All the multifamily news you need
Rewards motivate residents to continue engaging in business-aligned, positive behavior, and a points-based cash-back program makes them happy to pay rent or refer someone to a community. When residents are happy, they will let others know either by way of an online review or word of mouth.
The top storylines in multifamily this week are going paperless, helping independent rental owners, challenging assumptions about operations, EVs and convenience, humanizing content, HUD warning about AI, Connexus's new president and COO, Buckingham's new EVP and squatters legislation.
Ensuring a consistent revenue stream is fundamental for every business, but the manner in which funds are collected is just as crucial. Rent collection stands as the cornerstone of operations for multifamily communities, yet, for many, it is still one of the most outdated processes.
Multifamily operators also know the true value of resident satisfaction and its impact on retention and attracting new renters. Although it is impossible to please all residents all of the time, innovative solutions are getting operators closer to that ideal than ever before.
To combat stagnant rent as well as supply issues, many operators implement traditional concessions, which can be short-sighted and more costly in the long-term. Concessions can ultimately be a slippery slope and detrimental to the bottom line and overall property performance.
Domuso, a digital payment platform transforming the way the multifamily industry collects and manages rent, today announced the release of Payment Insights, a comprehensive dashboard that provides an in-depth analysis of portfolio-wide payment activity.
A customer-focused approach that provides valuable information regarding resident behavior and trends can alter the trajectory of the entire industry. Operators can use these revolutionary payment platforms to create a convenient and rewarding experience.
The multifamily industry has undergone numerous transformations, but none have been as significant as the shift towards digital transactions. Embracing digital payment platforms and resident reward programs are viable ways to effectively incentivize on-time payments and increase revenue.