unit townhome complex in West Bloomfield. I was happy to be offered this opportunity, but I also knew that I was already working long hours and that the demands of my current position would not get any lighter as I would retain all my current responsibilities in addition to the new ones. While I wasn’t 100% confident that I would be able to balance all these responsibilities, I have never been one to turn down a challenge. So I accepted the position and got to work.
It become quickly apparent to me that I was not going to be able to effectively complete all my duties in a timely manner. Still, I muddled through and tried to force myself to succeed even though I knew I was not capable of effectively managing both properties at the same time. Performance of both properties began to slip, and it was the first time in my career that I truly felt I had failed. Looking back, I learned that it’s important to be honest with yourself, and that it isn’t fair to the stakeholders of the property to overcommit. While it was disappointing, I am glad that I was able to have this experience, and I know in the future to stay humble and be honest with myself and my supervisors. In retrospect I should have voiced my initial concerns and confessed that the task was beyond my capabilities.
From your perspective, what is the industry lacking to support the modern renter and how do you plan to help supply that need?
- I think that the biggest issue facing the modern renter is the potential lack of supply in the industry. According to NAA we need to create 328,000 new apartment homes per year through 2030 to meet the current demand of renters. To keep up with this demand it will be imperative that we as property managers do everything in our power to deliver results to our investors, and to deliver quality housing to our resident, so that residents stay longer, and investors build more.
In my opinion the biggest threat to the housing supply is rent control and other regulation policies that would deter investors from developing in areas that need it most. As is the job of every citizen that sees a potential issue in their government it’s important to get involved, and make your voice heard. I have always been active in my local apartments associations and legislative committee and have recently become the chair of the West Michigan legislative committee. It is my goal to get others involved. The importance of attending local and state government affairs meetings is imperative to the fight against rent control.