HOT & RELEVANT TOPICS
How to Welcome New Employees to the Team
Onboarding starts days or even weeks before a new employee sets foot in their office, helping to build excitement and prepare them for their new role. In an era when retention is critical, the process goes beyond teaching policies and procedures, providing personalized training and establishing peer-to-peer networks that nurture long-term growth. Building strong relationships, complimentary meals and swag bags are also becoming increasingly important in encouraging new hires to stay for the long haul.
Read Laura Calugar’s article in The Multifamily Journal
3 Tips to Drive Business Intelligence Adoption
The majority of business intelligence (BI) projects fail to fully materialize because of reliance on outdated technology, bad experiences and a lack of organizational buy-in. Successful BI implementation hinges on three key factors — transparency, the celebration of wins and proper adjustments. Adoption and engagement coupled with recognition of success and evolving and growing your BI can be vital to increase revenue and market share.
Read Jocelyn Quall’s article in Multifamily Insiders
How to Navigate Your Career Path in the Multifamily Housing Industry
The opportunity for career growth in multifamily increases as the industry itself experiences record growth. In order to build a successful career path, employees should understand the “why” of an organization’s goals and policies, be intentional with their learning, take on challenges and be self-aware. Challenges will present themselves along a career path, but the rewards can make the journey worthwhile.
Read Kaycee Kisling’s article in Rental Housing Journal
IN THE NEWS
Boosting Your Property Value Through Water and Energy Efficiency
In addition to reducing a property’s costs, water and energy efficiency augments the leasing efforts of onsite teams by attracting environmentally conscious prospects. Nationwide, energy costs have spiked 35% and another 12% to 63% increase is expected in 2023 depending on the region. Employing technology to better analyze varying utility rates and detect water leaks can bring large savings to each individual property while helping residents reduce their carbon footprint.
Read Andrew Ruhland’s article in NAA Industry Insider
Multifamily Managers Brace for Increases in Labor Costs
The implementation of technology is helping multifamily weather the storm of hiring and retention issues, but there will always be a need for the human element at properties. Overcoming labor shortages, boosting retention and remaining competitive for the available talent necessitates increasing wages and salaries for employees. In order to be successful, owner/operators must embrace higher compensation for their top associates and managers.
Read Taylor Williams’ article in REBusiness Online
Multifamily’s Prime Target: Aging Millennials
Investors and developers may be missing out on opportunity by failing to adjust to the needs of one of the multifamily industry’s most promising targets — aging millennials. The largest generation in America, which ranges in age from 26 to 41, would normally be entering the years when families are started and homes are purchased. However, plans for many are diverging thanks to inflation, student-loan debt and global financial crises, making renting more attractive. Seeking flexibility, less maintenance and amenities that fit their lifestyle, the industry needs to take a hard look at offering properties that will win their business.