HOT & RELEVANT TOPICS
Human Interaction in Leasing Isn’t Dead — It’s Thriving With the Help of Automation
A feared backlash from onsite teams was one of the roadblocks to owner/operators embracing technology. However, leasing automation is an enhancement to the human interaction between teams and prospective residents, not a replacement. Leasing teams can quickly become overwhelmed with more than 95% of residents scheduling tours within 24 hours of seeing a community online. Automation can reduce the burden and allow teams to focus on showings, signings and current residents.
Improving the Financial Well-Being of Your Residents
Owner/operators can play an important role in the future of their residents’ lives and their financial well-being by reporting rent payments to credit bureaus. Positive rent-payment reporting is one of the growing financial amenities available today. Offering flexible rent payments is another way to make sure rent is paid and on time. This type of payment structure works best for many residents who struggle to handle one large payment at the beginning of each month.
Building a Healthy Strengths-Based Culture
Birchstone Residential President David Deitz joins Apartments on the Go hosts Courtney Smith and Matt Ruedlinger to share the unique culture he’s developed for his company’s employees and how a strengths-based approach can benefit the multifamily industry. By allowing employees to grow at their pace while encouraging, fostering and nurturing, Deitz explains, companies can create a workplace that’s beneficial to everyone.
IN THE NEWS
Why Insurance Premiums Are Rising
While many multifamily communities are seeing insurance rates increase, some properties have seen their premiums double compared to 2021. While inflation and the increased costs of building materials are a factor, a big driver of the spike are the natural disasters and climate events that continue to increase each year, along with the costs to repair the damage. Social inflation, large jury awards and inadequate pricing have also contributed to around 60% of insurers losing money over the last decade. To counter the growing problem, rates are increasing in the 20% to 40% range, a significant jump from the usual 10% to 15%.
Automating Evictions — It Has to Be a Thing
With numerous tasks already on their plate, onsite associates can let eviction notices slip through the cracks. Balancing their business duties and the personal relationships they have formed with residents can also be a challenge, which sometimes allows residents to receive a couple of extra days to bring their account current. With all of the issues that arise with onsite associates handling evictions, the time to automate the process has arrived.
Rolling Out the Welcome Mat: Rethinking Pet-Related Restrictions
Pet restrictions based on breed, weight and age are common in the multifamily industry, but these limitations are counterproductive and can limit the ability of communities to attract and retain residents. Moderator John Bradford, president and CEO of PetScreening, and Judy Bellack, industry principal with Michelson Found Animals, join the National Apartment Association’s panel discussion to share the financial benefits of easing pet restrictions, including increases in renewal rates and pet revenue.