Tricap Residential Group Solidifies Flexible Workplace

Tricap introduces a new organization chart with a long-term, flexible vision.

CHICAGO, ILLINOIS, November 15, 2021 – Tricap Residential Group, an owner and operator of multifamily communities, has completed its flexible workplace initiative by solidifying and aligning the company’s goals with its employees.

About a year ago, Tricap Residential Group embarked on a new strategy to realize its vision of taking operations to a virtual environment and putting people in the right seats. The pandemic moved up Tricap’s timeline and became a real test for their new structure. All decisions were made based on feedback from their internal and external customers. As a result, Tricap did something bold and created hyper-focused roles not seen in the multifamily industry. Tricap started these departments with leadership leading the rollout and facilitating the necessary modifications needed to succeed. In September of 2020, Tricap realized its vision with the new Sales, Engagement, and Service departments. These roles are equal in rank and focused on the customer, i.e., the prospective and current resident.

“We are convinced that this is a win-win approach. A recent study from Harvard Business School concludes that knowledge workers are more productive from home. This is well in line with our internal surveys; both our people and the company will benefit from a flexible workplace,” says Joe Palomino, President of Operation at Tricap.

How did they get to this decision? Tricap does not believe in the traditional model of one property manager overseeing a property’s operations, leasing, marketing, and maintenance. They believe this model has contributed to the high turnover rate in the multifamily industry, which is close to 35%. Moreover, Tricap saw the shifting in the hiring environment where more talent was seeking remote positions. As a result, Tricap was able to solidify itself as a flexible workplace. This designation has opened their recruiting pipeline to talent with and without multifamily experience.

Lessons were learned over the last year, and some pivoting was necessary at certain stages. Tricap is an EOS (entrepreneurial operating system) company. With that focus on autonomy, the first pivot was the need for property-level decision-making. They learned that their customers wanted more in-person experiences and quicker solutions. This also creates more opportunity for service to focus their efforts on maintaining the asset with resident satisfaction at the forefront with the natural assist from engagement.

Subsequently, the engagement team is now on-site, where appropriate, on select days to accommodate the residents’ needs and alleviate the pressure on service. Sales will remain 100% virtual as our customer continues to value self-led touring with flex-hours and the seamless online experience from application to lease signing.

“This is a big undertaking, and the decision to pivot did not happen fast. It touches every piece of what we do and how we work. It changes our organization structure, how we collaborate, how we allocate resources, how we best empower our teams, and how we market,” says Suzanne Hopson, EVP of Sales and Marketing at Tricap.

“Tricap’s brand promise ‘Helping People Live Better Lives’ also covers the lives of our employees. Beyond COVID-19, we want to be an attractive employer offering existing and future office-based employees the opportunity to work where they can do their job best,” Joe Palomino explains.

The flexible workplace approach is currently being rolled out and is expected to be finalized by the end of this year.

About Tricap Residential Group:  Our company, at its core, is a real estate execution firm. We are finding opportunities, creating a vision of where we want to take that opportunity, and driving the deal’s execution. Headquartered in Chicago, Tricap develops, owns, and manages communities across seven markets. For more information, visit www.tricapres.com.

CONTACT: Suzanne Hopson, EVP of Sales & Marketing, (312) 878-5177, communications@tricapres.com

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