HOT & RELEVANT TOPICS
Boosting Renewal Rates With Automation
Automation has helped evolve and streamline the process of nurturing new leads and increasing leasing conversion rates for communities, and it’s also a great tool for keeping retention rates high. The same systems used to get people in the door should be set up to encourage them to stay in their unit. Automation allows for continuous, hyper-personalized messages that consumers increasingly seek in their shopping experiences.
Four Strategies for Community Building
Communication is one of the keys to boosting resident retention, but property managers should explore building their communities for better success. Residents are looking for connections with other residents, as well as events that provide growth opportunities. Don’t get caught in a rut of repetitive events. Residents want variety, and it’s an opportunity to build some rapport with neighborhood businesses.
As the desire for smart tech and its implementation increases, so does the need for reliable, 24/7 connectivity. Antiquated delivery systems, building materials that interfere with Wi-Fi and cellular signals and bandwidth limitations are making it difficult for communities to deliver the required uptime residents need to operate smart devices and charge electric vehicles. Owner/operators are faced with considering alternatives to keep residents connected.
IN THE NEWS
There’s More Multifamily on the Way
Multifamily construction has increased over the last two years, currently sitting at about 50% higher than pre-pandemic figures, according to an analysis by Nadia Evangelou, senior economist and director of forecasting at the National Association of Realtors. While the Federal Reserve increases interest rates in an attempt to cool the economy, the analysis states increasing supply is the best path to moderating rents.
Leasing Tech Made Big Strides During the Pandemic,
But Can It Keep Pace?
After years of carrying the label of “tech-averse,” multifamily made incredible strides in adoption during the pandemic. The industry rose to the challenge of a procedural reorganization that required a greater reliance on automation. As hiring and retention issues emerge and the future remains uncertain, owner/operators need to take what they learned over the last two years and prepare their portfolios to meet the challenges of tomorrow.
From Pet Friendly to Pet People
Oculus Realty prides itself on being on the leading edge of multifamily, and the company applied that same philosophy when addressing its pet policies. K. David Meit, CPM and principal of Oculus, discovered a love of dogs, named his own pooch “Chief Happiness Officer” and set out to create pet-inclusive communities for his residents. Meit joins the hosts of Apartments on the Go to explain the benefits and challenges of dropping breed and weight restrictions.