The typical industry reaction to headwinds is to batten down the hatches, but inflation rates limit the efficacy of reductions. Cuts can trim budgets but also impair retention efforts. Operators are finding renewals, new revenue streams and NOI strategies better positions them to weather the storm.
During the 2022 OPTECH session, NextGen AI: Risks and Rewards, industry leaders discussed AI’s promise and potential pitfalls moving forward. Panelists said much of multifamily’s hesitancy surrounding AI stems from a basic lack of understanding of the technology.
As the tech renaissance continues, multifamily companies are looking to not only solve current problems but adopt solutions with the capability of delivering a long-term return on investment. Knowing what to look for, and what to avoid, when sifting through the new products on the market is vital.
There are still strategies for developing a competitive edge. Operators who have been able to think along nontraditional lines have reaped the rewards, and some have managed to drive revenue and establish a competitive advantage in their markets thanks to an innovative approach.
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.
Multifamily property managers are typically eager to respond to positive feedback in online forums, but conveying an appropriate message becomes complicated when faced with a negative review. It’s understandably difficult to receive negative feedback from a renter.
When faced with a negative review, responding in a reactionary manner will only serve to erode the situation further. More importantly, the damage will spread far beyond the relationship with the person who posted the review. Keep in mind that you’re not responding to the reviewer.
Residents might rant at length about their perceived mistreatment and nitpick any community shortcoming they can dredge up or manufacture. What matters is making the community or management company look bad. Online review sites aren’t in the fact-checking business.
Though communities have been spared the onslaught of negative online reviews that they may have anticipated thanks to Google shutting down reviews, onsite teams can’t just wash their hands of their reputation management responsibilities.