Financial
Gay CEO on navigating business challenges during pandemic
Embracing diversity, resisting ‘Old World’ thinking are keys to success for Chicago’s Skolnik Industries
(Editor’s note: This is the first in a multi-part summer series of stories taking a closer look at how a group of diverse LGBTQ entrepreneurs survived and thrived during the pandemic. The series is sponsored by the National LGBT Chamber of Commerce.)
Walking his sparky chihuahua-mix Finnegan with his husband through downtown Chicago is one way Skolnik Industries President Dean Ricker relaxes while successfully guiding a multimillion-dollar corporation through a pandemic.
Ricker told the Blade that diversity was their key to success: diverse products and diverse perspectives.
Chicago-based Skolnik manufactures carbon and stainless steel drums for containing critical contents from hazardous materials to California wines.
While businesses across the United States and the world are experiencing inflation and other pandemic economic impacts, American manufacturing has also been on the decline for decades.
But Ricker finds it important to resist “old world” thinking when confronting current challenges. He explained to the Blade how listening to a variety of perspectives was Skolnik’s not-so-secret ingredient to surviving the pandemic crisis.
“We don’t have to think and operate like it’s 1950,” Ricker said. “As someone who is gay and a leader of a company, I bring a unique perspective to a table where people of all backgrounds are supported.”
National LGBT Chamber of Commerce (NGLCC) Co-founder and President Justin Nelson also told the Blade a commitment to diversity can be critical to economic recovery.
“As the economy regains its footing in the months ahead, leading with a commitment to diversity – as a business owner and a consumer – can help supercharge our economy and our community back to where we should be with our $917 billion purchasing power,” Nelson said.
Ricker added that what set Skolnik apart was “we’re quirky.”
The upbeat executive who describes Finnegan as “the cutest dog in the whole world” is proud that his company strives for a culture where “people of all backgrounds are supported.”
And this inclusive atmosphere proved critical during the COVID-19 crisis.
‘Supplies are down, prices are up’
According to the Federal Reserve Bank of Minneapolis, the “Rust Belt” — industrial manufacturing centers located primarily in the Midwest — began its long, downward spiral after 1950 and experienced a steep decline into the 1980s.
Across this 30-year period, Rust Belt employment fell around 28 percent while manufacturing jobs fell nearly 34 percent.
The Atlanta Fed notes this decline sharply impacted industrial centers across the country, such as in Baltimore, Pittsburgh, Buffalo, Detroit, and Chicago, as well as across the U.S. economy as a whole.
While the current pandemic economic pressures such as labor shortages and supply chain issues were initially focused in the hospitality and food industries, Skolnik noted how challenges spread to the manufacturing sector as well.
In March they tweeted: “Historic trucker shortages, port logjams and labor strikes are just some of the elements that are bringing the wine industry to its knees this year. Supplies are down, and prices are up, across the board.”
And yet, while the pandemic forced many businesses to make tough decisions, Skolnik persevered and thrived.
Zoominfo reports more than $30 million in revenue for Skolnik and more than 200 employees, while Glassdoor, a website where current and former employees anonymously review their employers, states 64 percent of respondents would recommend Skolnik to a friend.
“What is important is the role that diversity plays in the organization,” Ricker said. “You’re not myopic in your thinking.”
LGBTQ inclusivity helps the economy
Ricker, a Crain’s Chicago Business Notable LGBTQ Executive for 2019, said having a “rainbow” of people at the table from different backgrounds and with diverse experiences helped diversify their thinking and their markets — a tactic critical to their survival in an otherwise challenging industry.
“When one industry goes down, like automotive,” he explained. “We saw a pick up in the pharmaceutical industry. During the pandemic we did a lot of packaging related to vaccines and hand sanitizer.”
And research indicates when businesses are LGBTQ inclusive, for example, it has a positive impact on the economy as a whole.
University of Massachusetts Economics Professor M.V. Lee Badgett, a Williams Institute Distinguished Scholar and author of “The Economic Case for LGBT Equality: Why Fair and Equal Treatment Benefits Us All” told the Blade that for an economy to perform well it needs everyone to contribute as much as they have to offer.
“The problem with exclusion is it holds LGBTQI people back,” explained Badgett, who was named one of the 20 most powerful lesbians in academia by Curve Magazine in 2008. “If they aren’t able to develop their knowledge, skills and creativity, then they are not able to contribute as much as they could potentially to the overall economy.”
