The top multifamily storylines this week include: how pandemic adjustments are reshaping the industry, how to create a synergistic company culture, remembering non-pet owners when crafting policies, how boredom in the burbs may help downtown rebound, property managers on the road to getting vaccinated, and why Facebook Pixel is something to care about for marketers.
Like any industry, residential building operators saw their entire work lives change in a matter of weeks at the onset of the pandemic. There were obstacles aplenty. Managers had to adjust to working with smaller property management teams—or in some cases, with teams almost exclusively offsite.
The recently unveiled Multifamily Pet Policies and Amenities survey, conducted by PetScreening and J Turner Research and featuring the feedback of nearly 23,000 apartment residents, found that non-pet-owning residents are reasonably agreeable with a community’s pet population.
Culture takes on the look and feel of the organization’s leadership. The adage that “everything rises and falls on leadership” is certainly true when it comes to culture. What and whom you represent as a leader is what will organically be born out in your company.
This week’s top multifamily stories: overlooked pain points of work from home for apartment residents, the year of innovation for multifamily, supplier partners with operations backgrounds, the pending decline of apartment construction in 2021, and why multifamily investors are targeting smaller metros.
As more residents have been forced to work from home, their needs have evolved. Residents now require in-home offices, or study nooks and/or socially-distanced workspaces within their communities. While multifamily is beginning to respond to those needs, new construction and retrofit projects aren’t completed overnight.
Taken as a whole, the multifamily industry isn’t exactly known for moving with lightning-fast speed to implement new technology and processes. But in 2020, operators across the country had to do just that. Managers had to turn on a dime and find new ways to serve prospects and residents.
The multifamily industry used to be lampooned as being way behind the curve when it came to technology. But in recent years, it’s been exciting to see apartment owners and operators embrace new technologies. Operators are implementing solutions that enhance the resident experience and improve operations.
The stories of the week: hidden budget items that put you in the red, helping associates grow before they quit, secure package management and resident satisfaction, CRE’s stimulus wish, recession-resilient Class B multifamily and apartment home size increases in pandemic.
This year, budget planning could have been particularly painful. Thanks to the pandemic, property managers have seen revenues decline while simultaneously incurring unanticipated expenses. Generally speaking, 2020 has done a number on most companies’ financials.