The most important job of a team leader is to hire great people. And the most important way to attract great people is to have a strong, positive culture. People want meaning in their lives. They want to work for a company where they feel connected, valued, challenged and inspired.
Every company’s culture is different. If a company has a strong culture that fits with the company’s purpose, then it attracts the right kind of people to make that company successful.
At Mynd, we provide full-service property management services enhanced by proprietary technology, making it easy for anyone to invest in real estate. As such, the kind of people we need to make our company successful are people who are passionate about real estate investing.
One of the value propositions that attracts employees to Mynd is that they are immersed in an environment where they learn about real estate investing. The office environment is punctuated by a constant buzz of conversations about real estate investing.
Seven years before we started Mynd, in 2009, my co-founder Doug Brien and I started Waypoint Homes, which bought and managed over 17,000 rental houses, one at a time, across 13 markets, and ultimately went public on the NYSE. In doing so, we built sophisticated technology systems to help us buy and manage these houses (the seed of the idea for Mynd).
Along the way, we learned a lot about what makes a successful residential real estate investment, and now we are sharing those learnings with our team. We have lunchtime talks, where we share ideas about what kinds of assets to buy and where to buy them. Topics include how to think about cap rates, understanding yield versus expected appreciation, tax treatment, like-kind exchanges, sources of additional income, the impact of technology on where people will want to live, and many more.
We also talk one-on-one with many of our team members about their personal investing strategies. We believe people should have two incomes, one from their regular job, and one from their money working for them. And over time, the latter should grow to become larger than the former.
As a result, the employees Mynd has attracted are exactly the kind of people we need to be successful – smart, creative people who are passionate about real estate investing. And, those people strengthen our culture and help attract other smart, creative people, in a virtuous cycle. This helps Doug and me, as co-founders, continue to do our most important job – hiring great people.