Badgett said challenges faced by LGBTQ youth, such as bullying and discrimination in housing, employment, and health care, are barriers that keep them from full economic participation over time and can ultimately harm the economy as a whole.
She pointed to the current labor shortage cited by many businesses as a significant pandemic challenge, and explained how bullying in schools can lead to workforce exclusion.
“If LGBT students face bullying in schools, they have lower GPAs, drop out, and are less likely to go to college. A bullying environment is not a good learning environment, and that’s a key tie to employment,” Badgett said. “They will not have the necessary skills and knowledge to take into the world.”
This, in turn, reduces the pool of available workers, a problem further exacerbated by pandemic pressures on disparities already faced particularly by LGBTQ people of color.
“When we can [instead] reduce the level of exclusion, we make it possible for people to put their whole selves into their job and that has a positive impact on everyone,” Badgett said.
“It’s good for LGBT people to be more included economically for their health and long-term economic status,” she added. “We think that will pay dividends over time as the economy prospers.”
NGLCC provided sense of community in a crisis
As a gay business executive, Ricker also noted the important role the NGLCC played in helping Skolnik weather the COVID-19 crisis.
It provided a space where other queer business leaders could gather and problem-solve on a national level. It was also a chance to gain support and learn from each other.
“Just watching other companies going through the same thing we were and hearing their stories served as an inspiration,” he said. “One challenge right now is hiring people. Highlighting that we’re an NGLCC member and an LGBTQ-owned business helps.”
NGLCC’s 2017 economic report found companies that engaged in Pride activities saw an increase in diverse job applicants, new diverse supply chain applicants, and a deeper LGBTQ consumer loyalty.
Ricker added highlighting that membership lets LGBTQ job seekers know Skolnik is a queer-supportive place to work.
“There are a lot of businesses out there where you can’t be yourself,” he said. “I saw our company as an oasis for talented people where they can be themselves. In manufacturing there are unfortunately a lot of ‘old world’ attitudes out there.”
But despite the pandemic and historical challenges his industry faces, Ricker is still excited about the future and a possible resurgence in American manufacturing.
“Supply challenges have highlighted the importance of American manufacturing,” Ricker said. “We still need to make things here in the U.S. And it’s exciting that an LGBTQ-owned business can be a part of that.”
The idea of a recovering economy and the future opportunities it brings for his industry really “jazzes him up,” along with enjoying a nice glass of a California Cabernet aged in one of Skolnik’s barrels — the flavor sweetened from “knowing that we had something to do with its production.”
A group of Skolnik Industries employees (Photo courtesy Skolnick Industries)
Real Estate
What property should I purchase if I’m not sure how long I’ll be in D.C.?
Row homes, English basements and more options abound
Great question! If you are looking at real estate as an investment – two great property types to look at would be a smaller row home and also a row home that has an English basement. Some property types that you might want to stay away from would be a condo or a co-op unit. Let’s take a look at why these properties would be good and bad:
Smaller Row Home
Row homes are a great investment for many reasons. You can often find smaller two-bedroom row homes in the same price point as those of a two-bedroom condo, which might be seen as a “condo alternative” and afford you much more freedom. There are no condo associations or home owner associations that you must belong to so this keeps your monthly carrying costs on the lower end and you are allowed to make more independent decisions. For example, if you wanted to paint the house purple – in most cases you would be allowed to. If you wanted to change the color of the front door or put shutters on the windows – you would be allowed to. This is usually not the case with condo or co-ops.
When it comes to the rental market – similarly renters like the independence of privacy in a home and not being among many other people. The luxury of perhaps direct off-street parking, outdoor space or even just more space at the same rental amount that a two bedroom condo rent would be – this is more appealing for a renter and would likely rent faster than that of a condo or co-op. For this model – you would obviously need to move out before you could take advantage of the investment of this type of real estate.
A row home with an English basement
With this type of real estate you can immediately begin receiving income after your purchase. You can occupy the upstairs of the row home, which is usually the larger portion of the home, or you could even occupy the basement, which is usually the 1-2 bedroom smaller portion of the home and receive rental income for the other half of the home. This can be in the way of a yearly traditional tenant or in the manner of short-term rentals (check with the most recent STR policies within the District). With this model, you stand to make even more of a return on your investment upon your move out of the home as you can rent the entire home or you can rent the top unit and basement unit independently to gross a larger amount of income. It is important to note that it is never advised to purchase a row home unless you can fully afford it WITHOUT the idea of accepting additional rental income to offset the mortgage cost.
