Operations

While there are a few apartment operators who would rather not allow pets onsite, most are modernizing their pet policies and removing pet restrictions altogether because of that broader resident pool and the monetary benefits that come with doing so.

The top storylines in multifamily this week are raising the bar on apartment searches, development in historic neighborhoods, pet-friendly vs. pet-inclusive, college-town apartments flourish, helping minority developers scale up and increased interest in active-adult communities.

While it seems pretty straightforward, a number of operators take a more reactive approach in terms of communicating with prospective residents. However, leads could easily go cold if prospects aren’t receiving adequate follow up after their initial inquiry.

The online shopping experience has set a new standard of customer expectation; shopping must be intuitive, efficient and personalized. With more renters searching online for their next apartment homes, that expectation remains the same for multifamily.

Modern consumers can purchase nearly anything they want online without any human interaction. While it’s become commonplace to buy lower-cost products and services exclusively online, many customers still want to speak with a professional before making larger purchases.

The top storylines in multifamily this week are driving ancillary revenue, the biggest mistakes on community websites, better leasing through centralization and technology, consumer preferences and amenities, boomerang millennials and Gen Zers staying at home and the single-family rental experience.

The generation of additional funds is invaluable, as the proceeds can be used to make capital improvements, invest in technology and bolster onsite training processes. But any fees charged beyond rent must genuinely add value for residents and not give them the perception they are being price gouged.

Most operators agree it means moving tasks and processes from onsite to other people, regardless of location, that are specialized in specific processes or customer touchpoints. This allows operators to free up resources to focus on tasks that require an onsite presence and provide better customer service.