This week’s top multifamily stories include operational lessons from the pandemic that are now best practices, increasing multifamily salaries, responding to negative reviews, the impact of ground-floor grocers on asset value, the NYC rent slip and the most popular cities for millennials.
Prospects expect to see a variety of review content, and often are more concerned with how well the community is addressing resident concerns. The adverse impact of a negative review is lessened if the community team is handling the concern in a friendly and effective manner.
The Covid-19 pandemic forced property management companies to adapt on the fly like never before. The industry has implemented new processes and protocols to protect associates and residents alike, and adjusted operations to provide necessary support at the property level.
With more residents spending more time at home during the pandemic, and fewer venturing out to the store for basic supplies, operators have been faced with a flood of packages that has made every week feel like the holiday rush, turning every day into Parcel Armageddon.
SightPlan has announced its acquisition of InfoTycoon, a digital due diligence provider. SightPlan intends to use InfoTycoon’s existing due diligence to extend its existing service platform. This will allow the platform to provide a combined solution that covers the entire property life cycle.
Of the countless ways COVID-19 has impacted the multifamily industry, one of the most lasting effects may be package volume. As brick-and-mortar stores temporarily closed and consumers became hesitant to venture out, renters increasingly turned to online shopping.
Building a CRM playbook, implementing new technologies in a scaled back manner, dealing with more support animal accommodation requests, suburban apartment growth, affordable housing opportunities and Gen Z fitness preferences headline this edition of the Industry Trends Report.
There is no disputing that apartment operators have experienced a significant increase in emotional support animal accommodation requests in recent years. These can be a source of stress for onsite teams, but they don’t have to be. Policing these requests isn’t the best solution.
A CRM is a tool that allows multifamily operators to organize and manage interactions with prospects and current residents across communication channels. The playbook is a comprehensive plan devised by the operator to guide a leasing team’s use of the CRM.
One of the keys to successfully adapting to the pandemic is to realize that nothing has to be set up perfectly before implementation.
Self-guided tours were certainly becoming more common in multifamily before COVID-19. With social distancing, the adaption of them has accelerated.