These two options listed above are the most typical found within the District because they are fee simple, standalone pieces of real estate and are not within a condo association, HOA, or a co-op with governing documents that tell you what you can and cannot do which makes row homes an attractive type of real estate for a long-term hold.
When looking at types of properties that you might want to stay away from – condos and co-ops come to mind and I say this with a caveat. You can surely purchase these types of real estate but must first understand the in’s and out’s of their governing documents. Condos are bound by the governing condominium documents which will tell you for how long your lease must be, a minimum of lease days, you can only rent after you have lived in the residence for a number of years, likely will stipulate no transient housing – which means no short term rentals. It could also quite possibly say that you can only rent for a specific amount of time and lastly it will also stipulate that only a specific amount of people can rent at one time in order to stay below the regulated lending requirements set forth by Fannie and Freddie Mac. Similarly, Co-ops are even more strict – they can tell you that you are just not able to rent at all or if you can you can only do so for a specific number of years and then you are required to sell or return back to the unit as your primary residence.
As you can see, when it comes to condos and co-ops there are more specific and stringent bylaws that owners must agree to and follow that limit or even outlaw your ability to rent your piece of real estate. When you purchase a row home – there are no regulations on what you can and cannot do regarding rentals (outside of the short-term regulations within the District).
When looking for a piece of real estate in the District it is important to think through how long you could possibly wish to hold onto this property and what the future holds. If you think this is a long-term hold then you might consider a row home option – again, you can find a smaller two-bedroom row home that amounts to that price similar to a two-bedroom condo and would afford you a more flexible lifestyle. It’s important to work with a real estate agent to ensure that they guide you in this process and help answer any questions you might have. It’s also always advised to speak directly to a short-term rental specialist should you wish to go down that route as they will truly understand the in’s and out’s of that marketplace.
All in all, there are specific property types that work for everyone and within the District we have a plethora of options for everyone.
Justin Noble is a Realtor with Sotheby’s International Realty licensed in D.C., Maryland, and Delaware for your DMV and Delaware beach needs. Specializing in first-time homebuyers, development and new construction as well as estate sales, Justin provides white glove service at every price point. Reach him at 202-503-4243, [email protected] or BurnsandNoble.com.
Real Estate
The rise of virtual home tours
Adapting to changing consumer preferences in spring real estate
In today’s dynamic real estate market, the spring season brings not only blooming flowers but also a surge of activity as buyers and sellers alike prepare to make their moves. However, in recent years, there’s been a notable shift in how consumers prefer to explore potential homes: the rise of virtual tours.
For the LGBTQ community, these virtual experiences offer more than just convenience; they provide accessibility, safety, and inclusivity in the home buying process.
Gone are the days of spending weekends driving from one open house to another – unless that’s your thing of course, only to find that the property doesn’t quite match expectations. With virtual tours, you can explore every corner of a home from the comfort of your own space – find something interesting? Schedule a showing with any LGBTQ Realtor at GayRealEstate.com.
This is particularly significant for LGBTQ individuals, who may face unique challenges or concerns when attending in-person showings. Whether it’s the ability to discreetly view properties without fear of discrimination or the convenience of touring homes located in LGBTQ-friendly neighborhoods across the country, virtual tours offer a sense of empowerment and control in the home buying process.
Moreover, virtual tours cater to the diverse needs of the LGBTQ community. For couples or families with busy schedules or those living in different cities or states, these digital walkthroughs provide a convenient way to view properties together without the need for extensive travel. Additionally, for individuals who may be exploring their gender identity or transitioning, virtual tours offer a low-pressure environment to explore potential living spaces without the added stress of in-person interactions.
At GayRealEstate.com, we understand the importance of adapting to changing consumer preferences and leveraging technology to better serve our community. That’s why our agents offer an extensive selection of virtual tours for LGBTQ individuals and allies alike – visit our website, choose an agent and within minutes you’ll have access to the Multiple Listing Service (MLS) via their website.
From cozy condominiums in bustling urban centers to sprawling estates in picturesque suburbs, virtual tours showcase a wide range of properties tailored to diverse tastes and lifestyles.
