The evolution of parking and continuous economic fluctuations are inevitable and many additional changes are on the horizon. Regardless of how many occupants there are per unit, owners and operators have avenues for protecting revenue by maintaining resident satisfaction and reputation.
The automobile is as quintessentially American as apple pie. It is deeply interwoven within our nation’s identity, and we’ve built a nation centered around their existence, including the creation of the interstate highway system, the drive-thru and parking spaces. Lots and lots of parking spaces.
One tug of a loose thread and the whole thing could come unraveled, which aptly frames the challenges many communities face when it comes to parking. On average, 1.7% of your residents are responsible for almost 100% of your towing issues. They can create bigger problems down the road.
Some communities don’t have to worry about parking. The funny thing is parking isn’t “a thing” until you don’t have it…and then it’s a “big thing!” Any hiccups in the process can lead to frustration, complaints to onsite teams and friction between neighbors.
As COVID asserted its control, it became obvious that the traditional ways of business would have to change. The multifamily sector, known for being a person-to-person industry, had no choice but to embrace the technological advances it once spurned.
With so many changes occurring in multifamily leasing and management, owner/operators are seeking ways to meet the challenges of shifting consumer tastes, ongoing hiring and retention issues and maximizing revenues. Centralization is the next step.
Prospective renter preferences and expectations vary significantly, as do renter profiles, between the multifamily and single-family space. Operators must market and manage accordingly for optimal property performance, so it is essential to define and distinguish the demographics for each group.
With cross-country moves continuing and a sizable portion of the workforce shifting to remote and hybrid work environments, prospective residents are beginning searches for new homes much earlier. How can we make sure we’re not leaving these leads behind?
The past 12 months have been hard on us all. Apartment leasing – and life in general – have felt upside down at times. But the leasing experience during the pandemic is not an anomaly. Instead, with its proliferation of touring options like self-guided tours and video tours, it points the way to the future.
One area where property managers need to up their game is sourcing their leads. An Anyone Home analysis of one large operator found the company’s lead source accuracy was only 56%. In my experience, this stat is far from uncommon across the industry.