HOT & RELEVANT TOPICS
Making New Hires Feel Comfortable
With hiring and retention challenges continuing, it’s necessary for multifamily communities to give the same warm welcome to new hires that they do to prospective residents. A lukewarm reception, a disorganized onboarding process and improper training will only increase the uneasiness of the newest team member. With such a highly competitive environment, multifamily needs to ease the anxiety of new hires to achieve success.
The New Frontier of the Multifamily Customer Experience
The multifamily industry has reached a point where communities need to push boundaries and evolve with their consumers or prepare to fall behind in an environment that requires a focus on the resident experience. Prospective renters want a complete picture of a community before they even visit, and expect owner/operators to provide the proptech to facilitate their desired living experience. In addition, today’s renters and prospects are looking for a differentiating personal touch.
The Power of Tech: Do More With Less
Technology is great for enhancing the leasing experience for prospective residents, but there are ways it can benefit current residents, maintenance teams, leasing teams and owner/operators. Mobile maintenance platforms optimize workflow for technicians and increase their productivity. Smart-home solutions like locks and thermostats allow residents to gain or grant access through an app, as well as establish a cost-effective home environment. These same items can help property managers to provide efficiency in vacant units.
IN THE NEWS
Will Your Renters Play a Crucial Role in the Elections?
This year marks the 50th anniversary of the last time the renter demographic helped put a Republican president in office when Richard Nixon won the 1972 national election. While the midterms traditionally see a slump in renters voting compared to homeowners, the gap is beginning to shrink. In 2018, 59% of owners voted compared to 40% of renters, this was the narrowest gap in more than 30 years. The demographic that gave Joe Biden a victory over Donald Trump by 36.5 points in the 2020 election says housing issues are a driver for their getting out to vote.
Multifamily’s Imminent Down Cycle is Overdue
The blissful period that multifamily has enjoyed over the last several years is headed toward a down cycle that some financial analysts say is overdue. However, even with some clouds on the horizon, the multifamily remains one of the brightest spots in the CRE landscape. Interest rate hikes have brought a slight shock to the system, but companies can build a resilient portfolio by focusing less on nationwide numbers and shifting their focus to hyperlocal data and trends.
Promoting Responsible Pet Ownership at Apartment Communities
Improper management of a community’s pet population can be a headache for management, pet owners and non-pet owners. Providing effective and helpful pet amenities including well-stocked waste stations, dog parks, washing stations and pet concierge services, creates a welcoming pet-friendly environment. Loosening pet restrictions while stepping up screening efforts also helps make a property that’s perfect for pets.