Multifamily Property Owners, What’s Next?
Last year, the multifamily real estate industry hit more than a few challenges, with rental applications dropping 10% overall, it’s essential that multifamily property owners think creatively about ways to transform these numbers in the coming months. Here are a few ways you can begin preparing for a better 2021 in the multifamily real estate industry.
Focus on Retention
Currently, there is an excess of demand for highly skilled employees, as there is a surplus of multifamily opportunities. A highly skilled team of employees is essential to providing greater success for your property.
In order to attract and retain these employees, you need to offer a few things, including:
- Competitive salaries
- Provide training, education, and support
- And other creative employee engagement activities, like appreciation days, flexible work hours, and other fun office events.
When you have a capable professional team managing your tenants, it leads to greater resident satisfaction and long-term resident retention.
It’s Time to Go Digital!
Zoom communication is here to stay! More information and communication are now essential to your success. It has become easier than ever to transition to digital forms of communication. Utilizing tools like apps, emails, and texts help get information to your tenants in a timely manner.
You should also consider, if you haven’t already, implementing a web portal. This allows residents to make payments, submit maintenance requests, review upcoming events, and participate in resident discussion boards. Self-guided and virtual tours will also live in your web portal and are essential to providing a safer option for potential prospects to view properties.
Service Should be at the Forefront of Everything You Do
The ongoing global pandemic has caused customer service to be at the forefront of all property manager’s minds. God service will help demonstrate value and increase satisfaction within your property.
Timely and efficient communication is key, especially as residents are spending more time than usual in their residences. In order to ensure your residents remain happy, you should also consider accelerating response times and prioritizing maintenance requests. It has never been more important to go the extra mile for your residents and provide the best possible management experience.
Think Creatively About Connection
Encourage your property management team to think of creative ways to connect residents with one another other than in-person social gatherings. One widely adopted way to connect is through Zoom happy hours, trivia virtual cooking classes, etc. are great ways to safely connect residents with each other.
The Needs of Residents are Transforming
Resident’s apartments have now become offices, gyms, and restaurants. This need for a multi-purpose space has caused residents’ immediate needs to change slightly. If this trend continues, it’s important for property management teams to consider new ways to create space for their tenants that fit their needed.
This may mean providing access to better high-speed internet, offering reservation-based conference rooms, or establishing safe outdoor wellness spaces.
Ensure you remain adaptive and listen to your residents. Resident feedback provides great tips on how to improve experience resulting in increased retention and satisfaction.
Economic Uncertainty Remains
Recent changes in income and employment status brought economic uncertainty for many and delinquency remains top-of-mind for commercial property owners. Because many are struggling financially without an end in sight, it’s important to prepare for the risk of increased delinquencies.
As multifamily property owners look to the future, it’s important to understand what may be to come. There are a few ways you can remain proactive in your approach to the coming year. It’s also extremely important to ensure you remain risk-free. Contact Brenda Jo today.