From parking to patios, storage to poolside seating, space is finite at multifamily properties. Because square footage is directly linked to revenue at apartment communities, it is critical to leverage each inch of real estate and maximize the return on investment (ROI).
One area of operations where property managers are turning to fee-based solutions is package management. The benefits for operators are clear. Third-party package services offer off-site package storage and eliminate the burden and liability of package management from onsite teams.
Among this week’s most interesting multifamily storylines: utilizing tech without sacrificing personal connections, reflecting on multifamily’s COVID-19 response, package solutions that might be causing more problems, a look back at the last decade of multifamily transactions, the apartment markets dominating the pandemic era, and amenity must haves as the lockdown ends.
Package management had become a growing concern for apartment communities, even before “safer at home” and “quarantine” became a part of our everyday life. But the pandemic triggered an irreversible trend for consumers, who now rely on e-commerce for even their most basic needs.
This week’s top multifamily storylines include ways to make housing more affordable, product knowledge in leasing, addressing the package management burden, construction delays continue, questioning the suburban push and caring for pet-owning residents.
Office teams have served as the intermediaries between delivery services and residents, receiving packages on behalf of residents, submitting arrival notifications, and facilitating distribution. It was a time-consuming job, but the emergence of e-commerce has turned the task into a liability.
This week’s top multifamily news includes: work-from-home’s impact on resident needs, continued confidence in multifamily housing fundamentals, contactless package management, diversity and inclusion in multifamily, the year-end multifamily buying spree and workforce housing development.
Inside this issue: modern package management and customer service, preparing for compound disasters, data integration, millions fleeing major cities in pandemic, Jacksonville’s shipping container apartments and the future of urban parking due to Covid.
There are a number of differentiators in multifamily that owners and property managers lean on to promote their properties. Location, amenities, technology, services and square footage all come at a premium. But with all else being equal, the tipping point is customer service.
Property managers need a package solution that consolidates package services and drastically reduces the number of delivery personnel who require access to the property on a daily basis. By limiting foot traffic in and out of the building, operators can also limit the potential for exposure.