In addition to virtual tours, GayRealEstate.com provides comprehensive resources and support to guide LGBTQ buyers and sellers through every step of the real estate journey. Our network of LGBTQ-friendly agents is committed to providing personalized service, advocacy, and representation to ensure that all individuals feel respected, valued, and empowered throughout the process. Plus, we are happy to provide a free relocation kit to any city in the USA or Canada if you are a home buyer.
As we embrace the spring season and all the opportunities it brings in the real estate market, let’s also celebrate the power of virtual tours to revolutionize the way we find and experience our future homes. Whether you’re searching for your first apartment, forever home, or investment property, GayRealEstate.com is here to help you navigate the exciting world of real estate with confidence, pride, and inclusivity.
Jeff Hammerberg is founding CEO of Hammerberg & Associates, Inc. Reach him at [email protected].
Real Estate
Boosting your rental property’s curb appeal
Affordable upgrades to attract and keep tenants happy
In the District of Columbia, the rental market tends to open up significantly during the springtime for several reasons. First, spring brings about a sense of renewal and change, prompting many individuals and families to seek new living arrangements or embark on relocations. Additionally, the warmer weather and longer daylight hours make it more conducive for people to explore housing options, attend viewings, and make decisions about moving. Furthermore, spring often coincides with the end of academic terms, leading to an influx of students and young professionals entering the rental market.
Landlords and property managers also tend to schedule lease renewals or list new vacancies during this time, capitalizing on the increased demand and ensuring a steady turnover of tenants. In the competitive world of rental properties, attracting and retaining quality tenants can be challenging. However, with some strategic upgrades, property owners can significantly enhance their units’ appeal without breaking the bank. From enhancing curb appeal to interior upgrades, here are some practical and cost-effective ideas to make your rental property stand out in the market.
Curb appeal
First impressions matter, and curb appeal plays a crucial role in attracting potential tenants. Simple enhancements like freshening up the exterior paint, adding potted plants or flowers, and ensuring a well-maintained lawn can instantly elevate the property’s appearance. Installing outdoor lighting not only adds charm but also enhances safety and security.
Interior upgrades
Upgrade the kitchen and bathroom fixtures to modern, energy-efficient options. Consider replacing outdated appliances with newer models, which not only appeal to tenants but also contribute to energy savings. Fresh paint and updated flooring can transform the look of a space without a hefty investment. Additionally, replacing worn-out carpets with hardwood or laminate flooring can make the unit more attractive and easier to maintain.
Enhance storage
Maximize storage options by installing built-in shelves, cabinets, or closet organizers. Tenants appreciate ample storage space to keep their belongings organized, contributing to a clutter-free living environment.
Improve lighting
Brighten up the interiors by adding more lighting fixtures or replacing old bulbs with energy-efficient LED lights. Well-lit spaces appear more inviting and spacious, enhancing the overall ambiance of the rental unit.
Upgrade window treatments
Replace outdated curtains or blinds with modern window treatments that allow natural light to filter in while offering privacy. Opt for neutral colors and versatile styles that appeal to a wide range of tastes.
Focus on security
Invest in security features such as deadbolts, window locks, and a reliable alarm system to ensure the safety of your tenants. Feeling secure in their home is a top priority for renters, and these upgrades can provide meaningful, genuine peace of mind.
Enhance outdoor spaces
If your rental property includes outdoor areas like a patio or balcony, consider sprucing them up with comfortable seating, outdoor rugs, and potted plants. Creating inviting outdoor spaces expands the living area and adds value to the rental property.
As landlords, investing in the enhancement of your rental properties is not merely about improving aesthetics; it’s about investing in the satisfaction and well-being of your tenants, and ultimately, in the success of your investment. By implementing these practical and affordable upgrades, you’re not only increasing the desirability of your units but also demonstrating your commitment to providing a high-quality living experience.
These efforts translate into higher tenant retention rates, reduced vacancy periods, and ultimately, a healthier bottom line. Moreover, by prioritizing the comfort, safety, and happiness of your tenants, you’re fostering a sense of community and trust that can lead to long-term relationships and positive referrals. So, let’s embark on this journey of transformation together, turning rental properties into cherished homes and landlords into valued partners in creating exceptional living spaces.
Scott Bloom is owner and Senior Property Manager of Columbia Property Management. For more information and resources, visit ColumbiaPM.com.
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